[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1803 Introduced in Senate (IS)]
111th CONGRESS
1st Session
S. 1803
To amend title 31, United States Code, to authorize reviews by the
Comptroller General of the United States of emergency credit facilities
established by the Board of Governors of the Federal Reserve System or
any Federal Reserve bank, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 20, 2009
Mr. Merkley (for himself and Mr. Corker) 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 emergency credit facilities
established by the Board of Governors of the Federal Reserve System or
any Federal Reserve bank, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Federal Reserve Accountability Act
of 2009''.
SEC. 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' means--
``(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 Primary Dealer Credit Facility;
``(E) the Commercial Paper Funding Facility;
``(F) any other credit facility approved by the
Board under the 3rd undesignated paragraph of section
13 of the Federal Reserve Act (12 U.S.C. 343), other
than a credit facility that is subject to the
requirements of subsection (e); and
``(G) any special purpose vehicle through which any
activity described in subparagraphs (A) through (F) is
conducted.
``(2) In general.--Subject to paragraph (3), and
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 that such examinations are appropriate, of
the accounting, financial reporting, and internal controls of
credit facilities established by the Board or any Federal
Reserve bank, including when such activities are carried out by
or on behalf of the Board or any official of a Federal Reserve
bank.
``(3) Reports and delayed disclosure.--
``(A) Reports required.--A report on each review
conducted under paragraph (2) 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.
``(C) Delayed release of certain information.--
``(i) In general.--The Comptroller General
shall not disclose to any person or entity,
including to the Congress, the names or
identifying details of specific participants in
any of the audited facilities or identifying
details regarding assets or collateral held by,
under, or in connection with any of the audited
facilities, and any report provided under
subparagraph (A) shall be redacted to ensure
that such details are not disclosed.
``(ii) Delayed release.--The nondisclosure
obligation under clause (i) shall expire, and
the Comptroller General shall release a
nonredacted version of any reports on specific
credit facilities, 1 year after the termination
of the relevant credit facility.''.
(b) Access to Records.--Section 714(d) of title 31, United States
Code (as amended by section 801 of Public Law 111-22), is amended--
(1) in paragraph (2), by inserting ``or any single and
specific partnership or corporation (as specified in subsection
(e)) or any facility established by an agency (as specified in
subsection (f))'' after ``used by an agency'';
(2) in paragraph (3), by inserting ``or (f)'' after
``subsection (e)'' each place that term appears; and
(3) in paragraph (3)(B), by adding at the end the
following: ``The Comptroller General may make and retain copies
of books, accounts, and other records provided under
subparagraph (A) as the Comptroller General deems appropriate.
The Comptroller General shall have access to the officers,
employees, contractors, and other agents and representatives of
any single and specific partnership or corporation (as
specified in subsection (e)) or any credit facility established
by an agency (as specified in subsection (f)) at any reasonable
time, as the Comptroller General may request. The Comptroller
General shall provide to any such partnership, corporation, or
credit facility 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.''.
SEC. 3. PUBLIC ACCESS TO INFORMATION.
(a) In General.--The Board shall place on its home Internet website
a link entitled ``Audit'', which shall link to a webpage that shall
serve as a repository of information made available to the public for a
reasonable period of time, not less than 6 months following the date of
release of the relevant information, including--
(1) the reports prepared by the Comptroller General under
section 714 of title 31, United States Code;
(2) the annual financial statements prepared by an
independent auditor for the Board of Governors of the Federal
Reserve System (in this section referred to as the ``Board'')
in accordance with section 11B of the Federal Reserve Act (12
U.S.C. 248b); and
(3) such other information as the Board reasonably believes
is necessary or helpful to the public in understanding the
accounting, financial reporting, and internal controls of the
Board and the Federal Reserve banks.
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