Wall Street Reform and Consumer Protection Act of 2009

(current holders of positions added)
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SEC. 1001. FINANCIAL SERVICES OVERSIGHT COUNCIL ESTABLISHED.

(a) Establishment- Immediately upon enactment of this title, there is established a Financial Services Oversight Council.

(b) Membership- The Council shall consist of the following:

(1) VOTING MEMBERS- Voting members, who shall each have one vote on the Council, as follows:

(A) The Secretary of the Treasury, who shall serve as the Chairman of the Council. (currently Geithner)

(B) The Chairman of the Board of Governors of the Federal Reserve System. (currently Bernake)

(C) The Comptroller of the Currency. (currently John Dugan)

(D) The Director of the Office of Thrift Supervision, until the functions of the Director of the Office of Thrift Supervision are transferred pursuant to subtitle C. (currently John Bowman)

(E) The Chairman of the Securities and Exchange Commission. (currently Christopher Cox)

(F) The Chairman of the Commodity Futures Trading Commission.(currently Gary Gensler)

(G) The Chairperson of the Federal Deposit Insurance Corporation. (currently Sheila Bair)

(H) The Director of the Federal Housing Finance Agency. (currently Edward Demarco)

(I) The Chairman of the National Credit Union Administration. (currently Debbie Matz)

(J) The head of the Consumer Financial Protection Agency. (not set up yet)

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So, it establishes a Federal Services Oversight Council, voting members being the usual suspects, BUT, I find it interesting and refreshing that they included the Federal Housing Finance Agency.

OK, so perhaps we take one section at a time:

SEC. 1000A. RESTRICTIONS ON THE FEDERAL RESERVE SYSTEM PENDING AUDIT REPORT.

(a) In General- Notwithstanding any other provision of law, the Comptroller General of the United States shall perform an audit of all actions taken by the Board of Governors of the Federal Reserve System and the Federal reserve banks during the current economic crisis pursuant to the authority granted under section 13(c) of the Federal Reserve Act. Such audit shall be completed as expeditiously as possible, but no later than 2 years, after the date of the enactment of the Financial Stability Improvement Act of 2009.

(b) Report-

(1) REQUIRED- Not later than the end of the 90-day period beginning on the date the audit referred to in subsection (a) is completed, the Comptroller General of the United States shall submit a report to the Congress, and make such report available to the public.

(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.

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So, this section directs the Comptroller General to audit the Fed! But, we will have to wait more than TWO YEARS possibly to find out what 'ol Comptrolla has to say. The Comptroller is Gene L. Dodaro (see http://en.wikipedia.org/wiki/Eugene_Louis_Dodaro) - he's been with the General Office of Accounting since 1973.

The Financial Stability Improvement Act of 2009 (see http://www.opencongress.org/bill/111-h3996/show) is sponsored by Barney Frank and is also known as HR 3996. On Dec. 2nd, it was "ordered to be Reported (Amended) by the Yeas and Nays: 31 - 27," whatever that means.

OK, so you learned something new today - FACTS about a bill that is currently being considered by Congress. Now pick a section and help us sift through this monster!!