119-hr24

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 24 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 24

 To require a full audit of the Board of Governors of the Federal 
Reserve System and the Federal reserve banks by the Comptroller General 
 of the United States, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 3, 2025

 Mr. Massie (for himself, Mr. Biggs of Arizona, Ms. Boebert, Mr. Bost, 
Mr. Brecheen, Mr. Burchett, Mr. Burlison, Mrs. Cammack, Mr. Cline, Mr. 
 Cloud, Mr. Collins, Mr. Crane, Mr. Crawford, Mr. Davidson, Mr. Estes, 
 Mr. Finstad, Mr. Fitzpatrick, Mr. Gosar, Ms. Greene of Georgia, Mr. 
 Griffith, Ms. Hageman, Mrs. Luna, Ms. Mace, Mr. McClintock, Mr. 
 McCormick, Mrs. Miller of Illinois, Mr. Moolenaar, Mr. Moore of 
 Alabama, Mr. Norman, Mr. Ogles, Mr. Palmer, Mr. Perry, Mr. Roy, Mr. 
 Rutherford, Mrs. Spartz, Mr. Steube, Ms. Tenney, Mr. Weber of Texas, 
 and Mr. Webster of Florida) introduced the following bill; which was 
 referred to the Committee on Oversight and Government Reform

_______________________________________________________________________

 A BILL

 To require a full audit of the Board of Governors of the Federal 
Reserve System and the Federal reserve banks by the Comptroller General 
 of the United States, 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 ``Federal Reserve Transparency Act of 
2025''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE 
 FEDERAL RESERVE SYSTEM.

    (a) In General.--Notwithstanding 

section 714 of title 31, United 
States Code, or any other provision of law, the Comptroller General of 
the United States shall complete an audit of the Board of Governors of 
the Federal Reserve System and the Federal reserve banks under 
subsection

    (b) of such 

section 714 within 12 months after the date of 
the enactment of this Act.

    (b) Report.--

    (1) In general.--Not later than 90 days after the audit 
 required pursuant to subsection

    (a) is completed, the 
 Comptroller General--
        (A) shall submit to Congress a report on such 
 audit; and
        (B) shall make such report available to the Speaker 
 of the House, the majority and minority leaders of the 
 House of Representatives, the majority and minority 
 leaders of the Senate, the Chairman and Ranking Member 
 of the committee and each subcommittee of jurisdiction 
 in the House of Representatives and the Senate, and any 
 other Member of Congress who requests the report.

    (2) Contents.--The report under paragraph

    (1) shall include 
 a detailed description of the findings and conclusion of the 
 Comptroller General with respect to the audit that is the 
 subject of the report, together with such recommendations for 
 legislative or administrative action as the Comptroller General 
 may determine to be appropriate.
            (c) Repeal of Certain Limitations.--Subsection

    (b) of 

section 714 
of title 31, United States Code, is amended by striking the second 
sentence.
            (d) Technical and Conforming Amendments.--

    (1) In general.--

Section 714 of title 31, United States 
 Code, is amended--
        (A) in subsection
            (d) (3) , by striking ``or

    (f) '' 
 each place such term appears;
        (B) in subsection

    (e) , by striking ``the third 
 undesignated paragraph of 

section 13'' and inserting 
 ``

section 13

    (3) ''; and
            (C) by striking subsection

    (f) .

    (2) Federal reserve act.--Subsection

    (s) (relating to 
 ``Federal Reserve Transparency and Release of Information'') of 
 

section 11 of the Federal Reserve Act (12 U.S.C. 248) is 
 amended--
        (A) in paragraph

    (4)
        (A) , by striking ``has the same 
 meaning as in 

section 714

    (f)

    (1)
        (A) of title 31, United 
 States Code'' and inserting ``means a program or 
 facility, including any special purpose vehicle or 
 other entity established by or on behalf of the Board 
 of Governors of the Federal Reserve System or a Federal 
 reserve bank, authorized by the Board of Governors 
 under 

section 13

    (3) , that is not subject to audit under 
 

section 714

    (e) of title 31, United States Code'';
        (B) in paragraph

    (6) , by striking ``or in 

section 714

    (f)

    (3)
            (C) of title 31, United States Code, the 
 information described in paragraph

    (1) and information 
 concerning the transactions described in 

section 714

    (f) of such title,'' and inserting ``the information 
 described in paragraph

    (1) ''; and
            (C) in paragraph

    (7) , by striking ``and 

section 13

    (3)
            (C) , 

section 714

    (f)

    (3)
            (C) of title 31, United 
 States Code, and'' and inserting ``, 

section 13

    (3)
            (C) , 
 and''.
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