S.Amdt. 1542

SA 1542. Mr. PAUL submitted an amendment intended to be proposed to
amendment SA 1463 proposed by Mr. McCain to the bill H.R. 1735, to
authorize appropriations for fiscal year 2016 for military activities
of the Department of Defense and for military construction, to
prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the end of subtitle H of title X, add the following:

SEC. 1099. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) Audit Reform and Transparency for the Board of
Governors of the Federal Reserve System.--
(1) 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 such
section 714 shall be completed not later than 12 months after
the date of enactment of this Act.
(2) Report.--
(A) In general.--A report on the audit required under
paragraph (1) shall be 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 the audit is completed
and made available to the majority and minority leaders of
the Senate, the Speaker of the House of Representatives, the
majority and minority leaders of the House of
Representatives, the Chairman and Ranking Member of the
committee and each subcommittee of jurisdiction in the Senate
and the House of Representatives, and any other Member of
Congress who requests the report.
(B) Contents.--The report under subparagraph (A) shall
include a detailed description of the findings and conclusion
of the Comptroller General of the United States 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 of the United States may determine
to be appropriate.
(3) Repeal of certain limitations.--Section 714(b) of title
31, United States Code, is amended by striking all after ``in
writing.''.
(4) Technical and conforming amendment.--Section 714 of
title 31, United States Code, is amended by striking
subsection (f).
(b) Audit of Loan File Reviews Required by Enforcement
Actions.--
(1) In general.--The Comptroller General of the United
States shall conduct an audit of the review of loan files of
homeowners in foreclosure in 2009 or 2010, required as part
of the enforcement actions taken by the Board of Governors of
the Federal Reserve System against supervised financial
institutions.
(2) Content of audit.--The audit carried out pursuant to
paragraph (1) shall consider, at a minimum--
(A) the guidance given by the Board of Governors of the
Federal Reserve System to independent consultants retained by
the supervised financial institutions regarding the
procedures to be followed in conducting the file reviews;
(B) the factors considered by independent consultants when
evaluating loan files;
(C) the results obtained by the independent consultants
pursuant to those reviews;
(D) the determinations made by the independent consultants
regarding the nature and extent of financial injury sustained
by each homeowner as well as the level and type of
remediation offered to each homeowner; and
(E) the specific measures taken by the independent
consultants to verify, confirm, or rebut the assertions and
representations made by supervised financial institutions
regarding the contents of loan files and the extent of
financial injury to homeowners.
(3) Report.--Not later than 6 months after the date of the
enactment of this Act, the Comptroller General of the United
States shall issue a report to Congress containing

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all findings and determinations made in carrying out the
audit required under paragraph (1).
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