[Congressional Record Volume 161, Number 88 (Wednesday, June 3, 2015)]
[Senate]
[Pages S3705-S3706]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1542. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1463 proposed by Mr. McCain to the bill H.R. 1735, to 
authorize appropriations for fiscal year 2016 for military activities 
of the Department of Defense and for military construction, to 
prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle H of title X, add the following:

     SEC. 1099. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

       (a) Audit Reform and Transparency for the Board of 
     Governors of the Federal Reserve System.--
       (1) In general.--Notwithstanding section 714 of title 31, 
     United States Code, or any other provision of law, an audit 
     of the Board of Governors of the Federal Reserve System and 
     the Federal reserve banks under subsection (b) of such 
     section 714 shall be completed not later than 12 months after 
     the date of enactment of this Act.
       (2) Report.--
       (A) In general.--A report on the audit required under 
     paragraph (1) shall be submitted by the Comptroller General 
     of the United States to Congress before the end of the 90-day 
     period beginning on the date on which the audit is completed 
     and made available to the majority and minority leaders of 
     the Senate, the Speaker of the House of Representatives, the 
     majority and minority leaders of the House of 
     Representatives, the Chairman and Ranking Member of the 
     committee and each subcommittee of jurisdiction in the Senate 
     and the House of Representatives, and any other Member of 
     Congress who requests the report.
       (B) Contents.--The report under subparagraph (A) shall 
     include a detailed description of the findings and conclusion 
     of the Comptroller General of the United States with respect 
     to the audit that is the subject of the report, together with 
     such recommendations for legislative or administrative action 
     as the Comptroller General of the United States may determine 
     to be appropriate.
       (3) Repeal of certain limitations.--Section 714(b) of title 
     31, United States Code, is amended by striking all after ``in 
     writing.''.
       (4) Technical and conforming amendment.--Section 714 of 
     title 31, United States Code, is amended by striking 
     subsection (f).
       (b) Audit of Loan File Reviews Required by Enforcement 
     Actions.--
       (1) In general.--The Comptroller General of the United 
     States shall conduct an audit of the review of loan files of 
     homeowners in foreclosure in 2009 or 2010, required as part 
     of the enforcement actions taken by the Board of Governors of 
     the Federal Reserve System against supervised financial 
     institutions.
       (2) Content of audit.--The audit carried out pursuant to 
     paragraph (1) shall consider, at a minimum--
       (A) the guidance given by the Board of Governors of the 
     Federal Reserve System to independent consultants retained by 
     the supervised financial institutions regarding the 
     procedures to be followed in conducting the file reviews;
       (B) the factors considered by independent consultants when 
     evaluating loan files;
       (C) the results obtained by the independent consultants 
     pursuant to those reviews;
       (D) the determinations made by the independent consultants 
     regarding the nature and extent of financial injury sustained 
     by each homeowner as well as the level and type of 
     remediation offered to each homeowner; and
       (E) the specific measures taken by the independent 
     consultants to verify, confirm, or rebut the assertions and 
     representations made by supervised financial institutions 
     regarding the contents of loan files and the extent of 
     financial injury to homeowners.
       (3) Report.--Not later than 6 months after the date of the 
     enactment of this Act, the Comptroller General of the United 
     States shall issue a report to Congress containing

[[Page S3706]]

     all findings and determinations made in carrying out the 
     audit required under paragraph (1).
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