[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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