Sponsors (7)
The bill increases transparency and congressional oversight of the Federal Reserve—giving taxpayers, investors, and lawmakers clearer information and recommendations—at the risk of higher oversight costs and potential constraints or information leaks that could impede the Fed's ability to act swiftly in a crisis.
All Americans gain stronger public oversight because GAO will audit the Federal Reserve, publish findings on a clear timetable, and include recommendations Congress can act on.
Investors and banks receive clearer oversight and disclosure around Federal Reserve emergency lending programs because the bill narrows audit-exempt definitions and updates section 13(3) disclosure rules.
Financial institutions and taxpayers could face greater risk if increased scrutiny complicates the Fed's ability to use emergency lending tools quickly during crises.
Taxpayers may incur higher oversight costs because expanded audits and more detailed reporting increase GAO workload and federal administrative costs.
Greater public availability of Fed audit findings could expose sensitive market or supervisory information, risking market disruption or reducing the effectiveness of confidential supervisory tools.
Based on analysis of 2 sections of legislative text.
Requires GAO to audit the Federal Reserve Board and Reserve Banks within 12 months, mandates a congressional report within 90 days, and revises audit and disclosure statutes tied to emergency lending.
Introduced July 17, 2025 by Rand Paul · Last progress July 17, 2025
Requires the Government Accountability Office (GAO) to complete a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks within 12 months of enactment, and to deliver a report to Congress within 90 days after the audit is finished. It also changes federal audit law and related Federal Reserve Act language to remove or revise certain audit-exemption and cross-reference provisions tied to emergency lending programs and to clarify which programs are subject to audit and disclosure rules. The measure compels GAO access and congressional reporting, narrows some confidentiality or exemption references for certain Section 13(3) programs/facilities, and makes technical edits to the statutes that govern audits and disclosures of Federal Reserve activities.