A bill to amend the Accounting and Auditing Act of 1950 to provide for a performance audit by the Comptroller General, of the bank supervisory function of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.

Amends the Accounting and Auditing Act to direct the Comptroller General to make audits of the effectiveness of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in discharging their bank supervision and regulation responsibilities. Requires such performance audits to include the procedures used by bank examiners in periodic onsite examinations; the manner in which findings and conclusions are reported; the manner in which financial data is collected from banks and used by each agency; the systems employed by the agency to achieve correction of problems occurring at banks the training of bank examiners; and the methods of agency review of its own performance.

Authorizes General Accounting Office personnel to have access to records relating to bank supervisory and regulatory functions.

Requires the General Accounting Office to prepare a report to Congress with its conclusions.