NeighborWorks Accountability Act

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

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119th CONGRESS
  1st Session
                                S. 2484

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


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                   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

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                                 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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