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104TH CONGRESS

1ST SESSION H. R. 809

To authorize and direct the General Accounting Office to audit the Federal

Reserve Board, the Federal Advisory Council, the Federal Open Market

Committee, and Federal Reserve banks and their branches.

IN THE HOUSE OF REPRESENTATIVES

FEBRUARY 2, 1995

Mr. VOLKMER introduced the following bill; which was referred to the

Committee on Banking and Financial Services

A BILL

To authorize and direct the General Accounting Office to

audit the Federal Reserve Board, the Federal Advisory

Council, the Federal Open Market Committee, and Federal Reserve banks and their branches.

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

3 That:

4 (a) The Comptroller General of the United

5 States shall make, under such rules and regulations

6 as he shall prescribe, an audit for each fiscal year

7 of the Federal Reserve Board, the Federal Advisory

8 Council, the Federal Open Market Committee, and
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1 all Federal Reserve banks and their branches, in2 cluding transactions of the system open market ac3 count conducted through recognized dealers.

4 (b) In making the audit required by subsection

5 (a), representatives of the General Accounting Office

6 shall have access to books, accounts, records, files,

7 and all other papers, things, and property belonging

8 to or in use by the entities being audited, including

9 reports of examinations of member banks, from

10 whatever source. They shall be afforded full facilities

11 for verifying transactions with balances or securities

12 held by depositaries, fiscal agents, and custodians of

13 such entities.

14 (c) The Comptroller General shall, within six

15 months after the end of each fiscal year, or as soon

16 thereafter as may be practicable, make a report to

17 the Congress on the results of the audit required by

18 subsection (a), and he shall make any special or pre19 liminary reports he deems desirable for the informa20 tion of the Congress. A copy of each report made

21 under this subsection shall be sent to the President

22 of the United States, the Federal Reserve Board,

23 and the Federal Reserve banks. In addition to other

24 matters, the report shall include such comments and

25 recommendations as the Comptroller General may
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1 deem advisable, including recommendations for at2 taining a more economical and efficient administra3 tion of the entities audited, and the report shall spe4 cifically show any program, financial transaction, or

5 undertaking observed in the course of the audit

6 which in the opinion of the Comptroller General has

7 been carried on without authority of law.

8 (d) The Comptroller General is authorized to

9 employ such personnel and to obtain such temporary

10 and intermittent services as may be necessary to

11 carry out the audits required by subsection (a),

12 without regard to the provisions of title 5, United

13 States Code, governing appointments in the competi14 tive service, and such individuals may be paid with15 out regard to the provisions of chapter 51 and sub16 chapter III of chapter 53 of such title relating to

17 classification and General Schedule pay rates.

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