H.R. 6483: NeighborWorks Accountability Act

The NeighborWorks Accountability Act is a proposed bill that seeks to enhance oversight and accountability of the Neighborhood Reinvestment Corporation (NRC). The main provisions of the bill include:

1. Establishment of an Inspector General

The bill proposes the creation of an Inspector General specifically for the Neighborhood Reinvestment Corporation. This position is intended to oversee the operations and financial practices of the NRC, ensuring adherence to regulations and effective management of resources.

2. Amendments to Existing Law

The bill amends existing statutes, particularly those pertaining to the Neighborhood Reinvestment Corporation Act. It adds the NRC to the list of entities that are subject to oversight by an Inspector General under federal law.

3. Funding

It includes provisions for the appropriation of necessary funds to support the Office of the Inspector General, allowing it to fulfill its responsibilities. However, it explicitly states that no operational responsibilities of the NRC will be transferred to the Inspector General's office, which means the day-to-day functions and program management will remain with the NRC.

4. Independent Audits

The bill requires that the accounts of the Neighborhood Reinvestment Corporation be audited annually by an independent external auditor. This audit must be conducted by certified public accountants who adhere to generally accepted auditing standards. This aims to ensure transparency and accountability in the financial dealings of the NRC.

5. Limitations on Responsibilities

Furthermore, the bill specifies that the Office of the Inspector General will not take over any programmatic or operational responsibilities of the NRC, meaning that the functions of overseeing grantees and conducting organizational assessments will continue to be carried out by the NRC itself.

Summary of Impacts

Overall, the NeighborWorks Accountability Act aims to strengthen the oversight mechanisms of the Neighborhood Reinvestment Corporation, ensuring that it operates with greater transparency and accountability through the establishment of an Inspector General and mandatory independent audits.

Relevant Companies

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