Federal Reserve Transparency Act of 2025

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 24 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 24 To 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 3, 2025 Mr. Massie (for himself, Mr. Biggs of Arizona, Ms. Boebert, Mr. Bost, Mr. Brecheen, Mr. Burchett, Mr. Burlison, Mrs. Cammack, Mr. Cline, Mr. Cloud, Mr. Collins, Mr. Crane, Mr. Crawford, Mr. Davidson, Mr. Estes, Mr. Finstad, Mr. Fitzpatrick, Mr. Gosar, Ms. Greene of Georgia, Mr. Griffith, Ms. Hageman, Mrs. Luna, Ms. Mace, Mr. McClintock, Mr. McCormick, Mrs. Miller of Illinois, Mr. Moolenaar, Mr. Moore of Alabama, Mr. Norman, Mr. Ogles, Mr. Palmer, Mr. Perry, Mr. Roy, Mr. Rutherford, Mrs. Spartz, Mr. Steube, Ms. Tenney, Mr. Weber of Texas, and Mr. Webster of Florida) introduced the following bill; which was referred to the Committee on Oversight and Government Reform _______________________________________________________________________ A BILL To 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

This Act may be cited as the ``Federal Reserve Transparency Act of 2025''.

FEDERAL RESERVE SYSTEM. (a) In General.--Notwithstanding

States Code, or any other provision of law, the Comptroller General of the United States shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such

the enactment of this Act. (b) Report.-- (1) In general.--Not later than 90 days after the audit required pursuant to subsection (a) is completed, the Comptroller General-- (A) shall submit to Congress a report on such audit; and (B) shall make such report available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests the report. (2) Contents.--The report under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate. (c) Repeal of Certain Limitations.--Subsection (b) of

of

sentence. (d) Technical and Conforming Amendments.-- (1) In general.--

Code, is amended-- (A) in subsection (d)(3), by striking ``or (f)'' each place such term appears; (B) in subsection (e), by striking ``the third undesignated paragraph of

``

(C) by striking subsection (f). (2) Federal reserve act.--Subsection (s) (relating to ``Federal Reserve Transparency and Release of Information'') of

amended-- (A) in paragraph (4)(A), by striking ``has the same meaning as in

States Code'' and inserting ``means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under

(B) in paragraph (6), by striking ``or in

section 714(f)(3)(C) of

information described in paragraph (1) and information concerning the transactions described in

of such title,'' and inserting ``the information described in paragraph (1)''; and (C) in paragraph (7), by striking ``and

section 13(3)(C),

States Code, and'' and inserting ``,

and''. <all>