Gold Reserve Transparency Act of 2021
Bill: H.R.3526 | Sponsor: Rep. Mooney, Alexander X. (R-WV)
Policy area: Economics and Public Finance

Summary:
Gold Reserve Transparency Act of 2021
This bill directs the Government Accountability Office to report on the gold reserves of the United States every five years.

To provide for the first true audit of gold owned by the United States 
      in more than 65 years, and subsequent audits every 5 years.

    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 ``Gold Reserve Transparency Act of 
2021''.

SEC. 2. ASSAY, INVENTORY, AND AUDIT OF GOLD RESERVES.

    (a) GAO Assay, Inventory, and Audit.--The Comptroller General of 
the United States shall 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 measures taken to 
        ensure the physical security of such reserves;
            (3) a full accounting of any and all encumbrances, 
        including those due to lease, swap, or similar transactions 
        presently in existence or entered into at any time during the 
        past 15 years with respect to the gold reserves;
            (4) a full accounting of any and all sales, purchases, 
        disbursements, or receipts at any time during the past 15 
        years--whether directly or indirectly undertaken--with respect 
        to the gold reserves, including 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, including gold that may be held by 
        third parties, including, for example, the Bank for 
        International Settlements, the International Monetary Fund, the 
        Exchange Stabilization Fund, any foreign central bank, or any 
        other party, public or private.
    (b) Reports.--Not later than 3 months after the completion of each 
assay, inventory, and audit required under subsection (a), the 
Comptroller General shall issue a report to the Congress containing all 
results, findings, and determinations made in carrying out the assay, 
inventory, audit, analysis, and accounting and shall 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 underlying details contained in the 
analysis completed under subsection (a)(2) above dealing only with 
physical security.
    (c) GAO Access.--For purposes of carrying out this Act, the 
Comptroller General shall have full access (enforceable 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.
    (d) Information Made Available by Treasury.--The Secretary of the 
Treasury (and all other Federal 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 pertaining to the assay, inventory, 
audit, analysis, and accounting required under subsection (a), as 
determined by the Comptroller General.
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