Sec. 215. Audits; reports to President and Congress
308 words·~1 min read·
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The books of account of the Bank shall be maintained in accordance with generally accepted accounting principles as used in the United States, and shall be subject to an annual audit by independent public accountants appointed by the Board and of nationally recognized standing. The Board shall submit to the President and Congress, within 90 days after the last day of each fiscal year, a complete and detailed report with respect to the preceding fiscal year, setting forth— a summary of the Bank’s operations, for such preceding fiscal year; a schedule of the Bank’s obligations outstanding at the end of such preceding fiscal year, with a statement of the amounts issued and redeemed or paid during such preceding fiscal year; and the status of infrastructure projects receiving funding or other assistance pursuant to this Act, including disclosure of all entities with a development, ownership, or operational interest in such projects.
Not later than 5 years after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report evaluating activities of the Bank for the fiscal years covered by the report that includes an assessment of the impact and benefits of each funded infrastructure project, including a review of how effectively each project accomplished the goals prioritized by the Bank’s project criteria. The Bank shall maintain adequate books and records to support the financial transactions of the Bank with a description of financial transactions and infrastructure projects receiving funding, and the amount of funding for each project maintained on a publicly accessible database.
The Bank shall post infrastructure financing agreements on the database providing 30 days for public comments before providing final financing for the infrastructure project. The books and records of the Bank shall be open to inspection by the Secretary and the Comptroller General of the United States.