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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1457 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1457

  To amend title 31, United States Code, to authorize reviews by the 
    Comptroller General of the United States of any credit facility 
established by the Board of Governors of the Federal Reserve System or 
           any Federal Reserve bank, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 15, 2009

  Ms. Collins introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL

 
  To amend title 31, United States Code, to authorize reviews by the 
    Comptroller General of the United States of any credit facility 
established by the Board of Governors of the Federal Reserve System or 
           any Federal Reserve bank, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Credit Facility 
Review Act of 2009''.

SEC. 2. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT FACILITIES.

    (a) Reviews.--Section 714 of title 31, United States Code, is 
amended by adding at the end the following:
    ``(f) Reviews of Credit Facilities of the Federal Reserve System.--
            ``(1) Definition.--In this subsection, the term `credit 
        facilities' includes--
                    ``(A) the Money Market Investor Funding Facility;
                    ``(B) the Asset-Backed Commercial Paper Money 
                Market Mutual Fund Liquidity Facility;
                    ``(C) the Term Asset-Backed Securities Loan 
                Facility;
                    ``(D) the Term Auction Facility;
                    ``(E) the Primary Dealer Credit Facility;
                    ``(F) the Commercial Paper Funding Facility;
                    ``(G) the Term Securities Lending Facility, 
                including the Term Securities Lending Facility Options 
                Program;
                    ``(H) the Revolving Credit Facility;
                    ``(I) reciprocal currency arrangements with foreign 
                central banks;
                    ``(J) the Mortgage Backed Securities Purchase 
                Program, and the purchase of debt obligations from a 
                government sponsored enterprise; and
                    ``(K) any special purpose vehicle through which any 
                entity described in subparagraphs (A) through (J) 
                conducts any activity or lending.
            ``(2) In general.--Notwithstanding any limitation in 
        subsection (b) on the auditing and oversight of certain 
        functions of the Board or any Federal Reserve bank, the 
        Comptroller General may conduct reviews, including onsite 
        examinations if the Comptroller General determines such 
        examinations are appropriate, of credit facilities established 
        by the Board or any Federal Reserve bank, and of the 
        establishment of such credit facilities by the Board or any 
        Federal Reserve bank--
                    ``(A) in carrying out any action or function 
                approved by the Board under the 3rd undesignated 
                paragraph of section 13 of the Federal Reserve Act (12 
                U.S.C. 343); or
                    ``(B) in providing credit under enhancements to 
                traditional lending facilities, including credit 
                facilities.
            ``(3) Access to records.--
                    ``(A) In general.--To carry out this subsection--
                            ``(i) all records and property of or used 
                        by a credit facility established by an agency 
                        (as described in paragraph (2)), including 
                        samples of reports of examinations of a bank or 
                        bank holding company that the Comptroller 
                        General considers statistically meaningful, and 
                        workpapers and correspondence related to the 
                        reports, shall be made available to the 
                        Comptroller General;
                            ``(ii) the Comptroller General shall have 
                        access to the officers, employees, contractors, 
                        and other agents and representatives of any 
                        credit facility established by an agency at any 
                        reasonable time as the Comptroller General may 
                        request;
                            ``(iii) the Comptroller General may make 
                        and retain copies of such books, accounts, and 
                        other records as the Comptroller General 
                        determines appropriate; and
                            ``(iv) the Comptroller General shall 
                        provide to a credit facility established by an 
                        agency a current list of officers and employees 
                        to whom, with proper identification, records 
                        and property may be made available, and who may 
                        make notes or copies necessary to carry out a 
                        review or examination under this subsection.
                    ``(B) Unauthorized access.--The Comptroller General 
                shall prevent unauthorized access to records, copies of 
                any record, or property of or used by an agency or a 
                credit facility established by an agency (as described 
                in paragraph (2)) that the Comptroller General obtains 
                during a review or examination under this subsection.
            ``(4) Reports.--
                    ``(A) Required.--A report on each review conducted 
                under 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 
                review is completed.
                    ``(B) Contents.--The report under subparagraph (A) 
                shall include a detailed description of the findings 
                and conclusions of the Comptroller General with respect 
                to the review 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.''.
    (b) Repeal.--Section 714(f) of title 31, United States Code, as 
added by subsection (a), is repealed effective 5 years after the date 
of enactment of this Act.
                                 <all>
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