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The law now reads:

TITLE 31 > SUBTITLE I > CHAPTER 7 > SUBCHAPTER II > § 714

§ 714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal reserve banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency (a) In this section, “agency” means the Financial Institutions Examination Council, the Federal Reserve Board, Federal reserve banks, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include— (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

The Bill ((HR 1207)) would just eliminate the exclusions:

(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.

It also tightens the requirements on when and how Congress gets the results of the audit.

Thank you. I do find striking down those provisions breathtakingly ignorant. The consequences of this additional "transparency" are very complex and require very strenuous justification. What I see instead is ignorance --- RP and his followers on this board appear to lack even appreciation for the issues at hand and go merely under "transparency is good" --- sort of like "when did sleeping an extra hour ever hurt you?"

Stupid people in power worry me. Especially now, when Obama exploits the mood of the American people. RP does the same --- sneaks in his own grievances into law only because the "climate is right." This is unbecoming to say the least: there is absolutely no urgency with this issue. None. Zilch. RP merely exploits our mood for whatever purposes he may have.