text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Federal Reserve Accountability Act 
  of 2009''.
  
  SEC. 2. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT FACILITIES.
  
      (a) Reviews.--Section 714 of title 31, United States Code, is 
  amended by adding at the end the following:
      ``(f) Reviews of Credit Facilities of the Federal Reserve System.--
              ``(1) Definition.--In this subsection, the term `credit 
          facilities' means--
                      ``(A) the Money Market Investor Funding Facility;
                      ``(B) the Asset-Backed Commercial Paper Money 
                  Market Mutual Fund Liquidity Facility;
                      ``(C) the Term Asset-Backed Securities Loan 
                  Facility;
                      ``(D) the Primary Dealer Credit Facility;
                      ``(E) the Commercial Paper Funding Facility;
                      ``(F) any other credit facility approved by the 
                  Board under the 3rd undesignated paragraph of section 
                  13 of the Federal Reserve Act (12 U.S.C. 343), other 
                  than a credit facility that is subject to the 
                  requirements of subsection (e); and
                      ``(G) any special purpose vehicle through which any 
                  activity described in subparagraphs (A) through (F) is 
                  conducted.
              ``(2) In general.--Subject to paragraph (3), and 
          notwithstanding any limitation in subsection (b) on the 
          auditing and oversight of certain functions of the Board or any 
          Federal Reserve bank, the Comptroller General may conduct 
          reviews, including onsite examinations, if the Comptroller 
          General determines that such examinations are appropriate, of 
          the accounting, financial reporting, and internal controls of 
          credit facilities established by the Board or any Federal 
          Reserve bank, including when such activities are carried out by 
          or on behalf of the Board or any official of a Federal Reserve 
          bank.
              ``(3) Reports and delayed disclosure.--
                      ``(A) Reports required.--A report on each review 
                  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 
                  review 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 review that is the subject of the report, 
                  together with such recommendations for legislative or 
                  administrative action 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 the Congress, the names or 
                          identifying details of specific participants in 
                          any of the audited facilities or identifying 
                          details regarding assets or collateral held by, 
                          under, or in connection with any of the audited 
                          facilities, and any report provided under 
                          subparagraph (A) shall be redacted to ensure 
                          that such details are not disclosed.
                              ``(ii) Delayed release.--The nondisclosure 
                          obligation under clause (i) shall expire, and 
                          the Comptroller General shall release a 
                          nonredacted version of any reports on specific 
                          credit facilities, 1 year after the termination 
                          of the relevant credit facility.''.
      (b) Access to Records.--Section 714(d) of title 31, United States 
  Code (as amended by section 801 of Public Law 111-22), is amended--
              (1) in paragraph (2), by inserting ``or any single and 
          specific partnership or corporation (as specified in subsection 
          (e)) or any facility established by an agency (as specified in 
          subsection (f))'' after ``used by an agency'';
              (2) in paragraph (3), by inserting ``or (f)'' after 
          ``subsection (e)'' each place that term appears; and
              (3) in paragraph (3)(B), by adding at the end the 
          following: ``The Comptroller General may make and retain copies 
          of books, accounts, and other records provided under 
          subparagraph (A) as the Comptroller General deems appropriate. 
          The Comptroller General shall have access to the officers, 
          employees, contractors, and other agents and representatives of 
          any single and specific partnership or corporation (as 
          specified in subsection (e)) or any credit facility established 
          by an agency (as specified in subsection (f)) at any reasonable 
          time, as the Comptroller General may request. The Comptroller 
          General shall provide to any such partnership, corporation, or 
          credit facility a current list of officers and employees to 
          whom, with proper identification, records and property may be 
          made available, and who may make notes or copies necessary to 
          carry out a review or examination under this subsection.''.
  
  SEC. 3. PUBLIC ACCESS TO INFORMATION.
  
      (a) In General.--The Board shall place on its home Internet website 
  a link entitled ``Audit'', which shall link to a webpage that shall 
  serve as a repository of information made available to the public for a 
  reasonable period of time, not less than 6 months following the date of 
  release of the relevant information, including--
              (1) the reports prepared by the Comptroller General under 
          section 714 of title 31, United States Code;
              (2) the annual financial statements prepared by an 
          independent auditor for the Board of Governors of the Federal 
          Reserve System (in this section referred to as the ``Board'') 
          in accordance with section 11B of the Federal Reserve Act (12 
          U.S.C. 248b); and
              (3) such other information as the Board reasonably believes 
          is necessary or helpful to the public in understanding the 
          accounting, financial reporting, and internal controls of the 
          Board and the Federal Reserve banks.
target: Federal Reserve Accountability Act of 2009 - Authorizes the Comptroller General to conduct reviews of (including onsite examinations), and report to Congress on, the accounting, financial reporting, and internal controls of credit facilities established by the Board of Governors of the Federal Reserve System, or any Federal Reserve bank, including when such activities are implemented by or on behalf of the Board or any official of a Federal Reserve bank.
  
  Defines "credit facilities" as: (1) the Money Market Investor Funding Facility; (2) the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility; (3) the Term Asset-Backed Securities Loan Facility; (4) the Primary Dealer Credit Facility; (5) the Commercial Paper Funding Facility; and (6) certain other credit facilities approved by the Board, as well as any special purpose vehicle through which any activity of such facilities is conducted.
  
  
  
  
  
  Requires the Board to place on its home Internet website a link entitled "Audit" to a webpage that serves as a repository of public information for not less than six months following the release of the relevant information, including: (1) the reports prepared pursuant to this Act; (2) the annual financial statements prepared by an independent auditor for the Board; and (3) any other information the Board believes is necessary or helpful to the public in understanding its accounting, financial reporting, and internal controls as well as those of the Federal Reserve banks.
feat_title: A bill to amend title 31, United States Code, to authorize reviews by the Comptroller General of the United States of emergency credit facilities established by the Board of Governors of the Federal Reserve System or any Federal Reserve bank, and for other purposes.