Posted by Grant McCallum on 06/12/09
Last updated 06/15/09

I was interested to learn what the current code (Title 31, Section 714) says and how HR1207/S.604 would alter it.  Here's what a before and after of part(b) would look like:

Current Code:

(b) Under regulations of the Comptroller General, the Comptroller
General shall audit an agency, but may carry out an onsite
examination of an open insured bank or bank holding company only if
the appropriate agency has consented in writing. Audits of the
Federal Reserve Board and Federal reserve banks may not include -
(1) transactions for or with a foreign central bank, government
of a foreign country, or nonprivate international financing
organization;
(2) 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;
(3) transactions made under the direction of the Federal Open
Market Committee; or
(4) a part of a discussion or communication among or between
members of the Board of Governors and officers and employees of
the Federal Reserve System related to clauses (1)-(3) of this
subsection.

Passage of HR1207/S604 as currently written would result in this:

(b) Under regulations of the Comptroller General, the Comptroller
General shall audit an agency, but may carry out an onsite
examination of an open insured bank or bank holding company only if
the appropriate agency has consented in writing. Audits of the
Federal Reserve Board and Federal reserve banks may not include -
(1) transactions for or with a foreign central bank, government
of a foreign country, or nonprivate international financing
organization;
(2) 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;
(3) transactions made under the direction of the Federal Open
Market Committee; or
(4) a part of a discussion or communication among or between
members of the Board of Governors and officers and employees of
the Federal Reserve System related to clauses (1)-(3) of this
subsection.

Add a part (e) to section 714

e) Audit and Report of the Federal Reserve System-

 `(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

 `(2) REPORT-  

  `(A) REQUIRED- A report on the audit referred to in 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 made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

 `(B) CONTENTS- The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit 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.'.

Sometimes seeing the actual changes gives a greater perspective.  This legislation is so critical to restoring Liberty in America!  Keep up the pressure on all fronts!

Posted 06/12/09 KathyLatshaw BeaReady Smithville, OH

Very nice Grant! Think I'll borrow this to send to District 16's non-representative.

Posted 06/23/09 Jeff n Maple Maple Hts, OH

Lets make sure the bill passes. Any guesses as to what BHO would do with this bill if it would get to his desk?