124 STAT. 2127 PUBLIC LAW 111–203—JULY 21, 2010 the following: ‘‘The Board of Governors may not delegate to a Federal reserve bank its functions for the establishment of policies for the supervision and regulation of depository institution holding companies and other financial firms supervised by the Board of Governors.’’. (d) EXERCISE OF FEDERAL RESERVE AUTHORITY.— (1) NO DECISIONS BY FEDERAL RESERVE BANK PRESIDENTS.— No provision of title I relating to the authority of the Board of Governors shall be construed as conferring any decision- making authority on presidents of Federal reserve banks. (2) VOTING DECISIONS BY BOARD.—The Board of Governors shall not delegate the authority to make any voting decision that the Board of Governors is authorized or required to make under title I of this Act in contravention of section 11(k) of the Federal Reserve Act. SEC. 1109. GAO AUDIT OF THE FEDERAL RESERVE FACILITIES; PUBLICATION OF BOARD ACTIONS. (a) GAO AUDIT.— (1) IN GENERAL.—Notwithstanding section 714(b) of title 31, United States Code, or any other provision of law, the Comptroller General of the United States (in this subsection referred to as the ‘‘Comptroller General’’) shall conduct a one- time audit of all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act by the Board of Governors or a Federal reserve bank under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of section 13(3) of the Federal Reserve Act (as so designated by this title). (2) ASSESSMENTS.—In conducting the audit under para- graph (1), the Comptroller General shall assess— (A) the operational integrity, accounting, financial reporting, and internal controls of the credit facility; (B) the effectiveness of the security and collateral poli- cies established for the facility in mitigating risk to the relevant Federal reserve bank and taxpayers; (C) whether the credit facility inappropriately favors one or more specific participants over other institutions eligible to utilize the facility; (D) the policies governing the use, selection, or pay- ment of third-party contractors by or for any credit facility; and (E) whether there were conflicts of interest with respect to the manner in which such facility was established or operated. (3) TIMING.—The audit required by this subsection shall be commenced not later than 30 days after the date of enact- ment of this Act, and shall be completed not later than 12 months after that date of enactment. Time period. 12 USC 5614.
