[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3566 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 3566

   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 SENATE OF THE UNITED STATES

                            January 10, 2024

  Mr. Paul (for himself, Mr. Barrasso, Mrs. Blackburn, Mr. Braun, Mr. 
 Cruz, Mr. Grassley, Mr. Lee, Mr. Marshall, Mr. Risch, and Mr. Young) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Transparency Act of 
2024''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) In General.--Notwithstanding section 714 of title 31, United 
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 that section not later than 12 months after the date 
of enactment of this Act.
    (b) Report.--
            (1) In general.--Not later than 90 days after the date on 
        which the audit required pursuant to subsection (a) is 
        completed, the Comptroller General of the United States--
                    (A) shall submit to Congress a report on the audit; 
                and
                    (B) shall make the report described in subparagraph 
                (A) 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 
                Chair 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 required under paragraph (1) 
        shall include a detailed description of the findings and 
        conclusion of the Comptroller General of the United States 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 of the United 
        States may determine to be appropriate.
    (c) Repeal of Certain Limitations.--Subsection (b) of section 714 
of title 31, United States Code, is amended by striking the second 
sentence.
    (d) Technical and Conforming Amendments.--
            (1) In general.--Section 714 of title 31, United States 
        Code, is amended--
                    (A) in subsection (d)(3), by striking ``or (f)'' 
                each place the term appears;
                    (B) in subsection (e), by striking ``the third 
                undesignated paragraph of section 13'' and inserting 
                ``section 13(3)''; and
                    (C) by striking subsection (f).
            (2) Federal reserve act.--Subsection (s) (relating to 
        ``Federal Reserve Transparency and Release of Information'') of 
        section 11 of the Federal Reserve Act (12 U.S.C. 248) is 
        amended--
                    (A) in paragraph (4)(A), by striking ``has the same 
                meaning as in section 714(f)(1)(A) of title 31, United 
                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 section 13(3), that is not subject to audit under 
                section 714(e) of title 31, United States Code'';
                    (B) in paragraph (6), by striking ``or in section 
                714(f)(3)(C) of title 31, United States Code, the 
                information described in paragraph (1) and information 
                concerning the transactions described in section 714(f) 
                of such title,'' and inserting ``the information 
                described in paragraph (1)''; and
                    (C) in paragraph (7), by striking ``and section 
                13(3)(C), section 714(f)(3)(C) of title 31, United 
                States Code, and'' and inserting ``, section 13(3)(C), 
                and''.
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