Title: GAO Mandates Revision Act
Policy area: Finance and Financial Sector

Summary:
GAO Audit Mandates Revision Act
This bill eliminates several Government Accountability Office audits, including audits of the Troubled Asset Relief Program, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, and those related to inflation adjustments of civil penalties.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8241 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8241

       To eliminate or modify certain mandates of the Government 
                         Accountability Office.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2020

  Mrs. Lawrence (for herself and Mr. Hice of Georgia) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
       To eliminate or modify certain mandates of the Government 
                         Accountability Office.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``GAO Mandates Revision Act''.

SEC. 2. AUDITS MODIFIED.

    (a) Troubled Asset Relief Program.--
            (1) In general.--Section 116 of the Emergency Economic 
        Stabilization Act of 2008 (12 U.S.C. 5226) is amended by 
        striking subsection (b) and inserting the following:
    ``(b) Audits.--
            ``(1) Annual audit.--The TARP shall annually prepare and 
        issue to the appropriate committees of Congress and the public 
        audited financial statements that shall be--
                    ``(A) prepared in accordance with generally 
                accepted accounting principles;
                    ``(B) prepared and audited in the same manner as 
                the financial statements of covered executive agencies 
                under section 3515 of title 31, United State Code, and 
                executive agency components under section 3521 of such 
                Code; and
                    ``(C) prepared on the fiscal year basis prescribed 
                under section 1102 of title 31 of such Code.
            ``(2) Audit costs.--
                    ``(A) In general.--The Secretary shall transfer to 
                the Inspector General of the Department of the Treasury 
                such sums as are necessary to reimburse the Inspector 
                General for the full cost of performing an audit 
                required under paragraph (1) or procuring the audit 
                from an independent external auditor.
                    ``(B) Credit.--The reimbursements described in 
                subparagraph (A) shall be credited to the appropriation 
                account `Salaries and Expenses, Office of the Inspector 
                General, Department of the Treasury' current when the 
                payment is received and remain available until 
                expended.
            ``(3) Corrective responses to audit problems.--The TARP 
        shall--
                    ``(A) take action to address deficiencies 
                identified by the auditor of the TARP financial 
                statements; or
                    ``(B) certify to the appropriate committees of 
                Congress that no action is necessary or appropriate.''.
            (2) Application.--The amendment made by paragraph (1) shall 
        apply to any audit performed under section 116(b) of the 
        Emergency Economic Stabilization Act of 2008 (12 U.S.C. 
        5226(b)), as amended by paragraph (1), with respect to a fiscal 
        year beginning on or after October 1, 2020.
    (b) Bureau of Consumer Financial Protection.--
            (1) In general.--Section 1017(a) of the Consumer Financial 
        Protection Act of 2010 (12 U.S.C. 5497(a)) is amended by 
        striking paragraph (5) and inserting the following:
            ``(5) Audit of the bureau.--The Bureau shall prepare and 
        submit to the Congress and the Director of the Office of 
        Management and Budget an audited financial statement for each 
        fiscal year, covering all accounts and associated activities of 
        each office, bureau, and activity of the Bureau. The audited 
        financial statement shall include the balance sheet, the 
        statement of net cost, the statement of changes in net 
        position, the statement of budgetary resources, and such 
        comments and information as may be determined necessary to 
        inform Congress of the financial operations and condition of 
        the Bureau. The Office of Inspector General of the Board of 
        Governors of the Federal Reserve System and the Bureau of 
        Consumer Financial Protection shall provide for an audit of the 
        financial statements of the Bureau on an annual basis by an 
        independent external auditor in accordance with the United 
        States generally accepted government auditing standards as may 
        be prescribed by the Comptroller General of the United 
        States.''.
            (2) Repeal of previous requirement.--Section 1016A of the 
        Consumer Financial Protection Act of 2010 (12 U.S.C. 5496a) is 
        repealed.
            (3) Application.--The amendments made by paragraphs (1) and 
        (2) shall apply to any audit performed under section 1017 of 
        the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) 
        or section 1016A of the Consumer Financial Protection Act of 
        2010 (12 U.S.C. 5496a), as amended by paragraphs (1) and (2), 
        with respect to a fiscal year beginning on or after October 1, 
        2020
    (c) Federal Housing Finance Agency.--
            (1) In general.--Section 1316 of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992 (12 
        U.S.C. 4516) is amended--
                    (A) in subsection (g)(4), by striking ``Comptroller 
                General of the United States'' and inserting ``auditor 
                of the financial statements of the Agency''; and
                    (B) by striking subsection (h) and inserting the 
                following:
    ``(h) Audit of Agency.--The Agency shall prepare and submit to the 
Congress and the Director of the Office of Management and Budget an 
audited financial statement for each fiscal year, covering all accounts 
and associated activities of each office, bureau, and activity of the 
Agency. The audited financial statement shall include the consolidated 
balance sheet, the consolidated statement of net cost, the consolidated 
statement of changes in net position, the combined statement of 
budgetary resources, and such comments and information as may be deemed 
necessary to inform Congress of the financial operations and condition 
of the Agency. The Agency shall provide for an audit of the financial 
statements of the Agency on an annual basis by an independent external 
auditor in accordance with the United States generally accepted 
government auditing standards as may be prescribed by the Comptroller 
General of the United States.''.
            (2) Application.--The amendments made by paragraph (1) 
        shall apply to any audit performed under section 1316 of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992 (12 U.S.C. 4516) with respect to a fiscal year 
        beginning on or after October 1, 2020.
    (d) Federal Civil Penalties Inflation Adjustment Act.--The Federal 
Civil Penalties Inflation Adjustment Act of 1990 (28 U.S.C. 2461 note), 
is amended in section 7 by striking subsection (c).
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