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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 809 Introduced in House (IH)]

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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That:
            (a) The Comptroller General of the United States shall 
        make, under such rules and regulations as he shall prescribe, 
        an audit for each fiscal year of the Federal Reserve Board, the 
        Federal Advisory Council, the Federal Open Market Committee, 
        and all Federal Reserve banks and their branches, including 
        transactions of the system open market account conducted 
        through recognized dealers.
            (b) In making the audit required by subsection (a), 
        representatives of the General Accounting Office shall have 
        access to books, accounts, records, files, and all other 
        papers, things, and property belonging to or in use by the 
        entities being audited, including reports of examinations of 
        member banks, from whatever source. They shall be afforded full 
        facilities for verifying transactions with balances or 
        securities held by depositaries, fiscal agents, and custodians 
        of such entities.
            (c) The Comptroller General shall, within six months after 
        the end of each fiscal year, or as soon thereafter as may be 
        practicable, make a report to the Congress on the results of 
        the audit required by subsection (a), and he shall make any 
        special or preliminary reports he deems desirable for the 
        information of the Congress. A copy of each report made under 
        this subsection shall be sent to the President of the United 
        States, the Federal Reserve Board, and the Federal Reserve 
        banks. In addition to other matters, the report shall include 
        such comments and recommendations as the Comptroller General 
        may deem advisable, including recommendations for attaining a 
        more economical and efficient administration of the entities 
        audited, and the report shall specifically show any program, 
        financial transaction, or undertaking observed in the course of 
        the audit which in the opinion of the Comptroller General has 
        been carried on without authority of law.
            (d) The Comptroller General is authorized to employ such 
        personnel and to obtain such temporary and intermittent 
        services as may be necessary to carry out the audits required 
        by subsection (a), without regard to the provisions of title 5, 
        United States Code, governing appointments in the competitive 
        service, and such individuals may be paid without regard to the 
        provisions of chapter 51 and subchapter III of chapter 53 of 
        such title relating to classification and General Schedule pay 
        rates.
                                 <all>
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