Bill > S3218

This bill requires a comprehensive audit and assessment of the United States' gold reserves, mandating that the Comptroller General contract with an independent third-party auditor to conduct a thorough examination within 9 months of the Act's enactment and every 5 years thereafter. The audit will cover a full inventory of gold reserves (including deep storage gold), analyze the physical security of these reserves, and provide a complete accounting of all gold-related transactions and interests over the past 50 years, including transactions involving federal agencies, international organizations like the Bank for International Settlements and International Monetary Fund, and other public or private entities. The Comptroller General must submit a detailed report to Congress and the Treasury Secretary within 3 months of completing the audit, which will be made publicly available online, with only minimal redactions allowed for physical security details. Additionally, the bill requires the Treasury to upgrade the quality of gold reserves within 5 years to meet current "good delivery standards" in the global marketplace, which involves ensuring the gold bars meet specific weight and purity requirements. To accomplish this, the Treasury may contract with qualified U.S.-based refiners and logistics firms, with the goal of ensuring the United States' gold reserves are transparent, secure, and compliant with international market standards.

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https://www.congress.gov/bill/119th-congress/senate-bill/3218/all-info