summary
Introduced
01/03/2025
01/03/2025
In Committee
01/03/2025
01/03/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
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.
AI Summary
This bill, known as the Federal Reserve Transparency Act of 2025, requires a comprehensive audit of the Federal Reserve (the central banking system of the United States) by the Comptroller General (the head of the Government Accountability Office) within 12 months of enactment. The audit will examine the Board of Governors of the Federal Reserve System and Federal Reserve banks, and the Comptroller General must submit a detailed report to Congress within 90 days of completing the audit. The report must include findings, conclusions, and recommendations for potential legislative or administrative actions. The bill removes previous legal limitations on auditing the Federal Reserve, specifically repealing certain restrictions in existing law that previously prevented full scrutiny of the Federal Reserve's operations. The legislation also makes technical amendments to various sections of federal code related to the Federal Reserve, clarifying and expanding the scope of potential audits and information disclosure. By mandating this comprehensive audit, the bill aims to increase transparency and accountability in the Federal Reserve's activities, which have significant implications for U.S. monetary policy and financial regulation.
Committee Categories
Government Affairs
Sponsors (47)
Thomas Massie (R)*,
Andy Biggs (R),
Sheri Biggs (R),
Gus Bilirakis (R),
Lauren Boebert (R),
Mike Bost (R),
Josh Brecheen (R),
Tim Burchett (R),
Eric Burlison (R),
Kat Cammack (R),
Ben Cline (R),
Michael Cloud (R),
Mike Collins (R),
Eli Crane (R),
Rick Crawford (R),
Warren Davidson (R),
Ron Estes (R),
Brad Finstad (R),
Brian Fitzpatrick (R),
Paul Gosar (R),
Mark Green (R),
Marjorie Taylor Greene (R),
Morgan Griffith (R),
Brett Guthrie (R),
Harriet Hageman (R),
Abraham Hamadeh (R),
Andy Harris (R),
Anna Luna (R),
Nancy Mace (R),
Tom McClintock (R),
Richard McCormick (R),
Mary Miller (R),
John Moolenaar (R),
Barry Moore (R),
Ralph Norman (R),
Andy Ogles (R),
Gary Palmer (R),
Scott Perry (R),
Chip Roy (R),
Michael Rulli (R),
John Rutherford (R),
Victoria Spartz (R),
Greg Steube (R),
Claudia Tenney (R),
Randy Weber (R),
Daniel Webster (R),
Tony Wied (R),
Last Action
Referred to the House Committee on Oversight and Government Reform. (on 01/03/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/24/all-info |
| BillText | https://www.congress.gov/119/bills/hr24/BILLS-119hr24ih.pdf |
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