To address availability of information concerning the meetings of the Federal Open Market Committee, and for other purposes.

SA 3760. Mr. VITTER submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) 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:

At the end of title XI, add the following:

SEC. 1159. AUDITS AND OVERSIGHT OF THE FEDERAL RESERVE.

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 and Report of 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 not later than 12
months after the date of 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 committee and
each subcommittee of

[[Page S3014]]

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.''.
______