Federal Banking Agency Audit Act

(Measure passed Senate, amended)

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.