[Congressional Record Volume 169, Number 149 (Thursday, September 14, 2023)]
[Senate]
[Pages S4534-S4535]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1217. Mr. PAUL submitted an amendment intended to be proposed to 
amendment SA 1092 proposed by Mrs. Murray (for herself and Ms. Collins) 
to the bill H.R. 4366, making appropriations for military construction, 
the Department of Veterans Affairs, and related agencies for the fiscal 
year ending September 30, 2024, 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 that 
     section not later than 12 months after the date of enactment 
     of this Act.
       (b) Report.--
       (1) In general.--Not later than 90 days after the date on 
     which the audit required pursuant to subsection (a) is 
     completed, the Comptroller General of the United States--
       (A) shall submit to Congress a report on the audit; and
       (B) shall make the report described in subparagraph (A) 
     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 Chair 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 required under paragraph (1) 
     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

[[Page S4535]]

     United States 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 
     the 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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