To amend chapter 7 of title 31, United States Code, to provide the Comptroller General additional audit authorities relating to the Board of Governors of the Federal Reserve System, and for other purposes.

SA 1021. Mr. GRASSLEY submitted an amendment intended to be proposed
by him to the bill S. 896, to prevent mortgage foreclosures and enhance
mortgage credit availability; which was ordered to lie on the table; as
follows:

At the appropriate place insert the following:

TITLE __--COMPTROLLER GENERAL ADDITIONAL AUDIT AUTHORITIES

SEC. ___. COMPTROLLER GENERAL ADDITIONAL AUDIT AUTHORITIES.

(a) Definition of Agency.--Section 714(a) of title 31,
United States Code, is amended by striking ``Federal Reserve
Board,'' and inserting ``Board of Governors of the Federal
Reserve System (in this section referred to as the `Board'),
the Federal Open Market Committee, the Federal Advisory
Council,''.
(b) Audits of the Board of Governors of the Federal Reserve
System and the Federal Reserve Banks.--Section 714(b) of
title 31, United States Code, is amended by striking the
second sentence.
(c) Confidential Information.--Section 714(c) of title 31,
United States Code, is amended--
(1) by redesignating paragraphs (2) and (3) as paragraphs
(3) and (4), respectively; and
(2) by inserting after paragraph (1) the following:
``(2)(A) Except as provided under paragraph (4), an officer
or employee of the Government Accountability Office may not
provide to any person outside the Government Accountability
Office any document or name described under subparagraph (B)
if that document or name is maintained as confidential by the
Board, the Federal Open Market Committee, the Federal
Advisory Council, or any Federal reserve bank.
``(B) The documents and names referred to under
subparagraph (A) are--
``(i) any document relating to--
``(I) transactions for or with a foreign central bank,
government of a foreign country, or nonprivate international
financing organization;
``(II) deliberations, decisions, or actions on monetary
policy matters, including discount window operations,
reserves of member banks, securities credit, interest on
deposits, and open market operations; or
``(III) transactions made under the direction of the
Federal Open Market Committee; or
``(ii) the name of any foreign central bank, government of
a foreign country, or non-private international financing
organization associated with a transaction described under
clause (i)(I).''; and
(3) by striking paragraph (4) (as redesignated by this
subsection) and inserting the following:
``(4) This subsection shall not--
``(A) authorize an officer or employee of an agency to
withhold information from any committee or subcommittee of
jurisdiction of Congress, or any member of such committee or
subcommittee; or
``(B) limit any disclosure by the Government Accountability
Office to any committee or subcommittee of jurisdiction of
Congress, or any member of such committee or subcommittee.''.
(d) Access to Records.--
(1) Access to records.--Section 714(d)(1) of title 31,
United States Code, is amended--
(A) in the first sentence, by inserting ``or any entity
established by an agency'' after ``an agency''; and
(B) by inserting ``The Comptroller General shall have
access to the officers, employees, contractors, and other
agents and representatives of an agency or any entity
established by an agency at any reasonable time as the
Comptroller General may request. The Comptroller General may
make and retain copies of such books, accounts, and other
records as the Comptroller General determines appropriate.''
after the first sentence.
(2) Unauthorized access.--Section 714(d)(2) of title 31,
United States Code, is amended by inserting ``, copies of any
record,'' after ``records''.
(e) Availability of Draft Reports for Comment.--Section
718(a) of title 31, United States Code, is amended by
striking ``Federal Reserve Board,'' and inserting ``Board of
Governors of the Federal Reserve System, the Federal Open
Market Committee, the Federal Advisory Council,''.
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