I 
119TH CONGRESS 
1ST SESSION H. R. 3795 
To provide for the first true audit of gold owned by the United States 
in more than 65 years and to conduct subsequent audits every 5 years. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 6, 2025 
Mr. MASSIE (for himself, Mr. DAVIDSON, Mr. MCDOWELL, and Mr. NEHLS) 
introduced the following bill; which was referred to the Committee on Fi-
nancial Services 
A BILL 
To provide for the first true audit of gold owned by the 
United States in more than 65 years and to conduct 
subsequent audits every 5 years. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Gold Reserve Trans-
parency Act of 2025’’. 
SEC. 2. ASSAY, INVENTORY, AND AUDIT OF GOLD RE-
SERVES. 
(a) IN GENERAL.—The Comptroller General of the 
United States shall contract with a qualified, independent, 
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third-party, external auditor to conduct and complete, not 
later than nine months after the date of enactment of this 
Act, and every 5 years thereafter— 
(1) a full assay, inventory, and audit of all gold 
reserves, including any gold in ‘‘deep storage’’, of 
the United States at the place or places where such 
reserves are kept; 
(2) an analysis of the sufficiency of the meas-
ures taken to ensure the physical security of such re-
serves; 
(3) a full accounting of any and all encum-
brances, including those due to lease, swap, or simi-
lar transactions presently in existence or entered 
into at any time during the past 50 years with re-
spect to the gold reserves; 
(4) a full accounting of any and all sales, pur-
chases, disbursements, or receipts at any time dur-
ing the past 50 years—whether directly or indirectly 
undertaken—with respect to the gold reserves, in-
cluding the specific terms and parties involved in 
such transactions; and 
(5) a full accounting of all gold in which the 
U.S. Government (including the Board of Governors 
of the Federal Reserve System or any other Federal 
agency) presently has a direct or indirect interest, 
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including gold that may be held by third parties, in-
cluding, for example, the Bank for International Set-
tlements, the International Monetary Fund, the Ex-
change Stabilization Fund, any foreign central bank, 
or any other party, public or private. 
(b) REPORT.—Not later than 3 months after the 
completion of each assay, inventory, audit, analysis, and 
accounting required under subsection (a), the Comptroller 
General shall issue a report to the Congress and the Sec-
retary of the Treasury containing all results, findings, and 
determinations made in carrying out the assay, inventory, 
audit, analysis, and accounting, and promptly make such 
report (together with copies of all source materials relied 
upon) available to the public on the internet. No 
redactions shall be permitted except with respect to under-
lying details contained in the analysis completed under 
subsection (a)(2) dealing only with physical security. 
(c) GAO ACCESS.—For purposes of carrying out this 
Act, the Comptroller General, and any external auditor 
contracting with the Comptroller General under subsection 
(a), shall have full access (enforceable by the Comptroller 
General by subpoena authority) to any depository or other 
public or private facility where such reserves are kept or 
where any records are kept that are necessary to carry 
out this Act. 
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(d) INFORMATION MADE AVAILABLE
BY TREAS-
URY.—The Secretary of the Treasury (and all other Fed-
eral agencies, including the Board of Governors of the 
Federal Reserve System) shall make available, without any 
redactions, to the Comptroller General, for purposes of 
carrying out this Act, all books, accounts, records, reports, 
files, correspondence, memoranda, papers, or any other 
document, tape, or written, audio, or digital record per-
taining to the assay, inventory, audit, analysis, and ac-
counting required under subsection (a), as determined by 
the Comptroller General. 
Æ 
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