Page:United States Statutes at Large Volume 124.djvu/2142

 124 STAT. 2116 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(f) AUDITS OF CREDIT FACILITIES OF THE FEDERAL RESERVE SYSTEM.— ‘‘(1) DEFINITIONS.—In this subsection, the following defini- tions 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 trans- action’ means any open market transaction or discount window advance that meets the definition of ‘covered trans- action’ in section 11(s) of the Federal Reserve Act. ‘‘(2) AUTHORITY FOR AUDITS AND EXAMINATIONS.—Subject to paragraph (3), and notwithstanding any limitation in sub- section (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 examina- tions, 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 spe- cific participants over other institutions eligible to utilize the facility; and ‘‘(D) the policies governing the use, selection, or pay- ment 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 con- ducted 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 rec- ommendations 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 Con- gress, the names or identifying details of specific