S.Amdt. 3312

1. Adds SEC. ___. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM at the end of the bill

   Adds a section

   In S. 3637 · Placed on Calendar Senate

   (2) collecting an amount equal to such estimated losses by September 30 of such calendar year, which shall be in addition to the assessments that would otherwise be collected by the Administration with respect to such year for insured credit unions (as defined in section 101 of that Act (12 U.S.C. 1752)) pursuant to section 202 of that Act (12 U.S.C. 1782).

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

   Inserted: (a) In General.--Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of that section 714 shall be completed before the end of calendar year 2012.

   Inserted: (b) Report.--

   Inserted: (1) In general.--A report on the audit described in subsection (a) shall be--

   Inserted: (A) submitted by the Comptroller General of the United States to Congress before the end of the 90-day period beginning on the date on which such audit is completed; and

   Inserted: (B) made available to the Speaker of the House of Representatives, 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.

   Inserted: (2) Contents.--The report under paragraph (1) 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.

   Inserted: (c) Repeal of Certain Limitations.--Section 714(b) of title 31, United States Code, is amended by striking all after "in writing.".

   Inserted: (d) Technical and Conforming Amendment.--Section 714 of title 31, United States Code, is amended by striking subsection (f).

   Original wording

   At the end, add the following:

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As printed