Securities Law Updates | New Proposed Legislation
January 21, 2010
House Passes by Voice Vote Bill Granting Expanded Powers to GAO to Litigate on Vital Federal Agency Records
Government Accountability Office Improvement Act of 2009
H.R. 2646, 1/13/2010
On motion to suspend the rules, the U.S. House of Representatives has passed by voice vote and without any amendment H.R. 6388, otherwise known as the Government Accountability Office Improvement Act of 2008.
Chairman Henry A. Waxman and 18 other committee chairs introduced this legislation to strengthen the Government Accountability Office (“GAO”) and restore GAO’s authority to pursue litigation if documents are improperly withheld from the agency.
In addition, the bill authorizes the Comptroller General, for five years following enactment of this Act, to conduct reviews, including on-site examinations, of credit facilities established by the Board of Governors of the Federal…
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View a PDF of the proposed legislation