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View Full Version : HR 459: Section 714 of title 31, subsection (f)?




Elwar
02-15-2011, 12:18 PM
Part of HR 459 includes this:

Technical and Conforming Amendment- Section 714 of title 31, United States Code, is amended by striking subsection (f).

I don't see a subsection (f) in section 714 of title 31.

I'm working on http://HR459.com

Elwar
02-16-2011, 09:29 AM
Anyone?

I've looked around, there's no subsection (f) of section 714 of title 31....

tsai3904
02-16-2011, 10:26 AM
This is from the Dodd-Frank Wall Street Reform and Consumer Protection Act:

SEC. 1102. AUDITS OF SPECIAL FEDERAL RESERVE CREDIT FACILITIES.

(a) AUDITS.—Section 714 of title 31, United States Code, is amended by adding at the end the following:

‘‘(f) AUDITS OF CREDIT FACILITIES OF THE FEDERAL RESERVE SYSTEM.—

‘‘(1) DEFINITIONS.—In this subsection, the following definitions shall apply:

‘‘(A) CREDIT FACILITY.—The term ‘credit facility’ means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3) of the Federal Reserve Act (12 U.S.C. 343), that is not subject to audit under subsection (e).

‘‘(B) COVERED TRANSACTION.—The term ‘covered transaction’ means any open market transaction or discount window advance that meets the definition of ‘covered transaction’ in section 11(s) of the Federal Reserve Act.

‘‘(2) AUTHORITY FOR AUDITS AND EXAMINATIONS.—Subject to paragraph (3), and notwithstanding any limitation in subsection (b) on the auditing and oversight of certain functions of the Board of Governors of the Federal Reserve System or any Federal reserve bank, the Comptroller General of the United States may conduct audits, including onsite examinations, of the Board of Governors, a Federal reserve bank, or a credit facility, if the Comptroller General determines that such audits are appropriate, solely for the purposes of assessing, with respect to a credit facility or a covered transaction—

‘‘(A) the operational integrity, accounting, financial reporting, and internal controls governing the credit facility or covered transaction;

‘‘(B) the effectiveness of the security and collateral policies established for the facility or covered transaction in mitigating risk to the relevant Federal reserve bank and taxpayers;

‘‘(C) whether the credit facility or the conduct of a covered transaction inappropriately favors one or more specific participants over other institutions eligible to utilize the facility; and

‘‘(D) the policies governing the use, selection, or payment of third-party contractors by or for any credit facility or to conduct any covered transaction.

‘‘(3) REPORTS AND DELAYED DISCLOSURE.—

‘‘(A) REPORTS REQUIRED.—A report on each audit conducted under paragraph (2) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed.

‘‘(B) CONTENTS.—The report under subparagraph (A) shall include a detailed description of the findings and conclusions of the Comptroller General with respect to the matters described in paragraph (2) that were audited and are the subject of the report, together with such recommendations for legislative or administrative action relating to such matters as the Comptroller General may determine to be appropriate.

‘‘(C) DELAYED RELEASE OF CERTAIN INFORMATION.—

‘‘(i) IN GENERAL.—The Comptroller General shall not disclose to any person or entity, including to Congress, the names or identifying details of specific participants in any credit facility or covered transaction, the amounts borrowed by or transferred by or to specific participants in any credit facility or covered transaction, or identifying details regarding assets or collateral held or transferred by, under, or in connection with any credit facility or covered transaction, and any report provided under subparagraph (A) shall be redacted to ensure that such names and details
are not disclosed.

‘‘(ii) DELAYED RELEASE.—The nondisclosure obligation under clause (i) shall expire with respect to any participant on the date on which the Board of Governors, directly or through a Federal reserve bank, publicly discloses the identity of the subject participant or the identifying details of the subject assets, collateral, or transaction.

‘‘(iii) GENERAL RELEASE.—The Comptroller General shall release a nonredacted version of any report on a credit facility 1 year after the effective date of the termination by the Board of Governors of the authorization for the credit facility. For purposes of this clause, a credit facility shall be deemed to have terminated 24 months after the date on which the credit facility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the Board of Governors.

‘‘(iv) EXCEPTIONS.—The nondisclosure obligation under clause (i) shall not apply to the credit facilities Maiden Lane, Maiden Lane II, and Maiden Lane III.

‘‘(v) RELEASE OF COVERED TRANSACTION INFORMATION.—The Comptroller General shall release a nonredacted version of any report regarding covered transactions upon the release of the information regarding such covered transactions by the Board of Governors of the Federal Reserve System, as provided in section 11(s) of the Federal Reserve Act.’’.

tsai3904
02-16-2011, 10:35 AM
It seems like 714(f) is more restrictions on audits, especially, 714(f)(3)(C).

This section came from a bill sponsored by Jeff Merkley (D-OR) that was cosponsored by Bob Corker (R-TN) who was strongly against a full audit.

Elwar
02-16-2011, 01:30 PM
This is from the Dodd-Frank Wall Street Reform and Consumer Protection Act:


Cool, thanks. Looks like they didn't update several of the sites I was looking at.

eduardo89
02-16-2011, 04:44 PM
Is hr459.com yours elwar? Can you link to the FB page i created? http://facebook.com/auditthefed . I can make you an admin there if you'd like so we can coordinate our efforts