To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

SA 1367. Mr. DeMINT submitted an amendment intended to be proposed by
him to the bill H.R. 2918, making appropriations for the Legislative
Branch for the fiscal year ending September 30, 2010, and for other
purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF
GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General.--Subsection (b) of section 714 of title 31,
United States Code, is amended by striking all after ``shall
audit an agency'' and inserting a period.
(b) Audit.--Section 714 of title 31, United States Code, is
amended by adding at the end the following new subsection:
``(e) Audit and Report of the Federal Reserve System.--
``(1) In general.--The audit of the Board of Governors of
the Federal Reserve System and the Federal reserve banks
under subsection (b) shall be completed before the end of
2010.
``(2) Report.--
``(A) Required.--A report on the audit referred to in
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 made
available to the Speaker of the House, the majority and
minority leaders of the House of Representatives, the
majority and minority leaders of the Senate, the Chairman and
Ranking Member of the committee and each subcommittee of
jurisdiction in the House of Representatives and the Senate,
and any other Member of Congress who requests it.
``(B) Contents.--The report under subparagraph (A) shall
include a detailed description of the findings and conclusion
of the Comptroller General with respect to the audit that is
the subject of the report, together with such recommendations
for legislative or administrative action as the Comptroller
General may determine to be appropriate.''.
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