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. DA-
VIDSON, 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Reserve 
Transparency Act of 2021’’. 
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE 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 com-
plete an audit of the Board of Governors of the Federal 
Reserve System and the Federal reserve banks under sub-
section (b) of such section 714 within 12 months after 
the date of the enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
the audit required pursuant to subsection (a) is com-
pleted, 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 minor-
ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
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and any other Member of Congress who re-
quests the report. 
(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings 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 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 such 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 Re-
lease of Information’’) of section 11 of the Federal 
Reserve Act (12 U.S.C. 248) is amended— 
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(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 estab-
lished by or on behalf of the Board of Gov-
ernors of the Federal Reserve System or a Fed-
eral reserve bank, authorized by the Board of 
Governors under section 13(3), that is not sub-
ject 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 para-
graph (1)’’; and 
(C) in paragraph (7), by striking ‘‘and sec-
tion 13(3)(C), section 714(f)(3)(C) of title 31, 
United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
Æ 
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