Summary

Requires the Comptroller General (GAO) to complete an 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 written report to Congress within 90 days after the audit is finished. The bill removes statutory limits and specific exemption language that had restricted GAO audits of certain Federal Reserve activities, updates cross‑references, and revises definitions in the Federal Reserve Act to narrow exemptions from audit coverage.

• Mandates a GAO audit of the Board of Governors and Federal Reserve Banks to be completed within 12 months of enactment.
• Requires GAO to report findings, conclusions, and recommended actions to Congress within 90 days after audit completion.
• Strikes statutory language that previously limited GAO audit authority over certain Federal Reserve activities.
• Removes 31 U.S.C. §714(f) and related cross‑references, eliminating specified audit exclusions.
• Revises definitions in the Federal Reserve Act (12 U.S.C. §248) to narrow exemptions and change which programs/facilities are treated as outside audit scope.
• Does not appropriate funds or create new programs; it modifies audit authority and reporting requirements.
• Increases congressional oversight capacity of Federal Reserve operations by expanding GAO access.
• Could prompt legal, operational, or confidentiality questions about auditing certain Federal Reserve operations.