To require the non-partisan Government Accountability Office to conduct an independent audit of the Board of Governors of the Federal Reserve System that does not interfere with monetary policy, to let the American people know the names of the recipients of over $2,000,000,000,000 in taxpayer assistance from the Federal Reserve System, and for other purposes.

SA 3738. Mr. SANDERS (for himself, Mr. Feingold, Mr. DeMint, Mr.
Leahy, Mr. McCain, Mr. Wyden, Mr. Grassley, Mr. Dorgan, Mr. Vitter,
Mrs. Boxer, Mr. Brownback, Mr. Risch, Mr. Wicker, Mr. Graham, Mr.
Hatch, and Mr. Crapo) submitted an amendment intended to be proposed by
him to the bill S. 3217, to promote the financial stability of the
United States by improving accountability and transparency in the
financial system, to end ``too big to fail'', to protect the American
taxpayer by ending bailouts, to protect consumers from abusive
financial services practices, and for other purposes; which was ordered
to lie on the table; as follows:

On page 1525, strike line 20 and all that follows through
page 1528 line 3 and insert the following: ``to the taxpayers
of such assistance.''.

SEC. 1152. INDEPENDENT AUDIT OF THE BOARD OF GOVERNORS.

(a) Amendments to Section 714.--Section 714 of title 31,
United States Code, is amended--
(1) in subsection (a), by striking ``the Office of the
Comptroller of the Currency, and the Office of Thrift
Supervision.'' and inserting ``and the Office of the
Comptroller of the Currency.'';
(2) in subsection (b), by striking all after ``has
consented in writing.'' and inserting the following: ``Audits
of the Federal Reserve Board and Federal reserve banks shall
not include unreleased transcripts or minutes of meetings of
the Board of Governors or of the Federal Open Market
Committee. To the extent that an audit deals with individual
market actions, records related to such actions shall only be
released by the Comptroller General after 180 days have
elapsed following the effective date of such actions.'';
(3) in subsection (c)(1), in the first sentence, by
striking ``subsection,'' and inserting ``subsection or in the
audits or audit reports referring or relating to the Federal
Reserve Board or Reserve Banks,''; and
(4) by adding at the end the following:
``(f) Audit of and Report on the Federal Reserve System.--
``(1) In general.--An audit of the Board of Governors of
the Federal Reserve System and the Federal reserve banks
under subsection (b) shall be completed within 12 months of
the enactment of the Restoring American Financial Stability
Act 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--
``(i) the Speaker of the House of Representatives;
``(ii) the majority and minority leaders of the House of
Representatives;
``(iii) the majority and minority leaders of the Senate;
``(iv) the Chairman and Ranking Member of the appropriate
committees and each subcommittee of jurisdiction in the House
of Representatives and the Senate; and
``(v) 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.
``(3) Construction.--Nothing in this subsection shall be
construed--
``(A) as interference in or dictation of monetary policy to
the Federal Reserve System by the Congress or the Government
Accountability Office; or
``(B) to limit the ability of the Government Accountability
Office to perform additional audits of the Board of Governors
of the Federal Reserve System or of the Federal reserve
banks.''.

SEC. 1153. PUBLICATION OF BOARD ACTIONS.

(a) In General.--Notwithstanding any other provision of
law, the Board of Governors shall publish on its website,
with respect to all loans and other financial assistance it
has provided since December 1, 2007 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, the agency Mortgage-Backed Securities
program, foreign currency liquidity swap lines, and any other
program created as a result of the third undesignated
paragraph of section 13 of the Federal Reserve Act--
(1) the identity of each business, individual, entity, or
foreign central bank to which the Board of Governors 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 providing assistance in each
instance.
(b) Timing.--The Board of Governors shall publish
information required by subsection (a)--
(1) not later than 30 days after the date of enactment of
this Act; and
(2) in updated form, not less frequently than once
annually.
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