Page:United States Statutes at Large Volume 124.djvu/2002

 124 STAT. 1976 PUBLIC LAW 111–203—JULY 21, 2010 annually, using the percent increase, if any, in the employ- ment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending on September 30 of the year preceding the transfer. (C) REVIEWABILITY.—Notwithstanding any other provi- sion in this title, the funds derived from the Federal Reserve System pursuant to this subsection shall not be subject to review by the Committees on Appropriations of the House of Representatives and the Senate. (3) TRANSITION PERIOD.—Beginning on the date of enact- ment of this Act and until the designated transfer date, the Board of Governors shall transfer to the Bureau the amount estimated by the Secretary needed to carry out the authorities granted to the Bureau under Federal consumer financial law, from the date of enactment of this Act until the designated transfer date. (4) BUDGET AND FINANCIAL MANAGEMENT.— (A) FINANCIAL OPERATING PLANS AND FORECASTS.—The Director shall provide to the Director of the Office of Management and Budget copies of the financial operating plans and forecasts of the Director, as prepared by the Director in the ordinary course of the operations of the Bureau, and copies of the quarterly reports of the financial condition and results of operations of the Bureau, as pre- pared by the Director in the ordinary course of the oper- ations of the Bureau. (B) FINANCIAL STATEMENTS.—The Bureau shall prepare annually a statement of— (i) assets and liabilities and surplus or deficit; (ii) income and expenses; and (iii) sources and application of funds. (C) FINANCIAL MANAGEMENT SYSTEMS.—The Bureau shall implement and maintain financial management sys- tems that comply substantially with Federal financial management systems requirements and applicable Federal accounting standards. (D) ASSERTION OF INTERNAL CONTROLS.—The Director shall provide to the Comptroller General of the United States an assertion as to the effectiveness of the internal controls that apply to financial reporting by the Bureau, using the standards established in section 3512(c) of title 31, United States Code. (E) RULE OF CONSTRUCTION.—This subsection may not be construed as implying any obligation on the part of the Director to consult with or obtain the consent or approval of the Director of the Office of Management and Budget with respect to any report, plan, forecast, or other information referred to in subparagraph (A) or any jurisdic- tion or oversight over the affairs or operations of the Bureau. (F) FINANCIAL STATEMENTS.—The financial statements of the Bureau shall not be consolidated with the financial statements of either the Board of Governors or the Federal Reserve System. (5) AUDIT OF THE BUREAU.— Deadline. Transfer authority.