Sec. 1109. GAO AUDIT OF THE FEDERAL RESERVE FACILITIES; PUBLICATION OF BOARD ACTIONS
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## SEC. 1109 GAO AUDIT OF THE FEDERAL RESERVE FACILITIES; PUBLICATION OF BOARD ACTIONS ###
(a)GAO Audit ####
(1)In general Notwithstanding section 714(b) of title 31, United States Code, or any other provision of law, the Comptroller General of the United States (in this subsection referred to as the “Comptroller General”) shall conduct a one-time audit of all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act by the Board of Governors or a Federal reserve bank under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of section 13(3) of the Federal Reserve Act (as so designated by this title). ####
(2)Assessments In conducting the audit under paragraph (1), the Comptroller General shall assess— #####
(A)the operational integrity, accounting, financial reporting, and internal controls of the credit facility; #####
(B)the effectiveness of the security and collateral policies established for the facility in mitigating risk to the relevant Federal reserve bank and taxpayers; #####
(C)whether the credit facility inappropriately favors one or more specific participants over other institutions eligible to utilize the facility; #####
(D)the policies governing the use, selection, or payment of third-party contractors by or for any credit facility; and #####
(E)whether there were conflicts of interest with respect to the manner in which such facility was established or operated. ####
(3)Timing The audit required by this subsection shall be commenced not later than 30 days after the date of enactment of this Act, and shall be completed not later than 12 months after that date of enactment. ####
(4)Report required The Comptroller General shall submit a report on the audit conducted under paragraph
(1)to the Congress not later than 12 months after the date of enactment of this Act, and such report shall be made available to— #####
(A)the Speaker of the House of Representatives; #####
(B)the majority and minority leaders of the House of Representatives; #####
(C)the majority and minority leaders of the Senate; #####
(D)the Chairman and Ranking Member of the Committee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Financial Services of the House of Representatives; and #####
(E)any member of Congress who requests it. ###
(b)Audit of Federal Reserve Bank Governance ####
(1)Audit #####
(A)In general Not later than 1 year after the date of enactment of this Act, the Comptroller General shall complete an audit of the governance of the Federal reserve bank system. #####
(B)Required examinations The audit required under subparagraph
(A)shall— ######
(i)examine the extent to which the current system of appointing Federal reserve bank directors effectively represents “the public, without discrimination on the basis of race, creed, color, sex or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers” in the selection of bank directors, as such requirement is set forth under section 4 of the Federal Reserve Act; ######
(ii)examine whether there are actual or potential conflicts of interest created when the directors of Federal reserve banks, which execute the supervisory functions of the Board of Governors of the Federal Reserve System, are elected by member banks; ######
(iii)examine the establishment and operations of each facility described in subsection (a)(1) and each Federal reserve bank involved in the establishment and operations thereof; and ######
(iv)identify changes to selection procedures for Federal reserve bank directors, or to other aspects of Federal reserve bank governance, that would— ######
(I)improve how the public is represented; ######
(II)eliminate actual or potential conflicts of interest in bank supervision; ######
(III)increase the availability of information useful for the formation and execution of monetary policy; or ######
(IV)in other ways increase the effectiveness or efficiency of reserve banks. ####
(2)Report required A report on the audit conducted under 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 such report shall be made available to— #####
(A)the Speaker of the House of Representatives; #####
(B)the majority and minority leaders of the House of Representatives; #####
(C)the majority and minority leaders of the Senate; #####
(D)the Chairman and Ranking Member of the Committee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Financial Services of the House of Representatives; and #####
(E)any member of Congress who requests it. ###
(c)Publication of Board Actions Notwithstanding any other provision of law, the Board of Governors shall publish on its website, not later than December 1, 2010, with respect to all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of section 13(3) of the Federal Reserve Act (as so designated by this title)— ####
(1)the identity of each business, individual, entity, or foreign central bank to which the Board of Governors or a Federal reserve bank has provided such assistance; ####
(2)the type of financial assistance provided to that business, individual, entity, or foreign central bank; ####
(3)the value or amount of that financial assistance; ####
(4)the date on which the financial assistance was provided; ####
(5)the specific terms of any repayment expected, including the repayment time period, interest charges, collateral, limitations on executive compensation or dividends, and other material terms; and ####
(6)the specific rationale for each such facility or program. # TITLE XII IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS