H. R. 4173—736 
‘‘(2) that is committed by a person subject to the Consumer 
Financial Protection Act of 2010 shall be treated as a violation 
of a rule under section 1031 of that Act regarding unfair, 
deceptive, or abusive acts or practices.’’. 
(b) AMENDMENTS
TO SECTION 4.—Section 4(d) of the Tele-
marketing and Consumer Fraud and Abuse Prevention Act (15 
U.S.C. 6103(d)) is amended by inserting after ‘‘Commission’’ each 
place that term appears the following: ‘‘or the Bureau of Consumer 
Financial Protection’’. 
(c) AMENDMENTS
TO SECTION 5.—Section 5(c) of the Tele-
marketing and Consumer Fraud and Abuse Prevention Act (15 
U.S.C. 6104(c)) is amended by inserting after ‘‘Commission’’ each 
place that term appears the following: ‘‘or the Bureau of Consumer 
Financial Protection’’. 
(d) AMENDMENT TO SECTION 6.—Section 6 of the Telemarketing 
and Consumer Fraud and Abuse Prevention Act (15 U.S.C. 6105) 
is amended by adding at the end the following: 
‘‘(d) ENFORCEMENT
BY
BUREAU
OF
CONSUMER
FINANCIAL 
PROTECTION.—Except as otherwise provided in sections 3(d), 3(e), 
4, and 5, and subject to subtitle B of the Consumer Financial 
Protection Act of 2010, this Act shall be enforced by the Bureau 
of Consumer Financial Protection under subtitle E of the Consumer 
Financial Protection Act of 2010, with respect to the offering or 
provision of a consumer financial product or service subject to 
that Act.’’. 
SEC. 1100D. AMENDMENTS TO THE PAPERWORK REDUCTION ACT. 
(a) DESIGNATION AS AN INDEPENDENT AGENCY.—Section 2(5) 
of the Paperwork Reduction Act (44 U.S.C. 3502(5)) is amended 
by inserting ‘‘the Bureau of Consumer Financial Protection, the 
Office of Financial Research,’’ after ‘‘the Securities and Exchange 
Commission,’’. 
(b) COMPARABLE TREATMENT.—Section 3513 of title 44, United 
States Code, is amended by adding at the end the following: 
‘‘(c) COMPARABLE
TREATMENT.—Notwithstanding any other 
provision of law, the Director shall treat or review a rule or order 
prescribed or proposed by the Director of the Bureau of Consumer 
Financial Protection on the same terms and conditions as apply 
to any rule or order prescribed or proposed by the Board of Gov-
ernors of the Federal Reserve System.’’. 
SEC. 1100E. ADJUSTMENTS FOR INFLATION IN THE TRUTH IN LENDING 
ACT. 
(a) CAPS.— 
(1) CREDIT TRANSACTIONS.—Section 104(3) of the Truth in 
Lending Act (15 U.S.C. 1603(3)) is amended by striking 
‘‘$25,000’’ and inserting ‘‘$50,000’’. 
(2) CONSUMER
LEASES.—Section 181(1) of the Truth in 
Lending Act (15 U.S.C. 1667(1)) is amended by striking 
‘‘$25,000’’ and inserting ‘‘$50,000’’. 
(b) ADJUSTMENTS FOR INFLATION.—On and after December 31, 
2011, the Bureau shall adjust annually the dollar amounts described 
in sections 104(3) and 181(1) of the Truth in Lending Act (as 
amended by this section), by the annual percentage increase in 
the Consumer Price Index for Urban Wage Earners and Clerical 
Workers, as published by the Bureau of Labor Statistics, rounded 
to the nearest multiple of $100, or $1,000, as applicable.
H. R. 4173—737 
SEC. 1100F. USE OF CONSUMER REPORTS. 
Section 615 of the Fair Credit Reporting Act (15 U.S.C. 1681m) 
is amended— 
(1) in subsection (a)— 
(A) by redesignating paragraphs (2) and (3) as para-
graphs (3) and (4), respectively; 
(B) by inserting after paragraph (1) the following: 
‘‘(2) provide to the consumer written or electronic disclo-
sure— 
‘‘(A) of a numerical credit score as defined in section 
609(f)(2)(A) used by such person in taking any adverse 
action based in whole or in part on any information in 
a consumer report; and 
‘‘(B) of the information set forth in subparagraphs (B) 
through (E) of section 609(f)(1);’’; and 
(C) in paragraph (4) (as so redesignated), by striking 
‘‘paragraph (2)’’ and inserting ‘‘paragraph (3)’’; and 
(2) in subsection (h)(5)— 
(A) in subparagraph (C), by striking ‘‘; and’’ and 
inserting a semicolon; 
(B) in subparagraph (D), by striking the period and 
inserting ‘‘; and’’; and 
(C) by inserting at the end the following: 
‘‘(E) include a statement informing the consumer of— 
‘‘(i) a numerical credit score as defined in section 
609(f)(2)(A), used by such person in making the credit 
decision described in paragraph (1) based in whole 
or in part on any information in a consumer report; 
and 
‘‘(ii) the information set forth in subparagraphs 
(B) through (E) of section 609(f)(1).’’. 
SEC. 1100G. SMALL BUSINESS FAIRNESS AND REGULATORY TRANS-
PARENCY. 
(a) PANEL REQUIREMENT.—Section 609(d) of title 5, United 
States Code, is amended by striking ‘‘means the’’ and all that 
follows and inserting the following: ‘‘means— 
‘‘(1) the Environmental Protection Agency; 
‘‘(2) the Consumer Financial Protection Bureau of the Fed-
eral Reserve System; and 
‘‘(3) the Occupational Safety and Health Administration 
of the Department of Labor.’’. 
(b) INITIAL REGULATORY FLEXIBILITY ANALYSIS.—Section 603 
of title 5, United States Code, is amended by adding at the end 
the following: 
‘‘(d)(1) For a covered agency, as defined in section 609(d)(2), 
each initial regulatory flexibility analysis shall include a description 
of— 
‘‘(A) any projected increase in the cost of credit for small 
entities; 
‘‘(B) any significant alternatives to the proposed rule which 
accomplish the stated objectives of applicable statutes and 
which minimize any increase in the cost of credit for small 
entities; and 
‘‘(C) advice and recommendations of representatives of 
small entities relating to issues described in subparagraphs 
(A) and (B) and subsection (b).
H. R. 4173—738 
‘‘(2) A covered agency, as defined in section 609(d)(2), shall, 
for purposes of complying with paragraph (1)(C)— 
‘‘(A) identify representatives of small entities in consulta-
tion with the Chief Counsel for Advocacy of the Small Business 
Administration; and 
‘‘(B) collect advice and recommendations from the rep-
resentatives identified under subparagraph (A) relating to 
issues described in subparagraphs (A) and (B) of paragraph 
(1) and subsection (b).’’. 
(c) FINAL REGULATORY FLEXIBILITY ANALYSIS.—Section 604(a) 
of title 5, United States Code, is amended— 
(1) in paragraph (4), by striking ‘‘and’’ at the end; 
(2) in paragraph (5), by striking the period at the end 
and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(6) for a covered agency, as defined in section 609(d)(2), 
a description of the steps the agency has taken to minimize 
any additional cost of credit for small entities.’’. 
SEC. 1100H. EFFECTIVE DATE. 
Except as otherwise provided in this subtitle and the amend-
ments made by this subtitle, this subtitle and the amendments 
made by this subtitle, other than sections 1081 and 1082, shall 
become effective on the designated transfer date. 
TITLE XI—FEDERAL RESERVE SYSTEM 
PROVISIONS 
SEC. 1101. FEDERAL RESERVE ACT AMENDMENTS ON EMERGENCY 
LENDING AUTHORITY. 
(a) FEDERAL RESERVE ACT.—The third undesignated paragraph 
of section 13 of the Federal Reserve Act (12 U.S.C. 343) (relating 
to emergency lending authority) is amended— 
(1) by inserting ‘‘(3)(A)’’ before ‘‘In unusual’’; 
(2) by striking ‘‘individual, partnership, or corporation’’ the 
first place that term appears and inserting the following: 
‘‘participant in any program or facility with broad-based eligi-
bility’’; 
(3) by striking ‘‘exchange for an individual or a partnership 
or corporation’’ and inserting ‘‘exchange,’’; 
(4) by striking ‘‘such individual, partnership, or corpora-
tion’’ and inserting the following: ‘‘such participant in any pro-
gram or facility with broad-based eligibility’’; 
(5) by striking ‘‘for individuals, partnerships, corporations’’ 
and inserting ‘‘for any participant in any program or facility 
with broad-based eligibility’’; and 
(6) by striking ‘‘may prescribe.’’ and inserting the following: 
‘‘may prescribe. 
‘‘(B)(i) As soon as is practicable after the date of enact-
ment of this subparagraph, the Board shall establish, by 
regulation, in consultation with the Secretary of the 
Treasury, the policies and procedures governing emergency 
lending under this paragraph. Such policies and procedures 
shall be designed to ensure that any emergency lending 
program or facility is for the purpose of providing liquidity 
to the financial system, and not to aid a failing financial
H. R. 4173—739 
company, and that the security for emergency loans is 
sufficient to protect taxpayers from losses and that any 
such program is terminated in a timely and orderly fashion. 
The policies and procedures established by the Board shall 
require that a Federal reserve bank assign, consistent with 
sound risk management practices and to ensure protection 
for the taxpayer, a lendable value to all collateral for a 
loan executed by a Federal reserve bank under this para-
graph in determining whether the loan is secured satisfac-
torily for purposes of this paragraph. 
‘‘(ii) The Board shall establish procedures to prohibit 
borrowing from programs and facilities by borrowers that 
are insolvent. Such procedures may include a certification 
from the chief executive officer (or other authorized officer) 
of the borrower, at the time the borrower initially borrows 
under the program or facility (with a duty by the borrower 
to update the certification if the information in the certifi-
cation materially changes), that the borrower is not insol-
vent. A borrower shall be considered insolvent for purposes 
of this subparagraph, if the borrower is in bankruptcy, 
resolution under title II of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act, or any other Federal 
or State insolvency proceeding. 
‘‘(iii) A program or facility that is structured to remove 
assets from the balance sheet of a single and specific com-
pany, or that is established for the purpose of assisting 
a single and specific company avoid bankruptcy, resolution 
under title II of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, or any other Federal or State 
insolvency proceeding, shall not be considered a program 
or facility with broad-based eligibility. 
‘‘(iv) The Board may not establish any program or 
facility under this paragraph without the prior approval 
of the Secretary of the Treasury. 
‘‘(C) The Board shall provide to the Committee on 
Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
resentatives— 
‘‘(i) not later than 7 days after the Board authorizes 
any loan or other financial assistance under this para-
graph, a report that includes— 
‘‘(I) the justification for the exercise of 
authority to provide such assistance; 
‘‘(II) the identity of the recipients of such 
assistance; 
‘‘(III) the date and amount of the assistance, 
and form in which the assistance was provided; 
and 
‘‘(IV) the material terms of the assistance, 
including— 
‘‘(aa) duration; 
‘‘(bb) collateral pledged and the value 
thereof; 
‘‘(cc) all interest, fees, and other revenue 
or items of value to be received in exchange 
for the assistance;
H. R. 4173—740 
‘‘(dd) any requirements imposed on the 
recipient with respect to employee compensa-
tion, distribution of dividends, or any other 
corporate decision in exchange for the assist-
ance; and 
‘‘(ee) the expected costs to the taxpayers 
of such assistance; and 
‘‘(ii) once every 30 days, with respect to any out-
standing loan or other financial assistance under this 
paragraph, written updates on— 
‘‘(I) the value of collateral; 
‘‘(II) the amount of interest, fees, and other 
revenue or items of value received in exchange 
for the assistance; and 
‘‘(III) the expected or final cost to the tax-
payers of such assistance. 
‘‘(D) The information required to be submitted to Con-
gress under subparagraph (C) related to— 
‘‘(i) the identity of the participants in an emergency 
lending program or facility commenced under this 
paragraph; 
‘‘(ii) the amounts borrowed by each participant 
in any such program or facility; 
‘‘(iii) identifying details concerning the assets or 
collateral held by, under, or in connection with such 
a program or facility, 
shall be kept confidential, upon the written request of 
the Chairman of the Board, in which case such information 
shall be made available only to the Chairpersons or 
Ranking Members of the Committees described in subpara-
graph (C). 
‘‘(E) If an entity to which a Federal reserve bank 
has provided a loan under this paragraph becomes a cov-
ered financial company, as defined in section 201 of the 
Dodd-Frank Wall Street Reform and Consumer Protection 
Act, at any time while such loan is outstanding, and the 
Federal reserve bank incurs a realized net loss on the 
loan, then the Federal reserve bank shall have a claim 
equal to the amount of the net realized loss against the 
covered entity, with the same priority as an obligation 
to the Secretary of the Treasury under section 210(b) of 
the Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act.’’. 
(b) CONFORMING AMENDMENT.—Section 507(a)(2) of title 11, 
United States Code, is amended by inserting ‘‘unsecured claims 
of any Federal reserve bank related to loans made through programs 
or facilities authorized under section 13(3) of the Federal Reserve 
Act (12 U.S.C. 343),’’ after ‘‘this title,’’. 
(c) REFERENCES.—On and after the date of enactment of this 
Act, any reference in any provision of Federal law to the third 
undesignated paragraph of section 13 of the Federal Reserve Act 
(12 U.S.C. 343) shall be deemed to be a reference to section 13(3) 
of the Federal Reserve Act, as so designated by this section. 
SEC. 1102. AUDITS OF SPECIAL FEDERAL RESERVE CREDIT FACILITIES. 
(a) AUDITS.—Section 714 of title 31, United States Code, is 
amended by adding at the end the following:
H. R. 4173—741 
‘‘(f) AUDITS OF CREDIT FACILITIES OF THE FEDERAL RESERVE 
SYSTEM.— 
‘‘(1) DEFINITIONS.—In this subsection, the following defini-
tions shall apply: 
‘‘(A) CREDIT FACILITY.—The term ‘credit facility’ means 
a program or facility, including any special purpose vehicle 
or other entity established by or on behalf of the Board 
of Governors of the Federal Reserve System or a Federal 
reserve bank, authorized by the Board of Governors under 
section 13(3) of the Federal Reserve Act (12 U.S.C. 343), 
that is not subject to audit under subsection (e). 
‘‘(B) COVERED TRANSACTION.—The term ‘covered trans-
action’ means any open market transaction or discount 
window advance that meets the definition of ‘covered trans-
action’ in section 11(s) of the Federal Reserve Act. 
‘‘(2) AUTHORITY FOR AUDITS AND EXAMINATIONS.—Subject 
to paragraph (3), and notwithstanding any limitation in sub-
section (b) on the auditing and oversight of certain functions 
of the Board of Governors of the Federal Reserve System or 
any Federal reserve bank, the Comptroller General of the 
United States may conduct audits, including onsite examina-
tions, of the Board of Governors, a Federal reserve bank, or 
a credit facility, if the Comptroller General determines that 
such audits are appropriate, solely for the purposes of assessing, 
with respect to a credit facility or a covered transaction— 
‘‘(A) the operational integrity, accounting, financial 
reporting, and internal controls governing the credit facility 
or covered transaction; 
‘‘(B) the effectiveness of the security and collateral 
policies established for the facility or covered transaction 
in mitigating risk to the relevant Federal reserve bank 
and taxpayers; 
‘‘(C) whether the credit facility or the conduct of a 
covered transaction inappropriately favors one or more spe-
cific participants over other institutions eligible to utilize 
the facility; and 
‘‘(D) the policies governing the use, selection, or pay-
ment of third-party contractors by or for any credit facility 
or to conduct any covered transaction. 
‘‘(3) REPORTS AND DELAYED DISCLOSURE.— 
‘‘(A) REPORTS REQUIRED.—A report on each audit con-
ducted under paragraph (2) shall be submitted by the 
Comptroller General to the Congress before the end of 
the 90-day period beginning on the date on which such 
audit is completed. 
‘‘(B) CONTENTS.—The report under subparagraph (A) 
shall include a detailed description of the findings and 
conclusions of the Comptroller General with respect to 
the matters described in paragraph (2) that were audited 
and are the subject of the report, together with such rec-
ommendations for legislative or administrative action 
relating to such matters as the Comptroller General may 
determine to be appropriate. 
‘‘(C) DELAYED RELEASE OF CERTAIN INFORMATION.— 
‘‘(i) IN GENERAL.—The Comptroller General shall 
not disclose to any person or entity, including to Con-
gress, the names or identifying details of specific
H. R. 4173—742 
participants in any credit facility or covered trans-
action, the amounts borrowed by or transferred by 
or to specific participants in any credit facility or cov-
ered transaction, or identifying details regarding assets 
or collateral held or transferred by, under, or in connec-
tion with any credit facility or covered transaction, 
and any report provided under subparagraph (A) shall 
be redacted to ensure that such names and details 
are not disclosed. 
‘‘(ii) DELAYED RELEASE.—The nondisclosure obliga-
tion under clause (i) shall expire with respect to any 
participant on the date on which the Board of Gov-
ernors, directly or through a Federal reserve bank, 
publicly discloses the identity of the subject participant 
or the identifying details of the subject assets, collat-
eral, or transaction. 
‘‘(iii) GENERAL RELEASE.—The Comptroller General 
shall release a nonredacted version of any report on 
a credit facility 1 year after the effective date of the 
termination by the Board of Governors of the 
authorization for the credit facility. For purposes of 
this clause, a credit facility shall be deemed to have 
terminated 24 months after the date on which the 
credit facility ceases to make extensions of credit and 
loans, unless the credit facility is otherwise terminated 
by the Board of Governors. 
‘‘(iv) EXCEPTIONS.—The nondisclosure obligation 
under clause (i) shall not apply to the credit facilities 
Maiden Lane, Maiden Lane II, and Maiden Lane III. 
‘‘(v) RELEASE OF COVERED TRANSACTION INFORMA-
TION.—The Comptroller General shall release a non-
redacted version of any report regarding covered trans-
actions upon the release of the information regarding 
such covered transactions by the Board of Governors 
of the Federal Reserve System, as provided in section 
11(s) of the Federal Reserve Act.’’. 
(b) ACCESS TO RECORDS.—Section 714(d) of title 31, United 
States Code, is amended— 
(1) in paragraph (2), by inserting ‘‘or any person or entity 
described in paragraph (3)(A)’’ after ‘‘used by an agency’’; 
(2) in paragraph (3), by inserting ‘‘or (f)’’ after ‘‘subsection 
(e)’’ each place that term appears; 
(3) in clauses (i) and (ii) of paragraph (3)(A), by inserting 
‘‘or the Federal Reserve banks’’ after ‘‘by the Board’’ each place 
that term appears; 
(4) in paragraph (3)(A)(ii), by inserting ‘‘participating in 
or’’ after ‘‘any entity’’; and 
(5) in paragraph (3)(B), by adding at the end the following: 
‘‘The Comptroller General may make and retain copies of books, 
accounts, and other records provided under subparagraph (A) 
as the Comptroller General deems appropriate. The Comptroller 
General shall provide to any person or entity described in 
subparagraph (A) a current list of officers and employees to 
whom, with proper identification, records and property may 
be made available, and who may make notes or copies necessary 
to carry out a audit or examination under this subsection.’’.
H. R. 4173—743 
SEC. 1103. PUBLIC ACCESS TO INFORMATION. 
(a) IN GENERAL.—Section 2B of the Federal Reserve Act (12 
U.S.C. 225b) is amended by adding at the end the following: 
‘‘(c) PUBLIC ACCESS TO INFORMATION.—The Board shall place 
on its home Internet website, a link entitled ‘Audit’, which shall 
link to a webpage that shall serve as a repository of information 
made available to the public for a reasonable period of time, not 
less than 6 months following the date of release of the relevant 
information, including— 
‘‘(1) the reports prepared by the Comptroller General under 
section 714 of title 31, United States Code; 
‘‘(2) the annual financial statements prepared by an inde-
pendent auditor for the Board in accordance with section 11B; 
‘‘(3) the reports to the Committee on Banking, Housing, 
and Urban Affairs of the Senate required under section 13(3) 
(relating to emergency lending authority); and 
‘‘(4) such other information as the Board reasonably 
believes is necessary or helpful to the public in understanding 
the accounting, financial reporting, and internal controls of 
the Board and the Federal reserve banks.’’. 
(b) FEDERAL
RESERVE
TRANSPARENCY
AND
RELEASE
OF 
INFORMATION.—Section 11 of the Federal Reserve Act (12 U.S.C. 
248) is amended by adding at the end the following new subsection: 
‘‘(s) FEDERAL
RESERVE
TRANSPARENCY
AND
RELEASE
OF 
INFORMATION.— 
‘‘(1) IN
GENERAL.—In order to ensure the disclosure in 
a timely manner consistent with the purposes of this Act of 
information concerning the borrowers and counterparties 
participating in emergency credit facilities, discount window 
lending programs, and open market operations authorized or 
conducted by the Board or a Federal reserve bank, the Board 
of Governors shall disclose, as provided in paragraph (2)— 
‘‘(A) the names and identifying details of each borrower, 
participant, or counterparty in any credit facility or covered 
transaction; 
‘‘(B) the amount borrowed by or transferred by or to 
a specific borrower, participant, or counterparty in any 
credit facility or covered transaction; 
‘‘(C) the interest rate or discount paid by each borrower, 
participant, or counterparty in any credit facility or covered 
transaction; and 
‘‘(D) information identifying the types and amounts 
of collateral pledged or assets transferred in connection 
with participation in any credit facility or covered trans-
action. 
‘‘(2) MANDATORY RELEASE DATE.—In the case of— 
‘‘(A) a credit facility, the Board shall disclose the 
information described in paragraph (1) on the date that 
is 1 year after the effective date of the termination by 
the Board of the authorization of the credit facility; and 
‘‘(B) a covered transaction, the Board shall disclose 
the information described in paragraph (1) on the last 
day of the eighth calendar quarter following the calendar 
quarter in which the covered transaction was conducted. 
‘‘(3) EARLIER RELEASE DATE AUTHORIZED.—The Chairman 
of the Board may publicly release the information described 
in paragraph (1) before the relevant date specified in paragraph
H. R. 4173—744 
(2), if the Chairman determines that such disclosure would 
be in the public interest and would not harm the effectiveness 
of the relevant credit facility or the purpose or conduct of 
covered transactions. 
‘‘(4) DEFINITIONS.—For purposes of this subsection, the fol-
lowing definitions shall apply: 
‘‘(A) CREDIT FACILITY.—The term ‘credit facility’ has 
the same meaning as in section 714(f)(1)(A) of title 31, 
United States Code. 
‘‘(B) COVERED TRANSACTION.—The term ‘covered trans-
action’ means— 
‘‘(i) any open market transaction with a nongovern-
mental third party conducted under the first undesig-
nated paragraph of section 14 or subparagraph (a), 
(b), or (c) of the 2nd undesignated paragraph of such 
section, after the date of enactment of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act; and 
‘‘(ii) any advance made under section 10B after 
the date of enactment of that Act. 
‘‘(5) TERMINATION OF CREDIT FACILITY BY OPERATION OF 
LAW.—A credit facility shall be deemed to have terminated 
as of the end of the 24-month period beginning on the date 
on which the credit facility ceases to make extensions of credit 
and loans, unless the credit facility is otherwise terminated 
by the Board before such date. 
‘‘(6) CONSISTENT TREATMENT OF INFORMATION.—Except as 
provided in this subsection or section 13(3)(D), 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, shall be 
confidential, including for purposes of section 552(b)(3) of title 
5 of such Code, until the relevant mandatory release date 
described in paragraph (2), unless the Chairman of the Board 
determines that earlier disclosure of such information would 
be in the public interest and would not harm the effectiveness 
of the relevant credit facility or the purpose of conduct of 
the relevant transactions. 
‘‘(7) PROTECTION OF PERSONAL PRIVACY.—This subsection 
and section 13(3)(C), section 714(f)(3)(C) of title 31, United 
States Code, and subsection (a) or (c) of section 1109 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act 
shall not be construed as requiring any disclosure of nonpublic 
personal information (as defined for purposes of section 502 
of the Gramm-Leach-Bliley Act (12 U.S.C. 6802)) concerning 
any individual who is referenced in collateral pledged or assets 
transferred in connection with a credit facility or covered trans-
action, unless the person is a borrower, participant, or 
counterparty under the credit facility or covered transaction. 
‘‘(8) STUDY OF FOIA EXEMPTION IMPACT.— 
‘‘(A) STUDY.—The Inspector General of the Board of 
Governors of the Federal Reserve System shall— 
‘‘(i) conduct a study on the impact that the exemp-
tion from section 552(b)(3) of title 5 (known as the 
Freedom of Information Act) established under para-
graph (6) has had on the ability of the public to access 
information about the administration by the Board 
of Governors of emergency credit facilities, discount