Summary

Requires an independent audit of the entire Federal Reserve System by the Comptroller General (GAO). The audit must cover the Board of Governors and the regional Federal Reserve Banks and remove current legal limits that prevent GAO from reviewing certain Fed activities. The audit must be finished within 12 months of enactment. A detailed report of the findings must be delivered to Congress and shared with congressional leaders within 90 days after the audit is completed. The bill also makes technical updates to the relevant statutes to reflect these changes.

Key Points

• Orders a one-time comprehensive GAO audit of the Federal Reserve’s Board of Governors and the Federal Reserve Banks.
• Removes current limits in 31 U.S.C. 714 that restrict GAO’s access to certain Fed activities.
• Requires the audit to be completed within 12 months of enactment.
• Requires GAO to submit a detailed report to Congress within 90 days after the audit ends and share it with congressional leaders.
• Makes technical and conforming statutory changes to 31 U.S.C. 714 and 12 U.S.C. 248.
• Aims to increase transparency and strengthen congressional oversight without altering monetary policy powers.
• Creates workload and coordination requirements for GAO and the Federal Reserve but no direct mandates on private entities.
• Includes no appropriations, tax changes, or ongoing program authorizations.

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