Detailed Summary

Federal Reserve Credit Facility Review Act of 2009 - Authorizes the Comptroller General to conduct reviews and onsite examinations of: (1) any credit facility established by the Federal Reserve Board or any federal reserve bank; and (2) such credit facility's establishment as the lender of last resort (including providing credit under enhancements to traditional lending facilities and credit facilities).

Cites the credit facilities to which this Act applies. Grants the Comptroller General access to all records and property of any such credit facility, including its officers, employees, contractors, and other agents and representatives.

Sets forth the powers of the Comptroller to implement this Act.

Requires the Comptroller General to report to Congress on each review conducted.

Terminates such authorization five years after enactment of this Act.

Status of the Legislation

Latest Major Action: 7/15/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Points in Favor

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Points Against

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