II 

117TH CONGRESS 

1ST SESSION S. 573 

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 

MARCH 3, 2021 

Mr. PAUL (for himself, Mr. YOUNG, Mr. BARRASSO, Mr. BLUNT, Mr. BOOZMAN, Mr. PORTMAN, Mr. LANKFORD, and Mr. LEE) 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Reserve 

5 Transparency Act of 2021’’. 


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1 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

2 BOARD OF GOVERNORS OF THE FEDERAL RE3 SERVE SYSTEM. 

4 (a) IN GENERAL.—Notwithstanding section 714 of 

5 title 31, United States Code, or any other provision of law, 

6 the Comptroller General of the United States shall com7 plete an audit of the Board of Governors of the Federal 

8 Reserve System and the Federal reserve banks under sub9 section (b) of that section not later than 12 months after 

10 the date of the enactment of this Act. 

11 (b) REPORT.— 

12 (1) IN GENERAL.—Not later than 90 days after 

13 the date on which the audit required pursuant to 

14 subsection (a) is completed, the Comptroller Gen15 eral— 

16 (A) shall submit to Congress a report on 

17 the audit; and 

18 (B) shall make the report described in sub19 paragraph (A) available to the Speaker of the 

20 House, the majority and minority leaders of the 

21 House of Representatives, the majority and mi22 nority leaders of the Senate, the Chairman and 

23 Ranking Member of the committee and each 

24 subcommittee of jurisdiction in the House of 

25 Representatives and the Senate, and any other 

26 Member of Congress who requests the report. 


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1 (2) CONTENTS.—The report required under 

2 paragraph (1) shall include a detailed description of 

3 the findings and conclusion of the Comptroller Gen4 eral with respect to the audit that is the subject of 

5 the report, together with such recommendations for 

6 legislative or administrative action as the Comp7 troller General may determine to be appropriate. 

8 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

9 (b) of section 714 of title 31, United States Code, is 

10 amended by striking the second sentence. 

11 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

12 (1) IN GENERAL.—Section 714 of title 31, 

13 United States Code, is amended— 

14 (A) in subsection (d)(3), by striking ‘‘or 

15 (f)’’ each place the term appears; 

16 (B) in subsection (e), by striking ‘‘the 

17 third undesignated paragraph of section 13’’ 

18 and inserting ‘‘section 13(3)’’; and 

19 (C) by striking subsection (f). 

20 (2) FEDERAL RESERVE ACT.—Subsection (s) 

21 (relating to ‘‘Federal Reserve Transparency and Re22 lease of Information’’) of section 11 of the Federal 

23 Reserve Act (12 U.S.C. 248) is amended— 

24 (A) in paragraph (4)(A), by striking ‘‘has 

25 the same meaning as in section 714(f)(1)(A) of 


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1 title 31, United States Code’’ and inserting 

2 ‘‘means a program or facility, including any 

3 special purpose vehicle or other entity estab4 lished by or on behalf of the Board of Gov5 ernors of the Federal Reserve System or a Fed6 eral reserve bank, authorized by the Board of 

7 Governors under section 13(3), that is not sub8 ject to audit under section 714(e) of title 31, 

9 United States Code’’; 

10 (B) in paragraph (6), by striking ‘‘or in 

11 section 714(f)(3)(C) of title 31, United States 

12 Code, the information described in paragraph 

13 (1) and information concerning the transactions 

14 described in section 714(f) of such title,’’ and 

15 inserting ‘‘the information described in para16 graph (1)’’; and 

17 (C) in paragraph (7), by striking ‘‘and sec18 tion 13(3)(C), section 714(f)(3)(C) of title 31, 

19 United States Code, and’’ and inserting ‘‘, sec20 tion 13(3)(C), and’’. 

Æ 


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