[Congressional Record (Bound Edition), Volume 155 (2009), Part 23]
[House]
[Pages 31300-31301]
[From the U.S. Government Publishing Office, www.gpo.gov]




 PERMISSION TO CONSIDER CERTAIN AMENDMENTS AS MODIFIED DURING FURTHER 
                       CONSIDERATION OF H.R. 4173

  Mr. FRANK of Massachusetts. Mr. Speaker, I ask unanimous consent 
that, during further consideration of H.R. 4173 pursuant to House 
Resolution 964, the amendments numbered 1 and 36 may be considered as 
modified by the respective forms at the desk.
  The SPEAKER pro tempore. The Clerk will report the modifications.
  The Clerk read as follows:

       Modification to amendment No. 1 offered by Mr. Frank of 
     Massachusetts:
       On page 152 of the Amendment: strike the instruction 
     referring to page 747 and the following text through page 
     153, line 8.
       Modification to amendment No. 36 offered by Mr. Bachus:
       At the end of title I, add the following new section:

     SEC. 1012. GAO AUDIT OF THE FEDERAL RESERVE.

       Section 714 of title 31, United States Code, is amended--
       (1) in subsection (b), by striking all after ``has 
     consented in writing.'' and inserting the following: ``Audits 
     of the Federal Reserve Board and Federal reserve banks shall 
     not include unreleased transcripts or minutes of meetings of 
     the Board of Governors or of the Federal Open Market 
     Committee. To the extent that an audit deals with individual 
     market actions, records related to such actions shall only be 
     released by the Comptroller General after 180 days have 
     elapsed following the effective date of such actions.'';
       (2) in subsection (c)(1), in the first sentence, by 
     striking ``subsection,'' and inserting ``subsection or in the 
     audits or audit reports referring or relating to the Federal 
     Reserve Board or Reserve Banks,''; and
       (3) by adding at the end the following:
       ``(f) Audit and Report of the Federal Reserve System.--
       ``(1) In general.--An audit of the Board of Governors of 
     the Federal Reserve System and the Federal reserve banks 
     under subsection (b) shall be completed within 12 months of 
     the enactment of the Consumer and Taxpayer Protection Act of 
     2009.
       ``(2) Report.--
       ``(A) Required.--A report on the audit referred to in 
     paragraph (1) shall be 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 made 
     available to--
       ``(i) the Speaker of the House of Representatives;

[[Page 31301]]

       ``(ii) the majority and minority leaders of the House of 
     Representatives;
       ``(iii) the majority and minority leaders of the Senate;
       ``(iv) the Chairman 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) 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.''.

  Mr. FRANK of Massachusetts (during the reading). Mr. Speaker, I ask 
unanimous consent that the reading be dispensed with.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Massachusetts?
  There was no objection.
  The SPEAKER pro tempore. Is there objection to the original request?
  Without objection, the amendments are modified.
  There was no objection.

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