Sponsors (7)
The bill increases transparency and congressional oversight of the Federal Reserve—potentially improving stability and giving lawmakers actionable fixes—but it also raises risks of politicizing sensitive information, adds compliance costs, and may reduce audit quality under tight deadlines.
Taxpayers and Congress get timely, mandatory GAO audits of the Federal Reserve with findings reported to Congress within 90 days, increasing transparency and public accountability of Fed operations.
Members of Congress receive specific findings and recommended legislative or administrative actions, giving lawmakers clearer, actionable information to address problems at the Fed.
Financial institutions and taxpayers benefit from stronger oversight that can deter mismanagement at the Board of Governors and Reserve Banks, helping protect financial stability and market confidence.
Financial institutions and Fed staff may face added compliance and reporting costs as the expanded audit scope and mandatory review increase administrative burdens on the Federal Reserve.
Financial institutions and taxpayers risk politicization of sensitive supervisory or market-operation information because detailed reporting to all requesting Members could be used for political purposes or market signaling.
Taxpayers and Congress could receive lower-quality or rushed audit findings because the 12-month deadline for a comprehensive audit may strain GAO resources and force quicker, less thorough reviews.
Based on analysis of 2 sections of legislative text.
Requires a GAO audit of the Federal Reserve Board and Reserve banks within 12 months and removes statutory limits on such audits.
Requires the Government Accountability Office (GAO) to complete a full audit of the Board of Governors of the Federal Reserve and the Federal Reserve banks within 12 months of enactment and to deliver a report to Congress with findings and recommendations. The bill also removes statutory limits that previously restricted GAO audits of certain Federal Reserve activities and updates cross-references in federal law so more Federal Reserve programs and facilities may be audited. The measure changes language in 31 U.S.C. §714 and the Federal Reserve Act to narrow audit exemptions, directs the Comptroller General to publish and provide the audit report to congressional leaders and requesting Members, and calls for recommended legislative or administrative actions based on audit findings.
Official title: 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.
Introduced July 17, 2025 by Rand Paul · Last progress July 17, 2025