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Title: Federal Reserve Audit
Vote Smart's Synopsis:
Vote to adopt an amendment to S Amdt 3739 to S 3217 that amends regulations related to auditing the Federal Reserve Board and federal reserve banks and requires an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks to be completed within 1 year of the date of enactment.
- Repeals a provision of existing law that prohibits audits of the Federal Reserve Board and federal reserve banks from including the following (Sec. 1159):
- Transactions for or with a foreign central bank, government of a foreign country, or non-private international financing organization;
- Deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
- Transactions made under the direction of the Federal Open Market Committee; and
- Any part of a discussion between Board of Governors members and officers and employees of the Federal Reserve System relating to the 3 aforementioned sub-highlights.
- Specifies that the mandatory audit shall not be construed to limit the ability of the Government Accountability Office to complete additional audits of the Board of Governors of the Federal Reserve System or federal reserve banks (Sec. 1159).
- Prohibits audits of the Federal Reserve Board and federal reserve banks from including unreleased transcripts or minutes of meetings of the Board of Governors or of the Federal Open Market Committee (Sec. 1159).