Page:United States Statutes at Large Volume 124.djvu/2154

 124 STAT. 2128 PUBLIC LAW 111–203—JULY 21, 2010 (4) REPORT REQUIRED.—The Comptroller General shall submit a report on the audit conducted under paragraph (1) to the Congress not later than 12 months after the date of enactment of this Act, and such report shall be made available to— (A) the Speaker of the House of Representatives; (B) the majority and minority leaders of the House of Representatives; (C) the majority and minority leaders of the Senate; (D) the Chairman and Ranking Member of the Com- mittee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Financial Services of the House of Representatives; and (E) any member of Congress who requests it. (b) AUDIT OF FEDERAL RESERVE BANK GOVERNANCE.— (1) AUDIT.— (A) IN GENERAL.—Not later than 1 year after the date of enactment of this Act, the Comptroller General shall complete an audit of the governance of the Federal reserve bank system. (B) REQUIRED EXAMINATIONS.—The audit required under subparagraph (A) shall— (i) examine the extent to which the current system of appointing Federal reserve bank directors effectively represents ‘‘the public, without discrimination on the basis of race, creed, color, sex or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers’’ in the selection of bank direc- tors, as such requirement is set forth under section 4 of the Federal Reserve Act; (ii) examine whether there are actual or potential conflicts of interest created when the directors of Fed- eral reserve banks, which execute the supervisory func- tions of the Board of Governors of the Federal Reserve System, are elected by member banks; (iii) examine the establishment and operations of each facility described in subsection (a)(1) and each Federal reserve bank involved in the establishment and operations thereof; and (iv) identify changes to selection procedures for Federal reserve bank directors, or to other aspects of Federal reserve bank governance, that would— (I) improve how the public is represented; (II) eliminate actual or potential conflicts of interest in bank supervision; (III) increase the availability of information useful for the formation and execution of monetary policy; or (IV) in other ways increase the effectiveness or efficiency of reserve banks. (2) REPORT REQUIRED.—A report on the audit conducted under paragraph (1) 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, and such report shall be made available to— (A) the Speaker of the House of Representatives; Deadline.