S.1457 - Federal Reserve Credit Facility Review Act of 2009111th Congress (2009-2010)
|Sponsor:||Sen. Collins, Susan M. [R-ME] (Introduced 07/15/2009)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/15/2009 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1457 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (07/15/2009)
Federal Reserve Credit Facility Review Act of 2009 - Authorizes the Comptroller General to conduct reviews and onsite examinations of: (1) any credit facility established by the Federal Reserve Board or any federal reserve bank; and (2) such credit facility's establishment as the lender of last resort (including providing credit under enhancements to traditional lending facilities and credit facilities).
Cites the credit facilities to which this Act applies. Grants the Comptroller General access to all records and property of any such credit facility, including its officers, employees, contractors, and other agents and representatives.
Sets forth the powers of the Comptroller to implement this Act.
Requires the Comptroller General to report to Congress on each review conducted.
Terminates such authorization five years after enactment of this Act.