II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Reserve Credit 

5 Facility Review Act of 2009’’. 


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1 SEC. 2. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT 

2 FACILITIES. 

3 (a) REVIEWS.—Section 714 of title 31, United States 

4 Code, is amended by adding at the end the following: 

5 ‘‘(f) REVIEWS OF CREDIT FACILITIES OF THE FED6 ERAL RESERVE SYSTEM.— 

7 ‘‘(1) DEFINITION.—In this subsection, the term 

8 ‘credit facilities’ includes— 

9 ‘‘(A) the Money Market Investor Funding 

10 Facility; 

11 ‘‘(B) the Asset-Backed Commercial Paper 

12 Money Market Mutual Fund Liquidity Facility; 

13 ‘‘(C) the Term Asset-Backed Securities 

14 Loan Facility; 

15 ‘‘(D) the Term Auction Facility; 

16 ‘‘(E) the Primary Dealer Credit Facility; 

17 ‘‘(F) the Commercial Paper Funding Fa18 cility; 

19 ‘‘(G) the Term Securities Lending Facility, 

20 including the Term Securities Lending Facility 

21 Options Program; 

22 ‘‘(H) the Revolving Credit Facility; 

23 ‘‘(I) reciprocal currency arrangements with 

24 foreign central banks; 

25 ‘‘(J) the Mortgage Backed Securities Pur26 chase Program, and the purchase of debt obliVerDate Nov 24 2008 03:04 Jul 16, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1457.IS S1457

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1 gations from a government sponsored enter2 prise; and 

3 ‘‘(K) any special purpose vehicle through 

4 which any entity described in subparagraphs 

5 (A) through (J) conducts any activity or lend6 ing. 

7 ‘‘(2) IN GENERAL.—Notwithstanding any limi8 tation in subsection (b) on the auditing and over9 sight of certain functions of the Board or any Fed10 eral Reserve bank, the Comptroller General may 

11 conduct reviews, including onsite examinations if the 

12 Comptroller General determines such examinations 

13 are appropriate, of credit facilities established by the 

14 Board or any Federal Reserve bank, and of the es15 tablishment of such credit facilities by the Board or 

16 any Federal Reserve bank— 

17 ‘‘(A) in carrying out any action or function 

18 approved by the Board under the 3rd undesig19 nated paragraph of section 13 of the Federal 

20 Reserve Act (12 U.S.C. 343); or 

21 ‘‘(B) in providing credit under enhance22 ments to traditional lending facilities, including 

23 credit facilities. 

24 ‘‘(3) ACCESS TO RECORDS.— 


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1 ‘‘(A) IN GENERAL.—To carry out this sub2 section— 

3 ‘‘(i) all records and property of or 

4 used by a credit facility established by an 

5 agency (as described in paragraph (2)), in6 cluding samples of reports of examinations 

7 of a bank or bank holding company that 

8 the Comptroller General considers statis9 tically meaningful, and workpapers and 

10 correspondence related to the reports, shall 

11 be made available to the Comptroller Gen12 eral; 

13 ‘‘(ii) the Comptroller General shall 

14 have access to the officers, employees, con15 tractors, and other agents and representa16 tives of any credit facility established by an 

17 agency at any reasonable time as the 

18 Comptroller General may request; 

19 ‘‘(iii) the Comptroller General may 

20 make and retain copies of such books, ac21 counts, and other records as the Comp22 troller General determines appropriate; and 

23 ‘‘(iv) the Comptroller General shall 

24 provide to a credit facility established by 

25 an agency a current list of officers and emVerDate Nov 24 2008 03:04 Jul 16, 2009 Jkt 079200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S1457.IS S1457

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1 ployees to whom, with proper identifica2 tion, records and property may be made 

3 available, and who may make notes or cop4 ies necessary to carry out a review or ex5 amination under this subsection. 

6 ‘‘(B) UNAUTHORIZED ACCESS.—The 

7 Comptroller General shall prevent unauthorized 

8 access to records, copies of any record, or prop9 erty of or used by an agency or a credit facility 

10 established by an agency (as described in para11 graph (2)) that the Comptroller General obtains 

12 during a review or examination under this sub13 section. 

14 ‘‘(4) REPORTS.— 

15 ‘‘(A) REQUIRED.—A report on each review 

16 conducted under paragraph (1) shall be sub17 mitted by the Comptroller General to the Con18 gress before the end of the 90-day period begin19 ning on the date on which such review is com20 pleted. 

21 ‘‘(B) CONTENTS.—The report under sub22 paragraph (A) shall include a detailed descrip23 tion of the findings and conclusions of the 

24 Comptroller General with respect to the review 

25 that is the subject of the report, together with 


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1 such recommendations for legislative or admin2 istrative action as the Comptroller General may 

3 determine to be appropriate.’’. 

4 (b) REPEAL.—Section 714(f) of title 31, United 

5 States Code, as added by subsection (a), is repealed effec6 tive 5 years after the date of enactment of this Act. 

Æ 


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