Mr. SANDERS introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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Be it enacted by the Senate and House of
Representatives of the United States of America in
Congress assembled,
SECTION 1. SHORT TITLE.
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This Act may be cited as the `Federal Reserve Sunshine
Act of 2009'.
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
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(a) In General- Subsection (b) of section 714 of title
31, United States Code, is amended by striking all after
`shall audit an agency' and inserting a period.
(b) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:
`(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.
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`(2) REPORT-
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`(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.
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`(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.'.