119-s2484

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2484 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2484

 To establish an Inspector General of the Neighborhood Reinvestment 
 Corporation, and for other purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 28, 2025

 Mr. Hagerty introduced the following bill; which was read twice and 
 referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

 A BILL

 To establish an Inspector General of the Neighborhood Reinvestment 
 Corporation, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``NeighborWorks Accountability Act''.

SEC. 2. AUTHORIZATION OF INSPECTOR GENERAL OF THE NEIGHBORHOOD 
 REINVESTMENT CORPORATION.

    (a) In General.--

Section 415

    (a)

    (1)
        (A) of title 5, United States 
Code, is amended by inserting ``the Neighborhood Reinvestment 
Corporation,'' after ``the Postal Regulatory Commission,''.

    (b) Duties and Audits.--The Neighborhood Reinvestment Corporation 
Act (42 U.S.C. 8101 et seq.) is amended--

    (1) in 

section 606 (42 U.S.C. 8105), by adding at the end 
 the following:
 ``

    (e)

    (1) There is authorized to be appropriated to the Office of 
Inspector General of the corporation established under 

section 415 of 
title 5, United States Code, such sums as may be necessary to carry out 
this Act.
 ``

    (2) There shall not be transferred to the Office of Inspector 
General of the corporation any program operating responsibilities of 
the corporation, including the organizational assessments work and 
grantee oversight function of the corporation.''.
            (c) Independent Audit.--

Section 607 of the Neighborhood 
Reinvestment Corporation Act (42 U.S.C. 8106) is amended by striking 
subsection

    (b) and inserting following:
 ``

    (b)

    (1) The accounts of the corporation shall be audited annually 
by an independent external auditor.
 ``

    (2) Notwithstanding any other audit work performed by the Office 
of Inspector General of the corporation, the audits required under 
paragraph

    (1) shall be conducted in accordance with generally accepted 
auditing standards by independent certified public accountants who are 
certified by a regulatory authority of the jurisdiction in which the 
audit is undertaken.''.
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