Federal Banking Agency Audit Act
Public Law 95-320 · H.R. 2176 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Jul 21, 1978 · Finance and Financial Sector
Sponsor: Rep. Benjamin Rosenthal (D-NY-8)
Cosponsors: None
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Federal Banking Agency Audit Act - Amends the Accounting and Auditing Act of 1950 to authorize the General Accounting Office (GAO) to conduct independent audits of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. Prohibits the GAO from auditing: (1) transactions conducted on behalf of or with foreign central banks, foreign governments, and nonprivate international financing organizations; (2) deliberations, decisions, and 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 including transactions of the Federal Reserve System Open Market Account; and (4) those portions of oral, written, telegraphic, or telephonic discussions and communications among or between Members of the Board of Governors, and officers and employees of the Federal Reserve System which deal with topics listed in this Act.
Prohibits the GAO from conducting on site examinations of banks or bank holding companies without the written consent of the appropriate regulatory agency.
Sets forth prohibitions on the public disclosure of certain information.
Requires the GAO to make reports on audits to Congress as frequently as practicable. Provides that an advance draft of any report on an independent audit be made available to the agencies concerned for 30 days, and that any agency comments will be included in the final report.
Authorizes GAO access for authorized audit purposes to all agency documents and files. Requires the GAO to follow strict security procedures to maintain the confidentiality of agency records.
Authorizes bank examiners to discuss the affairs of banks and bank holding companies with GAO audit personnel.
Imposes a fine of up to $5,000 and/or one year imprisonment for disclosure of information from a bank examination report by a GAO auditor.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 13 actions.
- Jul 21, 1978Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-320.
- Jul 11, 1978PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Jun 29, 1978Resolving differencesResolving differences · House agreed to Senate amendments.
- May 10, 1978FloorFloor · Measure passed Senate, amended.
- Mar 23, 1978CommitteeCommittee · Reported by Senate Homeland Security and Governmental Affairs Committee
- Oct 17, 1977CommitteeCommittee · Referred to Senate Homeland Security and Governmental Affairs Committee
- Oct 14, 1977FloorFloor · Measure passed House, amended, roll call #656 (336-24).House roll call 656
- Jul 12, 1977CommitteeCommittee · Reported by House Oversight and Government Reform Committee
- Jan 19, 1977CommitteeCommittee · Referred to House Oversight and Government Reform Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.