  title xi federal reserve system provisions  sec 1101 federal reserve act amendments on emergency lending authority  a federal reserve act the third undesignated paragraph of section 13 of the federal reserve act 12 usc 343 relating to emergency lending authority is amended  1 by inserting 3 a before in unusual   2 by striking individual, partnership, or corporation the first place that term appears and inserting the following participant in any program or facility with broad-based eligibility   3 by striking exchange for an individual or a partnership or corporation and inserting exchange,   4 by striking such individual, partnership, or corporation and inserting the following such participant in any program or facility with broad-based eligibility   5 by striking for individuals, partnerships, corporations and inserting for any participant in any program or facility with broad-based eligibility and   6 by striking may prescribe and inserting the following may prescribe  b  i as soon as is practicable after the date of enactment of this subparagraph, the board shall establish, by regulation, in consultation with the secretary of the treasury, the policies and procedures governing emergency lending under this paragraph such policies and procedures shall be designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid a failing financial company, and that the security for emergency loans is sufficient to protect taxpayers from losses and that any such program is terminated in a timely and orderly fashion the policies and procedures established by the board shall require that a federal reserve bank assign, consistent with sound risk management practices and to ensure protection for the taxpayer, a lendable value to all collateral for a loan executed by a federal reserve bank under this paragraph in determining whether the loan is secured satisfactorily for purposes of this paragraph   ii the board shall establish procedures to prohibit borrowing from programs and facilities by borrowers that are insolvent such procedures may include a certification from the chief executive officer or other authorized officer of the borrower, at the time the borrower initially borrows under the program or facility with a duty by the borrower to update the certification if the information in the certification materially changes , that the borrower is not insolvent a borrower shall be considered insolvent for purposes of this subparagraph, if the borrower is in bankruptcy, resolution under title ii of the dodd-frank wall street reform and consumer protection act, or any other federal or state insolvency proceeding   iii a program or facility that is structured to remove assets from the balance sheet of a single and specific company, or that is established for the purpose of assisting a single and specific company avoid bankruptcy, resolution under title ii of the dodd-frank wall street reform and consumer protection act, or any other federal or state insolvency proceeding, shall not be considered a program or facility with broad-based eligibility   iv the board may not establish any program or facility under this paragraph without the prior approval of the secretary of the treasury    c the board shall provide to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives  i not later than 7 days after the board authorizes any loan or other financial assistance under this paragraph, a report that includes  i the justification for the exercise of authority to provide such assistance   ii the identity of the recipients of such assistance   iii the date and amount of the assistance, and form in which the assistance was provided and   iv the material terms of the assistance, including  aa duration   bb collateral pledged and the value thereof   cc all interest, fees, and other revenue or items of value to be received in exchange for the assistance   dd any requirements imposed on the recipient with respect to employee compensation, distribution of dividends, or any other corporate decision in exchange for the assistance and   ee the expected costs to the taxpayers of such assistance and     ii once every 30 days, with respect to any outstanding loan or other financial assistance under this paragraph, written updates on  i the value of collateral   ii the amount of interest, fees, and other revenue or items of value received in exchange for the assistance and   iii the expected or final cost to the taxpayers of such assistance     d the information required to be submitted to congress under subparagraph c related to  i the identity of the participants in an emergency lending program or facility commenced under this paragraph   ii the amounts borrowed by each participant in any such program or facility   iii identifying details concerning the assets or collateral held by, under, or in connection with such a program or facility,  shall be kept confidential, upon the written request of the chairman of the board, in which case such information shall be made available only to the chairpersons or ranking members of the committees described in subparagraph c   e if an entity to which a federal reserve bank has provided a loan under this paragraph becomes a covered financial company, as defined in section 201 of the dodd-frank wall street reform and consumer protection act, at any time while such loan is outstanding, and the federal reserve bank incurs a realized net loss on the loan, then the federal reserve bank shall have a claim equal to the amount of the net realized loss against the covered entity, with the same priority as an obligation to the secretary of the treasury under section 210 b of the dodd-frank wall street reform and consumer protection act      b conforming amendment section 507 a 2 of title 11, united states code, is amended by inserting unsecured claims of any federal reserve bank related to loans made through programs or facilities authorized under section 13 3 of the federal reserve act 12 usc 343 , after this title,   c references on and after the date of enactment of this act, any reference in any provision of federal law to the third undesignated paragraph of section 13 of the federal reserve act 12 usc 343 shall be deemed to be a reference to section 13 3 of the federal reserve act, as so designated by this section    sec 1102 audits of special federal reserve credit facilities  a audits section 714 of title 31, united states code, is amended by adding at the end the following  f audits of credit facilities of the federal reserve system  1 definitions in this subsection, the following definitions shall apply  a credit facility the term credit facility means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the board of governors of the federal reserve system or a federal reserve bank, authorized by the board of governors under section 13 3 of the federal reserve act 12 usc 343 , that is not subject to audit under subsection e   b covered transaction the term covered transaction means any open market transaction or discount window advance that meets the definition of covered transaction in section 11 s of the federal reserve act    2 authority for audits and examinations subject to paragraph 3 , and notwithstanding any limitation in subsection b on the auditing and oversight of certain functions of the board of governors of the federal reserve system or any federal reserve bank, the comptroller general of the united states may conduct audits, including onsite examinations, of the board of governors, a federal reserve bank, or a credit facility, if the comptroller general determines that such audits are appropriate, solely for the purposes of assessing, with respect to a credit facility or a covered transaction  a the operational integrity, accounting, financial reporting, and internal controls governing the credit facility or covered transaction   b the effectiveness of the security and collateral policies established for the facility or covered transaction in mitigating risk to the relevant federal reserve bank and taxpayers   c whether the credit facility or the conduct of a covered transaction inappropriately favors one or more specific participants over other institutions eligible to utilize the facility and   d the policies governing the use, selection, or payment of third-party contractors by or for any credit facility or to conduct any covered transaction    3 reports and delayed disclosure  a reports required a report on each audit 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 audit 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 matters described in paragraph 2 that were audited and are the subject of the report, together with such recommendations for legislative or administrative action relating to such matters 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 congress, the names or identifying details of specific participants in any credit facility or covered transaction, the amounts borrowed by or transferred by or to specific participants in any credit facility or covered transaction, or identifying details regarding assets or collateral held or transferred by, under, or in connection with any credit facility or covered transaction, and any report provided under subparagraph a shall be redacted to ensure that such names and details are not disclosed   ii delayed release the nondisclosure obligation under clause i shall expire with respect to any participant on the date on which the board of governors, directly or through a federal reserve bank, publicly discloses the identity of the subject participant or the identifying details of the subject assets, collateral, or transaction   iii general release the comptroller general shall release a nonredacted version of any report on a credit facility 1 year after the effective date of the termination by the board of governors of the authorization for the credit facility for purposes of this clause, a credit facility shall be deemed to have terminated 24 months after the date on which the credit facility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the board of governors   iv exceptions the nondisclosure obligation under clause i shall not apply to the credit facilities maiden lane, maiden lane ii, and maiden lane iii   v release of covered transaction information the comptroller general shall release a nonredacted version of any report regarding covered transactions upon the release of the information regarding such covered transactions by the board of governors of the federal reserve system, as provided in section 11 s of the federal reserve act        b access to records section 714 d of title 31, united states code, is amended  1 in paragraph 2 , by inserting or any person or entity described in paragraph 3 a after used by an agency   2 in paragraph 3 , by inserting or f after subsection e each place that term appears   3 in clauses i and ii of paragraph 3 a , by inserting or the federal reserve banks after by the board each place that term appears   4 in paragraph 3 a ii , by inserting participating in or after any entity and   5 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 provide to any person or entity described in subparagraph a 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 audit or examination under this subsection     sec 1103 public access to information  a in general section 2b of the federal reserve act 12 usc 225b is amended by adding at the end the following  c public access to information 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 in accordance with section 11b   3 the reports to the committee on banking, housing, and urban affairs of the senate required under section 13 3 relating to emergency lending authority and   4 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      b federal reserve transparency and release of information section 11 of the federal reserve act 12 usc 248 is amended by adding at the end the following new subsection  s federal reserve transparency and release of information  1 in general in order to ensure the disclosure in a timely manner consistent with the purposes of this act of information concerning the borrowers and counterparties participating in emergency credit facilities, discount window lending programs, and open market operations authorized or conducted by the board or a federal reserve bank, the board of governors shall disclose, as provided in paragraph 2  a the names and identifying details of each borrower, participant, or counterparty in any credit facility or covered transaction   b the amount borrowed by or transferred by or to a specific borrower, participant, or counterparty in any credit facility or covered transaction   c the interest rate or discount paid by each borrower, participant, or counterparty in any credit facility or covered transaction and   d information identifying the types and amounts of collateral pledged or assets transferred in connection with participation in any credit facility or covered transaction    2 mandatory release date in the case of  a a credit facility, the board shall disclose the information described in paragraph 1 on the date that is 1 year after the effective date of the termination by the board of the authorization of the credit facility and   b a covered transaction, the board shall disclose the information described in paragraph 1 on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted    3 earlier release date authorized the chairman of the board may publicly release the information described in paragraph 1 before the relevant date specified in paragraph 2 , if the chairman determines that such disclosure would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose or conduct of covered transactions   4 definitions for purposes of this subsection, the following definitions shall apply  a credit facility the term credit facility has the same meaning as in section 714 f 1 a of title 31, united states code   b covered transaction the term covered transaction means  i any open market transaction with a nongovernmental third party conducted under the first undesignated paragraph of section 14 or subparagraph a , b , or c of the 2nd undesignated paragraph of such section, after the date of enactment of the dodd-frank wall street reform and consumer protection act and   ii any advance made under section 10b after the date of enactment of that act     5 termination of credit facility by operation of law a credit facility shall be deemed to have terminated as of the end of the 24-month period beginning on the date on which the credit facility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the board before such date   6 consistent treatment of information except as provided in this subsection or section 13 3 d , or in section 714 f 3 c of title 31, united states code, the information described in paragraph 1 and information concerning the transactions described in section 714 f of such title, shall be confidential, including for purposes of section 552 b 3 of title 5 of such code, until the relevant mandatory release date described in paragraph 2 , unless the chairman of the board determines that earlier disclosure of such information would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose of conduct of the relevant transactions   7 protection of personal privacy this subsection and section 13 3 c , section 714 f 3 c of title 31, united states code, and subsection a or c of section 1109 of the dodd-frank wall street reform and consumer protection act shall not be construed as requiring any disclosure of nonpublic personal information as defined for purposes of section 502 of the gramm-leach-bliley act 12 usc 6802 concerning any individual who is referenced in collateral pledged or assets transferred in connection with a credit facility or covered transaction, unless the person is a borrower, participant, or counterparty under the credit facility or covered transaction   8 study of foia exemption impact  a study the inspector general of the board of governors of the federal reserve system shall  i conduct a study on the impact that the exemption from section 552 b 3 of title 5 known as the freedom of information act established under paragraph 6 has had on the ability of the public to access information about the administration by the board of governors of emergency credit facilities, discount window lending programs, and open market operations and   ii make any recommendations on whether the exemption described in clause i should remain in effect    b report not later than 30 months after the date of enactment of this section, the inspector general of the board of governors of the federal reserve system shall submit a report on the findings of the study required under subparagraph a to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives, and publish the report on the website of the board    9 rule of construction nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5, united states code popularly known as the freedom of information act , on or before the date of enactment of the dodd-frank wall street reform and consumer protection act       sec 1104 liquidity event determination  a determination and written recommendation  1 determination request the secretary may request the corporation and the board of governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under section 1105   2 requirements of determination any determination pursuant to paragraph 1 shall  a be written and   b contain an evaluation of the evidence that  i a liquidity event exists   ii failure to take action would have serious adverse effects on financial stability or economic conditions in the united states and   iii actions authorized under section 1105 are needed to avoid or mitigate potential adverse effects on the united states financial system or economic conditions      b procedures notwithstanding any other provision of federal or state law, upon the determination of both the corporation upon a vote of not fewer than 2/3 of the members of the corporation then serving and the board of governors upon a vote of not fewer than 2/3 of the members of the board of governors then serving under subsection a that a liquidity event exists that warrants use of the guarantee program authorized under section 1105, and with the written consent of the secretary  1 the corporation shall take action in accordance with section 1105 a and   2 the secretary in consultation with the president shall take action in accordance with section 1105 c    c documentation and review  1 documentation the secretary shall  a maintain the written documentation of each determination of the corporation and the board of governors under this section and   b provide the documentation for review under paragraph 2    2 gao review the comptroller general of the united states shall review and report to congress on any determination of the corporation and the board of governors under subsection a , including  a the basis for the determination and   b the likely effect of the actions taken     d report to congress on the earlier of the date of a submission made to congress under section 1105 c , or within 30 days of the date of a determination under subsection a , the secretary shall provide written notice of the determination of the corporation and the board of governors to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives, including a description of the basis for the determination    sec 1105 emergency financial stabilization  a in general upon the written determination of the corporation and the board of governors under section 1104, the corporation shall create a widely available program to guarantee obligations of solvent insured depository institutions or solvent depository institution holding companies including any affiliates thereof during times of severe economic distress, except that a guarantee of obligations under this section may not include the provision of equity in any form   b rulemaking and terms and conditions  1 policies and procedures as soon as is practicable after the date of enactment of this act, the corporation shall establish, by regulation, and in consultation with the secretary, policies and procedures governing the issuance of guarantees authorized by this section such policies and procedures may include a requirement of collateral as a condition of any such guarantee   2 terms and conditions the terms and conditions of any guarantee program shall be established by the corporation, with the concurrence of the secretary    c determination of guaranteed amount  1 in general in connection with any program established pursuant to subsection a and subject to paragraph 2 of this subsection, the secretary in consultation with the president shall determine the maximum amount of debt outstanding that the corporation may guarantee under this section, and the president may transmit to congress a written report on the plan of the corporation to exercise the authority under this section to issue guarantees up to that maximum amount and a request for approval of such plan the corporation shall exercise the authority under this section to issue guarantees up to that specified maximum amount upon passage of the joint resolution of approval, as provided in subsection d absent such approval, the corporation shall issue no such guarantees   2 additional debt guarantee authority if the secretary in consultation with the president determines, after a submission to congress under paragraph 1 , that the maximum guarantee amount should be raised, and the council concurs with that determination, the president may transmit to congress a written report on the plan of the corporation to exercise the authority under this section to issue guarantees up to the increased maximum debt guarantee amount the corporation shall exercise the authority under this section to issue guarantees up to that specified maximum amount upon passage of the joint resolution of approval, as provided in subsection d absent such approval, the corporation shall issue no such guarantees    d resolution of approval  1 additional debt guarantee authority a request by the president under this section shall be considered granted by congress upon adoption of a joint resolution approving such request such joint resolution shall be considered in the senate under expedited procedures   2 fast track consideration in senate  a reconvening upon receipt of a request under subsection c , if the senate has adjourned or recessed for more than 2 days, the majority leader of the senate, after consultation with the minority leader of the senate, shall notify the members of the senate that, pursuant to this section, the senate shall convene not later than the second calendar day after receipt of such message   b placement on calendar upon introduction in the senate, the joint resolution shall be placed immediately on the calendar   c floor consideration  i in general notwithstanding rule xxii of the standing rules of the senate, it is in order at any time during the period beginning on the 4th day after the date on which congress receives a request under subsection c , and ending on the 7th day after that date even though a previous motion to the same effect has been disagreed to to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution and against consideration of the joint resolution are waived the motion to proceed is not debatable the motion is not subject to a motion to postpone a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order if a motion to proceed to the consideration of the resolution is agreed to, the joint resolution shall remain the unfinished business until disposed of   ii debate debate on the joint resolution, and on all debatable motions and appeals in connection therewith, shall be limited to not more than 10 hours, which shall be divided equally between the majority and minority leaders or their designees a motion further to limit debate is in order and not debatable an amendment to, or a motion to postpone, or a motion to proceed to the consideration of other business, or a motion to recommit the joint resolution is not in order   iii vote on passage the vote on passage shall occur immediately following the conclusion of the debate on the joint resolution, and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the senate   iv rulings of the chair on procedure appeals from the decisions of the chair relating to the application of the rules of the senate, as the case may be, to the procedure relating to a joint resolution shall be decided without debate     3 rules  a coordination with action by house of representatives if, before the passage by the senate of a joint resolution of the senate, the senate receives a joint resolution, from the house of representatives, then the following procedures shall apply  i the joint resolution of the house of representatives shall not be referred to a committee   ii with respect to a joint resolution of the senate  i the procedure in the senate shall be the same as if no joint resolution had been received from the other house but   ii the vote on passage shall be on the joint resolution of the house of representatives     b treatment of joint resolution of house of representatives if the senate fails to introduce or consider a joint resolution under this section, the joint resolution of the house of representatives shall be entitled to expedited floor procedures under this subsection   c treatment of companion measures if, following passage of the joint resolution in the senate, the senate then receives the companion measure from the house of representatives, the companion measure shall not be debatable   d rules of the senate this subsection is enacted by congress  i as an exercise of the rulemaking power of the senate, and as such it is deemed a part of the rules of the senate, but applicable only with respect to the procedure to be followed in the senate in the case of a joint resolution, and it supersedes other rules, only to the extent that it is inconsistent with such rules and   ii with full recognition of the constitutional right of the senate to change the rules so far as relating to the procedure of the senate at any time, in the same manner, and to the same extent as in the case of any other rule of the senate     4 definition as used in this subsection, the term joint resolution means only a joint resolution  a that is introduced not later than 3 calendar days after the date on which the request referred to in subsection c is received by congress   b that does not have a preamble   c the title of which is as follows joint resolution relating to the approval of a plan to guarantee obligations under section 1105 of the dodd-frank wall street reform and consumer protection act and   d the matter after the resolving clause of which is as follows that congress approves the obligation of any amount described in section 1105 c of the dodd-frank wall street reform and consumer protection act     e funding  1 fees and other charges the corporation shall charge fees and other assessments to all participants in the program established pursuant to this section, in such amounts as are necessary to offset projected losses and administrative expenses, including amounts borrowed pursuant to paragraph 3 , and such amounts shall be available to the corporation   2 excess funds if, at the conclusion of the program established under this section, there are any excess funds collected from the fees associated with such program, the funds shall be deposited in the general fund of the treasury   3 authority of corporation the corporation  a may borrow funds from the secretary of the treasury and issue obligations of the corporation to the secretary for amounts borrowed, and the amounts borrowed shall be available to the corporation for purposes of carrying out a program established pursuant to this section, including the payment of reasonable costs of administering the program, and the obligations issued shall be repaid in full with interest through fees and charges paid by participants in accordance with paragraphs 1 and 4 , as applicable and   b may not borrow funds from the deposit insurance fund established pursuant to section 11 a 4 of the federal deposit insurance act    4 backup special assessments to the extent that the funds collected pursuant to paragraph 1 are insufficient to cover any losses or expenses, including amounts borrowed pursuant to paragraph 3 , arising from a program established pursuant to this section, the corporation shall impose a special assessment solely on participants in the program, in amounts necessary to address such insufficiency, and which shall be available to the corporation to cover such losses or expenses   5 authority of the secretary the secretary may purchase any obligations issued under paragraph 3 a for such purpose, the secretary may use the proceeds of the sale of any securities issued under chapter 31 of title 31, united states code, and the purposes for which securities may be issued under that chapter 31 are extended to include such purchases, and the amount of any securities issued under that chapter 31 for such purpose shall be treated in the same manner as securities issued under section 208 n 5 e    f rule of construction for purposes of this section, a guarantee of deposits held by insured depository institutions shall not be treated as a debt guarantee program   g definitions for purposes of this section, the following definitions shall apply  1 company the term company means any entity other than a natural person that is incorporated or organized under federal law or the laws of any state   2 depository institution holding company the term depository institution holding company has the same meaning as in section 3 of the federal deposit insurance act 12 usc 1813   3 liquidity event the term liquidity event means  a an exceptional and broad reduction in the general ability of financial market participants  i to sell financial assets without an unusual and significant discount or   ii to borrow using financial assets as collateral without an unusual and significant increase in margin or    b an unusual and significant reduction in the ability of financial market participants to obtain unsecured credit    4 solvent the term solvent means that the value of the assets of an entity exceed its obligations to creditors     sec 1106 additional related amendments  a suspension of parallel federal deposit insurance act authority effective upon the date of enactment of this section, the corporation may not exercise its authority under section 13 c 4 g i of the federal deposit insurance act 12 usc 1823 c 4 g i to establish any widely available debt guarantee program for which section 1105 would provide authority   b federal deposit insurance act section 13 c 4 g of the federal deposit insurance act 12 usc 1823 c 4 g is amended  1 in clause i  a in subclause i , by inserting for which the corporation has been appointed receiver before would have serious and   b in the undesignated matter following subclause ii , by inserting for the purpose of winding up the insured depository institution for which the corporation has been appointed receiver after provide assistance under this section and    2 in clause v i , by striking the and inserting not later than 3 days after making a determination under clause i , the    c effect of default on an fdic guarantee if an insured depository institution or depository institution holding company as those terms are defined in section 3 of the federal deposit insurance act participating in a program under section 1105, or any participant in a debt guarantee program established pursuant to section 13 c 4 g i of the federal deposit insurance act defaults on any obligation guaranteed by the corporation after the date of enactment of this act, the corporation shall  1 appoint itself as receiver for the insured depository institution that defaults and   2 with respect to any other participating company that is not an insured depository institution that defaults  a require  i consideration of whether a determination shall be made, as provided in section 203 to resolve the company under section 202 and   ii the company to file a petition for bankruptcy under section 301 of title 11, united states code, if the corporation is not appointed receiver pursuant to section 202 within 30 days of the date of default or    b file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11, united states code      sec 1107 federal reserve act amendments on federal reserve bank governance  the 5th subparagraph of the 4th undesignated paragraph of section 4 of the federal reserve act 12 usc 341 is amended by striking the 2nd sentence and inserting the following the president shall be the chief executive officer of the bank and shall be appointed by the class b and class c directors of the bank, with the approval of the board of governors of the federal reserve system, for a term of 5 years and all other executive officers and all employees of the bank shall be directly responsible to the president    sec 1108 federal reserve act amendments on supervision and regulation policy  a establishment of the position of vice chairman for supervision  1 position established the second undesignated paragraph of section 10 of the federal reserve act 12 usc 242 relating to the chairman and vice chairman of the board is amended by striking the third sentence and inserting the following of the persons thus appointed, 1 shall be designated by the president, by and with the advice and consent of the senate, to serve as chairman of the board for a term of 4 years, and 2 shall be designated by the president, by and with the advice and consent of the senate, to serve as vice chairmen of the board, each for a term of 4 years, 1 of whom shall serve in the absence of the chairman, as provided in the fourth undesignated paragraph of this section, and 1 of whom shall be designated vice chairman for supervision the vice chairman for supervision shall develop policy recommendations for the board regarding supervision and regulation of depository institution holding companies and other financial firms supervised by the board, and shall oversee the supervision and regulation of such firms   2 effective date the amendment made by subsection a takes effect on the date of enactment of this title and applies to individuals who are designated by the president on or after that date to serve as vice chairman of supervision    b appearances before congress section 10 of the federal reserve act 12 usc 241 et seq is amended by adding at the end the following  12 appearances before congress the vice chairman for supervision shall appear before the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives and at semi-annual hearings regarding the efforts, activities, objectives, and plans of the board with respect to the conduct of supervision and regulation of depository institution holding companies and other financial firms supervised by the board     c board responsibility to set supervision and regulatory policy section 11 of the federal reserve act 12 usc 248 relating to enumerated powers of the board is amended by adding at the end of subsection k relating to delegation the following the board of governors may not delegate to a federal reserve bank its functions for the establishment of policies for the supervision and regulation of depository institution holding companies and other financial firms supervised by the board of governors   d exercise of federal reserve authority  1 no decisions by federal reserve bank presidents no provision of title i relating to the authority of the board of governors shall be construed as conferring any decision-making authority on presidents of federal reserve banks   2 voting decisions by board the board of governors shall not delegate the authority to make any voting decision that the board of governors is authorized or required to make under title i of this act in contravention of section 11 k of the federal reserve act     sec 1109 gao audit of the federal reserve facilities publication of board actions  a gao audit  1 in general notwithstanding section 714 b of title 31, united states code, or any other provision of law, the comptroller general of the united states in this subsection referred to as the comptroller general shall conduct a one-time audit of all loans and other financial assistance provided during the period beginning on december 1, 2007 and ending on the date of enactment of this act by the board of governors or a federal reserve bank under the asset-backed commercial paper money market mutual fund liquidity facility, the term asset-backed securities loan facility, the primary dealer credit facility, the commercial paper funding facility, the term securities lending facility, the term auction facility, maiden lane, maiden lane ii, maiden lane iii, the agency mortgage-backed securities program, foreign currency liquidity swap lines, and any other program created as a result of section 13 3 of the federal reserve act as so designated by this title   2 assessments in conducting the audit under paragraph 1 , the comptroller general shall assess  a the operational integrity, accounting, financial reporting, and internal controls of the credit facility   b the effectiveness of the security and collateral policies established for the facility in mitigating risk to the relevant federal reserve bank and taxpayers   c whether the credit facility inappropriately favors one or more specific participants over other institutions eligible to utilize the facility   d the policies governing the use, selection, or payment of third-party contractors by or for any credit facility and   e whether there were conflicts of interest with respect to the manner in which such facility was established or operated    3 timing the audit required by this subsection shall be commenced not later than 30 days after the date of enactment of this act, and shall be completed not later than 12 months after that date of enactment   4 report required the comptroller general shall submit a report on the audit conducted under paragraph 1 to the congress not later than 12 months after the date of enactment of this act, and such report shall be made available to  a the speaker of the house of representatives   b the majority and minority leaders of the house of representatives   c the majority and minority leaders of the senate   d the chairman and ranking member of the committee on banking, housing, and urban affairs of the senate and of the committee on financial services of the house of representatives and   e any member of congress who requests it     b audit of federal reserve bank governance  1 audit  a in general not later than 1 year after the date of enactment of this act, the comptroller general shall complete an audit of the governance of the federal reserve bank system   b required examinations the audit required under subparagraph a shall  i examine the extent to which the current system of appointing federal reserve bank directors effectively represents the public, without discrimination on the basis of race, creed, color, sex or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers in the selection of bank directors, as such requirement is set forth under section 4 of the federal reserve act   ii examine whether there are actual or potential conflicts of interest created when the directors of federal reserve banks, which execute the supervisory functions of the board of governors of the federal reserve system, are elected by member banks   iii examine the establishment and operations of each facility described in subsection a 1 and each federal reserve bank involved in the establishment and operations thereof and   iv identify changes to selection procedures for federal reserve bank directors, or to other aspects of federal reserve bank governance, that would  i improve how the public is represented   ii eliminate actual or potential conflicts of interest in bank supervision   iii increase the availability of information useful for the formation and execution of monetary policy or   iv in other ways increase the effectiveness or efficiency of reserve banks      2 report required a report on the audit conducted under 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 such report shall be made available to  a the speaker of the house of representatives   b the majority and minority leaders of the house of representatives   c the majority and minority leaders of the senate   d the chairman and ranking member of the committee on banking, housing, and urban affairs of the senate and of the committee on financial services of the house of representatives and   e any member of congress who requests it     c publication of board actions notwithstanding any other provision of law, the board of governors shall publish on its website, not later than december 1, 2010, with respect to all loans and other financial assistance provided during the period beginning on december 1, 2007 and ending on the date of enactment of this act under the asset-backed commercial paper money market mutual fund liquidity facility, the term asset-backed securities loan facility, the primary dealer credit facility, the commercial paper funding facility, the term securities lending facility, the term auction facility, maiden lane, maiden lane ii, maiden lane iii, the agency mortgage-backed securities program, foreign currency liquidity swap lines, and any other program created as a result of section 13 3 of the federal reserve act as so designated by this title  1 the identity of each business, individual, entity, or foreign central bank to which the board of governors or a federal reserve bank has provided such assistance   2 the type of financial assistance provided to that business, individual, entity, or foreign central bank   3 the value or amount of that financial assistance   4 the date on which the financial assistance was provided   5 the specific terms of any repayment expected, including the repayment time period, interest charges, collateral, limitations on executive compensation or dividends, and other material terms and   6 the specific rationale for each such facility or program     