Summary

Requires the Government Accountability Office (GAO) to audit the Board of Governors of the Federal Reserve System and the Federal Reserve banks and deliver a written report to Congress. The legislation also amends federal audit law to change which Federal Reserve programs are treated as exempt from GAO audits, narrowing those exemptions to certain emergency lending facilities and limiting retained disclosure language.

• Mandates a GAO audit of the Federal Reserve Board and Reserve Banks to be completed within 12 months of enactment.
• Requires GAO to deliver a written report with findings and recommendations to Congress within 90 days after audit completion.
• Alters 31 U.S.C. § 714 by removing certain sentences and a subsection that shaped audit exemptions.
• Changes cross-references in the Federal Reserve Act to treat audit exemptions more narrowly, focusing on section 13(3) emergency lending facilities.
• Narrows the scope of information that is excluded from disclosure to the specific categories described in the revised statutory text.
• Overrides previous statutory timing or exemption language that limited GAO’s audit authority over the Fed.
• Does not create new programs or appropriate funds; it imposes audit and reporting requirements and edits existing law.