II 111th CONGRESS 1st Session S. 1457 IN THE SENATE OF THE UNITED STATES July 15, 2009 Ms. Collins introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend title 31, United States Code, to authorize reviews by the Comptroller General of the United States of any credit facility established by the Board of Governors of the Federal Reserve System or any Federal Reserve bank, and for other purposes.

1.

Short title

This Act may be cited as the Federal Reserve Credit Facility Review Act of 2009.

2.

Reviews of special Federal Reserve credit facilities

(a)

Reviews

Section 714 of title 31, United States Code, is amended by adding at the end the following: (f)

Reviews of credit facilities of the Federal Reserve System

(1)

Definition

In this subsection, the term credit facilities includes— (A)the Money Market Investor Funding Facility; (B)the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility; (C)the Term Asset-Backed Securities Loan Facility; (D)the Term Auction Facility; (E)the Primary Dealer Credit Facility; (F)the Commercial Paper Funding Facility; (G)the Term Securities Lending Facility, including the Term Securities Lending Facility Options Program; (H)the Revolving Credit Facility; (I)reciprocal currency arrangements with foreign central banks; (J)the Mortgage Backed Securities Purchase Program, and the purchase of debt obligations from a government sponsored enterprise; and (K)any special purpose vehicle through which any entity described in subparagraphs (A) through (J) conducts any activity or lending. (2)

In general

Notwithstanding any limitation in subsection (b) on the auditing and oversight of certain functions of the Board or any Federal Reserve bank, the Comptroller General may conduct reviews, including onsite examinations if the Comptroller General determines such examinations are appropriate, of credit facilities established by the Board or any Federal Reserve bank, and of the establishment of such credit facilities by the Board or any Federal Reserve bank— (A)in carrying out any action or function approved by the Board under the 3rd undesignated paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 343); or (B)in providing credit under enhancements to traditional lending facilities, including credit facilities. (3)

Access to records

(A)

In general

To carry out this subsection— (i)all records and property of or used by a credit facility established by an agency (as described in paragraph (2)), including samples of reports of examinations of a bank or bank holding company that the Comptroller General considers statistically meaningful, and workpapers and correspondence related to the reports, shall be made available to the Comptroller General; (ii)the Comptroller General shall have access to the officers, employees, contractors, and other agents and representatives of any credit facility established by an agency at any reasonable time as the Comptroller General may request; (iii)the Comptroller General may make and retain copies of such books, accounts, and other records as the Comptroller General determines appropriate; and (iv)the Comptroller General shall provide to a credit facility established by an agency a current list of officers and employees to whom, with proper identification, records and property may be made available, and who may make notes or copies necessary to carry out a review or examination under this subsection. (B)

Unauthorized access

The Comptroller General shall prevent unauthorized access to records, copies of any record, or property of or used by an agency or a credit facility established by an agency (as described in paragraph (2)) that the Comptroller General obtains during a review or examination under this subsection. (4)

Reports

(A)

Required

A report on each review conducted under paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such review is completed. (B)

Contents

The report under subparagraph (A) shall include a detailed description of the findings and conclusions of the Comptroller General with respect to the review that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate. . (b)

Repeal

Section 714(f) of title 31, United States Code, as added by subsection (a), is repealed effective 5 years after the date of enactment of this Act.