I 

117TH 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 4, 2021 

Mr. MASSIE (for himself, Mr. GAETZ, Mr. DUNCAN, Mr. WITTMAN, Mr. 

GOSAR, Mr. FITZPATRICK, Mr. BROOKS, Mr. JORDAN, Mrs. RODGERS of 

Washington, Mr. MAST, Mr. ALLEN, Mr. PALMER, Mr. MCCLINTOCK, 

Mr. PERRY, Mr. DESJARLAIS, Mr. BURCHETT, Mr. LAMBORN, Mr. DAVIDSON, Mr. NORMAN, Mr. GUTHRIE, Mr. WRIGHT, Mr. CALVERT, Mr. 

TIMMONS, Mr. SMITH of Nebraska, Mr. BIGGS, Ms. HERRERA BEUTLER, 

Mr. CRAWFORD, Mr. CARTER of Georgia, Mrs. GREENE of Georgia, Mr. 

CHABOT, Mr. GRIFFITH, Ms. HERRELL, Mr. MOONEY, Mr. WILLIAMS of 

Texas, Mr. MULLIN, Mr. WEBSTER of Florida, Mrs. WALORSKI, Mr. 

POSEY, Mr. GOHMERT, Mr. TAYLOR, Mr. CLINE, Mrs. BOEBERT, Mr. 

BUCK, Mr. BACON, and Mr. GROTHMAN) introduced the following bill; 

which was referred to the Committee on Oversight and 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. 

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


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1 SECTION 1. SHORT TITLE. 

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

3 Transparency Act of 2021’’. 

4 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

5 BOARD OF GOVERNORS OF THE FEDERAL RE6 SERVE SYSTEM. 

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

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

9 the Comptroller General of the United States shall com10 plete an audit of the Board of Governors of the Federal 

11 Reserve System and the Federal reserve banks under sub12 section (b) of such section 714 within 12 months after 

13 the date of the enactment of this Act. 

14 (b) REPORT.— 

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

16 the audit required pursuant to subsection (a) is com17 pleted, the Comptroller General— 

18 (A) shall submit to Congress a report on 

19 such audit; and 

20 (B) shall make such report available to the 

21 Speaker of the House, the majority and minor22 ity leaders of the House of Representatives, the 

23 majority and minority leaders of the Senate, the 

24 Chairman and Ranking Member of the com25 mittee and each subcommittee of jurisdiction in 

26 the House of Representatives and the Senate, 


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1 and any other Member of Congress who re2 quests the report. 

3 (2) CONTENTS.—The report under paragraph 

4 (1) shall include a detailed description of the find5 ings and conclusion of the Comptroller General with 

6 respect to the audit that is the subject of the report, 

7 together with such recommendations for legislative 

8 or administrative action as the Comptroller General 

9 may determine to be appropriate. 

10 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

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

12 amended by striking the second sentence. 

13 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

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

15 United States Code, is amended— 

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

17 (f)’’ each place such term appears; 

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

19 third undesignated paragraph of section 13’’ 

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

21 (C) by striking subsection (f). 

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

23 (relating to ‘‘Federal Reserve Transparency and Re24 lease of Information’’) of section 11 of the Federal 

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


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

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

3 title 31, United States Code’’ and inserting 

4 ‘‘means a program or facility, including any 

5 special purpose vehicle or other entity estab6 lished by or on behalf of the Board of Gov7 ernors of the Federal Reserve System or a Fed8 eral reserve bank, authorized by the Board of 

9 Governors under section 13(3), that is not sub10 ject to audit under section 714(e) of title 31, 

11 United States Code’’; 

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

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

14 Code, the information described in paragraph 

15 (1) and information concerning the transactions 

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

17 inserting ‘‘the information described in para18 graph (1)’’; and 

19 (C) in paragraph (7), by striking ‘‘and sec20 tion 13(3)(C), section 714(f)(3)(C) of title 31, 

21 United States Code, and’’ and inserting ‘‘, sec22 tion 13(3)(C), and’’. 

Æ 


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