GAO Audit Mandates Revision Act of 2022

Bill: 117-hr-6560
Sponsor: full_name: Rep. Brown, Shontel M. [D-OH-11]
Introduced: 2022-02-02
Policy area: Government Operations and Politics
Latest action: action_date: 2022-02-03
text: Referred to the Subcommittee on Consumer Protection and Commerce.

Summaries:
action_date: 2022-02-02
action_desc: Introduced in House
text: <p><strong>GAO Audit Mandates Revision Act of 2022</strong></p> <p>This bill eliminates or modifies certain mandates of the Government Accountability Office (GAO).</p> <p>The bill's changes include</p> <ul> <li>repealing a requirement for periodic GAO audits of the loan and guarantee transactions of the Export-Import Bank, and </li> <li> repealing a requirement for the GAO to conduct financial audits at least annually of the Patient-Centered Outcomes Research Institute.</li> </ul>

tv_txt: I 117th CONGRESS 2d Session H. R. 6560 IN THE HOUSE OF REPRESENTATIVES February 2, 2022 Ms. Brown of Ohio (for herself, Mrs. Carolyn B. Maloney of New York , and Mr. Keller ) introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committees on Energy and Commerce , Ways and Means , Transportation and Infrastructure , House Administration , Oversight and Reform , and the Judiciary , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To eliminate or modify certain mandates of the Government Accountability Office, and for other purposes.

1. Short title This Act may be cited as the GAO Audit Mandates Revision Act of 2022 . 2. Audits modified (a) Export-Import bank loan and guarantee transactions Section 17(a) of the Export-Import Bank Reauthorization Act of 2012 ( 12 U.S.C. 635a–6(a) ) is amended by striking and periodically (but not less frequently than every 4 years) thereafter, . (b) Patient-Centered outcomes research institute Section 1181(g)(2) of the Social Security Act ( 42 U.S.C. 1320e(g)(2) ) is amended— (1) in the paragraph heading, by striking Annual ; (2) in subparagraph (A)— (A) by striking clause (i); and (B) by redesignating clauses (ii) through (vi) as clauses (i) through (v), respectively; and (3) by amending subparagraph (B) to read as follows: (B) Reports Not later than April 1 of each year for which a review was conducted under subparagraph (A), the Comptroller General of the United States shall submit to Congress a report containing the results of the review with respect to preceding years, together with recommendations for such legislation and administrative action as the Comptroller General determines appropriate. . (c) Bureau of Consumer Financial Protection (1) Audit Section 1017(a)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5497(a)(5) ) is amended to read as follows: (5) Audit of the Bureau The Bureau shall prepare and submit to 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 deemed 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 (A) In general Section 1016A of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496a ) is repealed. (B) Clerical amendment The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1016A. (3) Application The amendments made by paragraphs (1) and (2) shall apply to any audit performed under section 1017 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 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, 2022. (d) 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 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 amendment 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 ), as amended, with respect to a fiscal year beginning on or after October 1, 2022. (e) Federal Civil Penalties Inflation Adjustment Act of 1990 The Federal Civil Penalties Inflation Adjustment Act of 1990 ( 28 U.S.C. 2461 note) is amended by striking section 7(c). (f) Report on Highway Trust Fund administrative expenditures Section 1433 of the Fixing America’s Surface Transportation Act ( 23 U.S.C. 101 note) is amended in subsection (b) by striking and every 5 years thereafter . (g) United States Capitol Preservation Commission Section 804 of the Arizona–Idaho Conservation Act of 1988 ( 2 U.S.C. 2084 ) is repealed. (h) Senate Preservation Fund Section 3(c)(6) of the Legislative Branch Appropriations Act, 2004 ( 2 U.S.C. 2108(c)(6) ) is repealed. (i) Review of the annual audit of the Congressional Award Foundation Section 107 of the Congressional Award Act ( 2 U.S.C. 807 ) is amended— (1) in subsection (b), by striking and to the Comptroller General of the United States ; and (2) by striking subsection (c). (j) GAO recurring reporting requirement in GPRAMA Subsection (b)(2)(C)(ii) of section 15 of the GPRA Modernization Act of 2010 ( Public Law 111–352 ) is amended— (1) in clause (I), by striking ; and and inserting a semicolon; (2) in clause (II), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (III) beginning after the date of enactment of this subclause, periodic reports on the evaluation under clause (i). .