II 111th CONGRESS 1st Session S. 1803 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.
1.
Short title
This Act may be cited as the Federal Reserve Accountability 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 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..
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.