SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) In August 2007, liquidity abruptly dried up 
in credit and securities markets. 
(2) This lack of access to affordable credit was 
initially limited to financial firms with interests in 
mortgage-backed securities that contained subprime 
and predatory mortgages. 
(3) The lack of access to credit quickly spread 
throughout the financial services industry, and even-
tually worldwide. 
(4) At the inception of the financial crisis, the 
Board of Governors of the Federal Reserve System 
responded by exercising its authorities in the tradi-
tional manner to effect the Federal funds rate tar-
get, which culminated in a December 16, 2008, deci-
sion to establish a Federal funds rate target range 
of 0 percent to 0.25 percent. 
(5) The Board of Governors of the Federal Re-
serve System, as it employed its traditional tools to 
provide liquidity and stability to the financial mar-
kets, came to acknowledge the severity of the cur-
rent crisis by exercising its authority to act in re-
sponse to ‘‘unusual and exigent circumstances’’. 
(6) The Federal Reserve has exercised its au-
thority to address ‘‘unusual and exigent cir-
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cumstances’’ no less than 11 times since the begin-
ning of the financial crisis. 
(7) Before this financial crisis, the Board of 
Governors of the Federal Reserve System last exer-
cised its authority to address ‘‘unusual and exigent 
circumstances’’ in 1934. 
(8) In connection with the Board of Governors 
of the Federal Reserve System’s efforts to address 
unusual and exigent circumstances, the Board ex-
tended assistance to nonmember institutions, some-
thing it had not done since 1959. 
(9) In connection with the Board of Governors 
of the Federal Reserve System’s efforts to address 
unusual and exigent circumstances, the Board has 
purchased debt obligations from government-spon-
sored enterprises, something it had not done since 
1981. 
(10) In the course of the crisis, the Federal Re-
serve established joint programs with the Depart-
ment of the Treasury to aid financial markets, such 
as the guarantee of Citigroup’s and Bank of Amer-
ica’s assets, the Term Asset-Backed Securities 
Lending Facility, and the Public-Private Partnership 
Investment Program. 
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(11) On February 10, 2009, Chairman Ben 
Bernanke affirmed his commitment to transparency 
when he testified to the Committee on Financial 
Services of the House of Representatives that ‘‘the 
Federal Reserve is committed to keeping the Con-
gress and the public informed about its lending pro-
grams and balance sheet’’. 
SEC. 3. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT 
FACILITIES. 
Section 714 of title 31, United States Code, is 
amended by adding at the end the following new sub-
section: 
‘‘(e) REVIEWS OF CREDIT FACILITIES OF THE FED-
ERAL RESERVE SYSTEM.— 
‘‘(1) IN GENERAL.—Subject to paragraph (3) 
and notwithstanding any limitation in subsection (b) 
on the auditing and overseeing of certain functions 
of the Board of Governors of the Federal Reserve 
System or any Federal reserve bank, the Comp-
troller General may conduct reviews, including onsite 
examinations when the Comptroller General deter-
mines such actions are appropriate, of credit facili-
ties established by the Board or any Federal reserve 
bank, and of the establishment of such credit facili-
ties by the Board or any Federal reserve bank— 
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‘‘(A) in carrying out any action or function 
approved by the Board under the 3rd undesig-
nated paragraph of section 13 of the Federal 
Reserve Act (12 U.S.C. 343) as the lender of 
last resort; or 
‘‘(B) in providing temporary assistance to 
private institutions as the lender of last resort. 
‘‘(2) DESCRIPTION.—As of the date of the en-
actment of the Federal Reserve Credit Facility Re-
view Act of 2009, the credit facilities to which this 
subsection applies include the following: 
‘‘(A) Money Market Investor Funding Fa-
cility. 
‘‘(B) 
Asset-Backed 
Commercial 
Paper 
Money Market Mutual Fund Liquidity Facility. 
‘‘(C) Term Asset-Backed Securities Loan 
Facility. 
‘‘(D) Term Auction Facility. 
‘‘(E) The Primary Dealer Credit Facility. 
‘‘(F) The Commercial Paper Funding Fa-
cility. 
‘‘(G) The Term Securities Lending Facil-
ity, including the Term Securities Lending Fa-
cility Options Program 
‘‘(H) Maiden Lane, LLC. 
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‘‘(I) Maiden Lane II, LLC. 
‘‘(J) Maiden Lane III, LLC. 
‘‘(K) The Revolving Credit Facility. 
‘‘(L) Reciprocal currency arrangements 
with foreign central banks. 
‘‘(M) Mortgage Backed Securities Pur-
chase Program, as well as the purchase of debt 
obligations from a Government Sponsored En-
terprise. 
‘‘(N) Any special purpose vehicle through 
which any such credit facility conducts any ac-
tivity or lending. 
‘‘(3) TERMINATION
OF
AUTHORITY.—Para-
graph (1) shall cease to apply after the expiration of 
the 5-year period beginning on the date of the enact-
ment of this subsection. 
‘‘(4) REPORT.— 
‘‘(A) REQUIRED.—A report on each review 
conducted under paragraph (1) shall be sub-
mitted by the Comptroller General to the Con-
gress before the end of the 90-day period begin-
ning on the date on which such review is com-
pleted. 
‘‘(B) CONTENTS.—The report under sub-
paragraph (A) shall include a detailed descrip-
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tion of the findings and conclusion of the 
Comptroller General with respect to the review 
that is the subject of the report, together with 
such recommendations for legislative or admin-
istrative action as the Comptroller General may 
determine to be appropriate.’’. 
SEC. 4. ACCESS TO RECORDS. 
(a) ACCESS TO RECORDS.—Section 714(d)(1) of title 
31, United States Code, is amended— 
(1) in the first sentence, by inserting ‘‘or any 
credit facility established by an agency’’ after ‘‘an 
agency’’; and 
(2) by inserting after the first sentence the fol-
lowing: ‘‘The Comptroller General shall have access 
to the officers, employees, contractors, and other 
agents and representatives of any agency or any 
credit facility established by an agency (as specified 
in subsection (e)) at any reasonable time as the 
Comptroller General may request. The Comptroller 
General may make and retain copies of such records 
as the Comptroller General determines appro-
priate.’’. 
(b) UNAUTHORIZED ACCESS.—Section 714(d)(2) of 
title 31, United States Code, is amended— 
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