PUBLIC ACCESS TO INFORMATION.

SEC. 1103. PUBLIC ACCESS TO INFORMATION.(a) In General.—Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended by adding at the end the following:“(c) Public Access to Information.—The Board shall place on its home Internet website, a link entitled ‘Audit’, which shall link to a webpage that shall serve as a repository of information made available to the public for a reasonable period of time, not less than 6 months following the date of release of the relevant information, including—“(1) the reports prepared by the Comptroller General under section 714 of title 31, United States Code;“(2) the annual financial statements prepared by an independent auditor for the Board in accordance with section 11B;“(3) the reports to the Committee on Banking, Housing, and Urban Affairs of the Senate required under section 13(3) (relating to emergency lending authority); and“(4) such other information as the Board reasonably believes is necessary or helpful to the public in understanding the accounting, financial reporting, and internal controls of the Board and the Federal reserve banks.”.(b) Federal Reserve Transparency and Release of Information.—Section 11 of the Federal Reserve Act (12 U.S.C. 248) is amended by adding at the end the following new subsection:“(s) Federal Reserve Transparency and Release of Information.—“(1) In general.—In order to ensure the disclosure in a timely manner consistent with the purposes of this Act of information concerning the borrowers and counterparties participating in emergency credit facilities, discount window lending programs, and open market operations authorized or conducted by the Board or a Federal reserve bank, the Board of Governors shall disclose, as provided in paragraph (2)—“(A) the names and identifying details of each borrower, participant, or counterparty in any credit facility or covered transaction;“(B) the amount borrowed by or transferred by or to a specific borrower, participant, or counterparty in any credit facility or covered transaction;“(C) the interest rate or discount paid by each borrower, participant, or counterparty in any credit facility or covered transaction; and“(D) information identifying the types and amounts of collateral pledged or assets transferred in connection with participation in any credit facility or covered transaction.“(2) Mandatory release date.—In the case of—“(A) a credit facility, the Board shall disclose the information described in paragraph (1) on the date that is 1 year after the effective date of the termination by the Board of the authorization of the credit facility; and“(B) a covered transaction, the Board shall disclose the information described in paragraph (1) on the last day of the eighth calendar quarter following the calendar quarter in which the covered transaction was conducted.“(3) Earlier release date authorized.—The Chairman of the Board may publicly release the information described in paragraph (1) before the relevant date specified in paragraph 124 STAT. 2119 (2), if the Chairman determines that such disclosure would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose or conduct of covered transactions.“(4) Definitions.—For purposes of this subsection, the following definitions shall apply:“(A) Credit facility.—The term ‘credit facility’ has the same meaning as in section 714(f)(1)(A) of title 31, United States Code.“(B) Covered transaction.—The term ‘covered transaction’ means—“(i) any open market transaction with a nongovernmental third party conducted under the first undesignated paragraph of section 14 or subparagraph (a), (b), or (c) of the 2nd undesignated paragraph of such section, after the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and“(ii) any advance made under section 10B after the date of enactment of that Act.“(5) Termination of credit facility by operation of law.—A credit facility shall be deemed to have terminated as of the end of the 24-month period beginning on the date on which the credit facility ceases to make extensions of credit and loans, unless the credit facility is otherwise terminated by the Board before such date.“(6) Consistent treatment of information.—Except as provided in this subsection or section 13(3)(D), or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title, shall be confidential, including for purposes of section 552(b)(3) of title 5 of such Code, until the relevant mandatory release date described in paragraph (2), unless the Chairman of the Board determines that earlier disclosure of such information would be in the public interest and would not harm the effectiveness of the relevant credit facility or the purpose of conduct of the relevant transactions.“(7) Protection of personal privacy.—This subsection and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and subsection (a) or (c) of section 1109 of the Dodd-Frank Wall Street Reform and Consumer Protection Act shall not be construed as requiring any disclosure of nonpublic personal information (as defined for purposes of section 502 of the Gramm-Leach-Bliley Act (12 U.S.C. 6802)) concerning any individual who is referenced in collateral pledged or assets transferred in connection with a credit facility or covered transaction, unless the person is a borrower, participant, or counterparty under the credit facility or covered transaction.“(8) Study of foia exemption impact.—“(A) Study.—The Inspector General of the Board of Governors of the Federal Reserve System shall—“(i) conduct a study on the impact that the exemption from section 552(b)(3) of title 5 (known as the Freedom of Information Act) established under paragraph (6) has had on the ability of the public to access information about the administration by the Board of Governors of emergency credit facilities, discount 124 STAT. 2120 window lending programs, and open market operations; and“(ii) make any recommendations on whether the exemption described in clause (i) should remain in effect.“(B) Report.—Not later than 30 months after the date of enactment of this section, the Inspector General of the Board of Governors of the Federal Reserve System shall submit a report on the findings of the study required under subparagraph (A) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and publish the report on the website of the Board.“(9) Rule of construction.—Nothing in this section is meant to affect any pending litigation or lawsuit filed under section 552 of title 5, United States Code (popularly known as the Freedom of Information Act), on or before the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”.