Sec. 106. Reports; testimony; audits
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The Corporation shall submit, on an annual basis, to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a written report of its operations, activities, budget, receipts, and expenditures for the preceding 12-month period. The report required under subsection
(a)shall include an analysis of— with respect to the Mortgage Insurance Fund established under section 203— the current financial condition of the Mortgage Insurance Fund; the exposure of the Mortgage Insurance Fund to changes in those economic factors most likely to affect the condition of that fund; a current estimate of the resources needed for the Mortgage Insurance Fund to achieve the purposes of this Act; and any findings, conclusions, and recommendations for legislative and administrative actions considered appropriate to the future activities of the Corporation; the secondary mortgage market, the housing market, and the economy, including through use of stress tests, and how such analysis was used to determine and set the reserve ratio for the Mortgage Insurance Fund for the preceding 12-month period; whether or not the actual reserve ratio of the Mortgage Insurance Fund met— the reserve ratio set for the preceding 12-month period; or the reserve ratio goals established in section 203(e); how the Corporation intends to ensure that the goals set for the reserve ratio for the Mortgage Insurance Fund are to be met and maintained for the next 12-month period, and such analysis shall include a detailed and descriptive plan of the actions that the Corporation intends to take pursuant to its authorities under this Act; how the Corporation has provided liquidity, transparency, and access to mortgage credit in its support of a robust secondary mortgage market and the production of residential mortgage-backed securities; the state of the private label mortgage-backed securities market, and such analysis shall include the submission of a reasonable set of administrative, regulatory, and legislative proposals on how to limit the Federal Government's footprint in the secondary mortgage market; the effect that further decreases in loan limits would have on the secondary mortgage market, the housing market, and the economy; and the state of the global covered bond market. The Chairperson of the Corporation, on a biannual basis, shall provide testimony to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. The Comptroller General of the United States shall annually audit the financial transactions of the Corporation in accordance with the United States generally accepted government auditing standards as may be prescribed by the Comptroller General. The audit required under this subsection shall be conducted at the place or places where accounts of the Corporation are normally kept. The representatives of the Comptroller General shall have access to the personnel and to all books, accounts, documents, papers, records (including electronic records), reports, files, and all other papers, automated data, or property belonging to or under the control of or used or employed by the Corporation pertaining to its financial transactions and necessary to facilitate the audit required under this subsection, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians. All such books, accounts, documents, records, reports, files, papers, and property of the Corporation used to carry out the audit required under this subsection shall remain in the possession and custody of the Corporation. The Comptroller General may obtain and duplicate any such books, accounts, documents, records, working papers, automated data and files, or other information relevant to such audit without cost to the Comptroller General and the Comptroller General’s right of access to such information shall be enforceable pursuant to section 716(c) of title 31, United States Code. The Comptroller General shall submit to Congress a report of each annual audit conducted under this subsection. The report to Congress required under subparagraph
(A)shall— set forth the scope of the audit; and include— the statement of assets and liabilities and surplus or deficit; the statement of income and expenses; the statement of sources and application of funds; and such comments and information as the Comptroller General may deem necessary to inform Congress of the financial operations and condition of the Corporation, together with such recommendations with respect thereto as the Comptroller General may deem advisable. A copy of each report required under subparagraph
(A)shall be furnished to the President and to the Chairperson of the Corporation at the time such report is submitted to the Congress. For the purpose of conducting an audit under this subsection, the Comptroller General may employ by contract, without regard to section 3709 of the Revised Statutes of the United States (41 U.S.C. 5), professional services of firms and organizations of certified public accountants for temporary periods or for special purposes. Upon the request of the Comptroller General, the Chairperson of the Corporation shall transfer to the Comptroller General from funds available, the amount requested by the Comptroller General to cover the reasonable costs of any audit and report conducted by the Comptroller General pursuant to this subsection. The Comptroller General shall credit funds transferred under clause
(i)to the account at the Treasury established for salaries and expenses of the Government Accountability Office, and such amounts shall be available upon receipt and without fiscal year limitation to cover the full costs of the audit and report.
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Sec. 106
Reports; testimony; audits
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