GAO Mandates Revision Act

Bill: 116-hr-8241
Sponsor: full_name: Rep. Lawrence, Brenda L. [D-MI-14]
Introduced: 2020-09-14
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Congressional oversight

Financial crises and stabilization

Government Accountability Office (GAO)

Government studies and investigations

National and community service

Public-private cooperation

Social work, volunteer service, charitable organizations
Latest action: action_date: 2020-09-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-09-14
action_desc: Introduced in House
text: <p><b>GAO Audit Mandates Revision Act </b></p> <p>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. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 8241 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.

1. Short title This Act may be cited as the GAO Mandates Revision Act . 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).