PUBLIC LAW 95-320—JULY 21, 1978
92 STAT. 391
Public Law 95-320 95th Congress An Act To amend the Accounting and Auditing Act of 1950 to provide for the audit, by the Comptroller General of the United States, of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Oflace of the Comptroller of the Currency, and for other purposes.
July 21, 1978 [H.R. 2176]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may- Federal Banking Agency Audit be cited as the "Federal Banking Agency Audit Act". SEC. 2. Section 117 of the Accounting and Auditing Act of 1950 is Act. amended by adding at the end thereof the following new subsection: 31 USC 65 note. "(e)(1) The Comptroller General of the United States shall make, 31 USC 67. under such rules and regulations as he may prescribe, audits— "(A) of the Federal Reserve Board, all Federal Reserve Banks, and their branches and facilities; "(B) of the Federal Deposit Insurance Corporation; and "(C) of the Office of the Comptroller of the Currency. "(2) For purposes of this subsection, the term 'agency' means the 'Agency." agencies, banks, facilities, and corporation, listed in clauses (A), (B), and (C) of paragraph (1). "(3) An audit made under paragraph (1)(A) shall not include— "(A) transactions conducted on behalf of or with foreign central banks, foreign governments, and nonprivate international financing organizations; "(B) deliberations, decisions, and actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations; "(C) transactions made under the direction of the Federal Open Market Committee including transactions of the Federal Reserve System Open Market Account; and "(D) those portions of oral, written, telegraphic, or telephonic discussions and communications among or between Members of the Board of Governors, and officers and employees of the Federal Reserve System which deal with topics listed in subparagraphs (A), (B), and (C) of this paragraph. "(4) The General Accounting Office (hereinafter in this subsection Onsite referred to as the Office) shall not conduct onsite examinations of examinations by open insured banks or bank holding companies without the written GAO, restriction. consent of the agency concerned. "(5)(A) Except as otherwise provided in this paragraph, no officer Nondisclosure, or employee of the Office shall disclose to any person, nor shall the conditions. Office disclose in its report or otherwise outside of the Office, any information in a form which would (i) identify a specific customer of an open or closed bank or bank holding company, or (ii) identify a specific open bank or open bank holding company.
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