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

1.

Audit of and report on the Federal Reserve System

(a)

In general

Section 714(b) of title 31, United States Code, is amended by striking all after shall audit an agency and inserting a period. (b)

Audit

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

Audit of and report on the Federal reserve system

(1)

In general

The Comptroller General shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) before the end of 2010. (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, together with such recommendations for legislative action as the Comptroller General may determine to be appropriate. .

January 21, 2010 Read the second time and placed on the calendar