‘‘(G) FINANCIAL
INSTITUTION
PARTICI-
PANT
DEFINED.—For purposes of this para-
graph, the term ‘financial institution partici-
pant’— 
‘‘(i) means a company that is pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5311(a))); and 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
or an entity controlled or sponsored by 
such an agency.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
11(r)(2)(A) of such Act is amended— 
(1) in clause (ii)(IV), by striking ‘‘; and’’ and 
inserting a semicolon; 
(2) in clause (iii), by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
clause: 
‘‘(iv) the available members secure the af-
firmative vote of not less than nine presidents 
of the Federal reserve banks.’’. 
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SEC. 12. INTEREST RATES ON BALANCES MAINTAINED AT A 
FEDERAL RESERVE BANK BY DEPOSITORY 
INSTITUTIONS ESTABLISHED BY FEDERAL 
OPEN MARKET COMMITTEE. 
Subparagraph (A) of section 19(b)(12) of the Federal 
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in-
serting ‘‘established by the Federal Open Market Com-
mittee’’ after ‘‘rate or rates’’. 
SEC. 13. AUDIT REFORM AND TRANSPARENCY FOR THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
(a) IN GENERAL.—Notwithstanding section 714 of 
title 31, United States Code, or any other provision of law, 
the Comptroller General of the United States shall com-
plete an audit of the Board of Governors of the Federal 
Reserve System and the Federal reserve banks under sub-
section (b) of such section 714 within 12 months after 
the date of the enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
the audit required pursuant to subsection (a) is com-
pleted, the Comptroller General— 
(A) shall submit to Congress a report on 
such audit; and 
(B) shall make such report available to the 
Speaker of the House, the majority and minor-
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ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
and any other Member of Congress who re-
quests the report. 
(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings and conclusion of the Comptroller General with 
respect to the audit 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. 
(c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 
(b) of section 714 of title 31, United States Code, is 
amended by striking the second sentence. 
(d) TECHNICAL AND CONFORMING AMENDMENTS.— 
(1) IN
GENERAL.—Section 714 of title 31, 
United States Code, is amended— 
(A) in subsection (d)(3), by striking ‘‘or 
(f)’’ each place such term appears; 
(B) in subsection (e), by striking ‘‘the 
third undesignated paragraph of section 13’’ 
and inserting ‘‘section 13(3)’’; 
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(C) by striking subsection (f). 
(2) FEDERAL
RESERVE
ACT.—Subsection (s) 
(relating to ‘‘Federal Reserve Transparency and Re-
lease of Information’’) of section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended— 
(A) in paragraph (4)(A), by striking ‘‘has 
the same meaning as in section 714(f)(1)(A) of 
title 31, United States Code’’ and inserting 
‘‘means a program or facility, including any 
special purpose vehicle or other entity estab-
lished by or on behalf of the Board of Gov-
ernors of the Federal Reserve System or a Fed-
eral reserve bank, authorized by the Board of 
Governors under section 13(3), that is not sub-
ject to audit under section 712(e) of title 31, 
United States Code’’; 
(B) in paragraph (6), by striking ‘‘or in 
section 714(f)(3)(C) of title 31, United States 
Code, the information described in paragraph 
(1) and information concerning the transactions 
described in section 714(f) of such title,’’ and 
inserting ‘‘the information described in para-
graph (1)’’; and 
(C) in paragraph (7), by striking ‘‘and sec-
tion 13(3)(C), section 714(f)(3)(C) of title 31, 
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United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
Æ 
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