Sec. 1573. ### (a)
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## SEC. 1573 ###
(a)The Consumer Financial Protection Act of 2010 is amended by adding after section 1016 the following new sections: > > ## “SEC. 1016A ANNUAL AUDITS > > **[**[12 U.S.C. 5496a](/us/usc/t12/s5496a)**]** > > > ### “(a) Annual Independent Audit > > The Bureau shall order an annual independent audit of the operations and budget of the Bureau. > > > ### “(b) Annual GAO Audit > > The Comptroller General of the United States shall conduct an annual audit of the Bureau’s financial statements in accordance with generally accepted government accounting standards. > > > ## “SEC. 1016B GAO STUDY OF FINANCIAL REGULATIONS > > **[**[12 U.S.C. 5496b](/us/usc/t12/s5496b)**]** > > > ### “(a) Study > > Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of— > > > #### “(1) > > the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules; > > > #### “(2) > > efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs
(B)and
(C)of section 1022(b)(2), information requests, and examinations; and > > > #### “(3) > > other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate. > > > ### “(b) Report > > Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.” > . ###
(b)The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 1016 the following new items:" “Sec. 1016A. Annual audits. “Sec. 1016B. GAO study of financial regulations.” ". ###
(c)**[**[12 U.S.C. 5496a note](/us/usc/t12/s5496a)**]** The initial audits described under section 1016A of the Consumer Financial Protection Act of 2010 shall be completed not later than the end of the 180-day period beginning on the date of the enactment of this Act.
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