SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
(a) In General.--Notwithstanding section 714 of title 31, United
States Code, or any other provision of law, an audit of the Board of
Governors of the Federal Reserve System and the Federal reserve banks
under subsection (b) of such section 714 shall be completed within 12
months of the date of enactment of this Act.
(1) In general.--A report on the audit required under
subsection (a) 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.
(2) Contents.--The report under paragraph (1) 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.
(c) Repeal of Certain Limitations.--Subsection (b) of section 714
of title 31, United States Code, is amended by striking all after ``in
(d) Technical and Conforming Amendment.--Section 714 of title 31,
United States Code, is amended by striking subsection (f).
SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.
(a) In General.--The Comptroller General of the United States shall
conduct an audit of the review of loan files of homeowners in
foreclosure in 2009 or 2010, required as part of the enforcement
actions taken by the Board of Governors of the Federal Reserve System
against supervised financial institutions.
(b) Content of Audit.--The audit carried out pursuant to subsection
(a) shall consider, at a minimum--
(1) the guidance given by the Board of Governors of the
Federal Reserve System to independent consultants retained by
the supervised financial institutions regarding the procedures
to be followed in conducting the file reviews;
(2) the factors considered by independent consultants when
evaluating loan files;
(3) the results obtained by the independent consultants
pursuant to those reviews;
(4) the determinations made by the independent consultants
regarding the nature and extent of financial injury sustained
by each homeowner as well as the level and type of remediation
offered to each homeowner; and
(5) the specific measures taken by the independent
consultants to verify, confirm, or rebut the assertions and
representations made by supervised financial institutions
regarding the contents of loan files and the extent of
financial injury to homeowners.
(c) Report.--Not later than the end of the 6-month period beginning
on the date of the enactment of this Act, the Comptroller General shall
issue a report to the Congress containing all findings and
determinations made in carrying out the audit required under subsection