[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2939 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 258
111th CONGRESS
  2d Session
                                S. 2939

To amend title 31, United States Code to require an audit of the Board 
  of Governors of the Federal Reserve System and the Federal reserve 
                     banks, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 20, 2010

Mr. DeMint introduced the following bill; which was read the first time

                            January 21, 2010

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL


 
To amend title 31, United States Code to require an audit of the Board 
  of Governors of the Federal Reserve System and the Federal reserve 
                     banks, 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. AUDIT OF AND REPORT ON THE FEDERAL RESERVE SYSTEM.

    Section 714 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(f) Audit of and Report on the Federal Reserve System.--
            ``(1) In general.--The Comptroller General shall conduct an 
        audit of the Board of Governors of the Federal Reserve System 
        and the Federal reserve banks under subsection (b) not later 
        than 12 months after the date of enactment of this subsection.
            ``(2) Report required.--
                    ``(A) In general.--A report on the audit referred 
                to in paragraph (1) shall be--
                            ``(i) submitted by the Comptroller General 
                        to the Congress before the end of the 90-day 
                        period beginning on the date on which such 
                        audit is completed; and
                            ``(ii) made available to--
                                    ``(I) the Speaker of the House of 
                                Representatives;
                                    ``(II) the majority leader and the 
                                minority leader of the House of 
                                Representatives;
                                    ``(III) the majority leader and the 
                                minority leader of the Senate;
                                    ``(IV) the Chairperson and Ranking 
                                Member of the committee and each 
                                subcommittee of jurisdiction in the 
                                House of Representatives and the 
                                Senate; and
                                    ``(V) any other Member of Congress 
                                who requests it.
                    ``(B) Contents.--The report under subparagraph (A) 
                shall include a detailed description of the findings 
                and conclusion of the Comptroller General with respect 
                to the audit that is the subject of the report.
            ``(3) Rule of construction.--Nothing in this subsection 
        shall be construed--
                    ``(A) as interference in or dictation of monetary 
                policy to the Federal Reserve System by the Congress or 
                the Government Accountability Office; or
                    ``(B) to limit the ability of the Government 
                Accountability Office to perform additional audits of 
                the Board of Governors of the Federal Reserve System or 
                of the Federal reserve banks.''.
                                                       Calendar No. 258

111th CONGRESS

  2d Session

                                S. 2939

_______________________________________________________________________

                                 A BILL

To amend title 31, United States Code to require an audit of the Board 
  of Governors of the Federal Reserve System and the Federal reserve 
                     banks, and for other purposes.

_______________________________________________________________________

                            January 21, 2010

            Read the second time and placed on the calendar