[Congressional Record Volume 164, Number 39 (Tuesday, March 6, 2018)]
[Senate]
[Page S1381]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2046. Mr. PAUL (for himself, Mr. Blunt, Mr. Heller, Mr. Scott, and 
Mr. Daines) submitted an amendment intended to be proposed by him to 
the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF 
                   GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

       (a) In General.--Notwithstanding section 714 of title 31, 
     United States Code, or any other provision of law, the 
     Comptroller General of the United States shall complete an 
     audit of the Board of Governors of the Federal Reserve System 
     and the Federal reserve banks under subsection (b) of such 
     section 714 within 12 months after the date of the enactment 
     of this Act.
       (b) Report.--
       (1) In general.--Not later than 90 days after the audit 
     required pursuant to subsection (a) is completed, the 
     Comptroller General--
       (A) shall submit to Congress a report on such audit; and
       (B) shall make such report available to the Speaker of the 
     House, the majority and minority leaders of the House of 
     Representatives, the majority and minority leaders of the 
     Senate, the Chairman and Ranking Member of the committee and 
     each subcommittee of jurisdiction in the House of 
     Representatives and the Senate, and any other Member of 
     Congress who requests the report.
       (2) Contents.--The report under paragraph (1) 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 or administrative action as the Comptroller 
     General may determine to be appropriate.
       (c) Repeal of Certain Limitations.--Subsection (b) of 
     section 714 of title 31, United States Code, is amended by 
     striking the second sentence.
       (d) Technical and Conforming Amendments.--
       (1) In general.--Section 714 of title 31, United States 
     Code, is amended--
       (A) in subsection (d)(3), by striking ``or (f)'' each place 
     such term appears;
       (B) in subsection (e), by striking ``the third undesignated 
     paragraph of section 13'' and inserting ``section 13(3)''; 
     and
       (C) by striking subsection (f).
       (2) Federal reserve act.--Subsection (s) (relating to 
     ``Federal Reserve Transparency and Release of Information'') 
     of section 11 of the Federal Reserve Act (12 U.S.C. 248) is 
     amended--
       (A) in paragraph (4)(A), by striking ``has the same meaning 
     as in section 714(f)(1)(A) of title 31, United States Code'' 
     and inserting ``means a program or facility, including any 
     special purpose vehicle or other entity established by or on 
     behalf of the Board of Governors of the Federal Reserve 
     System or a Federal reserve bank, authorized by the Board of 
     Governors under section 13(3), that is not subject to audit 
     under section 714(e) of title 31, United States Code'';
       (B) in paragraph (6), by striking ``or in section 
     714(f)(3)(C) of title 31, United States Code, the information 
     described in paragraph (1) and information concerning the 
     transactions described in section 714(f) of such title,'' and 
     inserting ``the information described in paragraph (1)''; and
       (C) in paragraph (7), by striking ``and section 13(3)(C), 
     section 714(f)(3)(C) of title 31, United States Code, and'' 
     and inserting ``, section 13(3)(C), and''.
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