Public Law 111-22/Division A/Title VIII

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Public Law 111-22
Division A—Preventing Mortgage Foreclosures
Title VIII—Comptroller General Additional Audit Authorities

==TITLE VIII—COMPTROLLER GENERAL ADDITIONAL AUDIT AUTHORITIES==

SEC. 801. COMPTROLLER GENERAL ADDITIONAL AUDIT AUTHORITIES.[edit]

(a) Board of Governors of the Federal Reserve System.—
Section 714 of title 31, United States Code, is amended—
(1) in subsection (a), by striking ``Federal Reserve Board,´´ and inserting ``Board of Governors of the Federal Reserve System (in this section referred to as the ‘Board’),´´; and
(2) in subsection (b)—
(A) in the matter preceding paragraph (1), by striking ``Federal Reserve Board,´´ and inserting ``Board´´; and
(B) in paragraph (4), by striking ``of Governors´´.
(b) Confidential information.—
Section 714(c) of title 31, United States Code, is amended by striking paragraph (3) and inserting the following:
``(3) Except as provided under paragraph (4), an officer or employee of the Government Accountability Office may not disclose to any person outside the Government Accountability Office information obtained in audits or examinations conducted under subsection (e) and maintained as confidential by the Board or the Federal reserve banks.
``(4) This subsection shall not—
``(A) authorize an officer or employee of an agency to withhold information from any committee or subcommittee of jurisdiction of Congress, or any member of such committee or subcommittee; or
``(B) limit any disclosure by the Government Accountability Office to any committee or subcommittee of jurisdiction of Congress, or any member of such committee or subcommittee.´´.
(c) Access to records.—
Section 714(d) of title 31, United States Code, is amended—
(1) in paragraph (1), by inserting ``The Comptroller General shall have access to the officers, employees, contractors, and other agents and representatives of an agency and any entity established by an agency at any reasonable time as the Comptroller General may request. The Comptroller General may make and retain copies of such books, accounts, and other records as the Comptroller General determines appropriate.´´ after the first sentence;
(2) in paragraph (2), by inserting ``, copies of any record,´´ after ``records´´; and
(3) by adding at the end the following:
``(3)(A) For purposes of conducting audits and examinations under subsection (e), the Comptroller General shall have access, upon request, to any information, data, schedules, books, accounts, financial records, reports, files, electronic communications, or other papers, things or property belonging to or in use by—
``(i) any entity established by any action taken by the Board described under subsection (e);
``(ii) any entity receiving assistance from any action taken by the Board described under subsection (e), to the extent that the access and request relates to that assistance; and
``(iii) the officers, directors, employees, independent public accountants, financial advisors and any and all representatives of any entity described under clause (i) or (ii); to the extent that the access and request relates to that assistance;
``(B) The Comptroller General shall have access as provided under subparagraph (A) at such time as the Comptroller General may request.
``(C) Each contract, term sheet, or other agreement between the Board or any Federal reserve bank (or any entity established by the Board or any Federal reserve bank) and an entity receiving assistance from any action taken by the Board described under subsection (e) shall provide for access by the Comptroller General in accordance with this paragraph.´´.
(d) Audits of certain actions of the Board of Governors of the Federal Reserve System.—
Section 714 of title 31, United States Code, is amended by adding at the end the following:
``(e) Notwithstanding subsection (b), the Comptroller General may conduct audits, including onsite examinations when the Comptroller General determines such audits and examinations are appropriate, of any action taken by the Board under the third undesignated paragraph of section 13 of the Federal Reserve Act (12 U.S.C. 343); with respect to a single and specific partnership or corporation.´´.