II
118THCONGRESS
2
DSESSION S. 3566
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 SENATE OF THE UNITED STATES
JANUARY10, 2024
Mr. P
AUL(for himself, Mr. BARRASSO, Mrs. BLACKBURN, Mr. BRAUN, Mr.
C
RUZ, Mr. GRASSLEY, Mr. LEE, Mr. MARSHALL, Mr. RISCH, and Mr.
Y
OUNG) introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
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-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Federal Reserve 4
Transparency Act of 2024’’. 5
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•S 3566 IS
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 1
BOARD OF GOVERNORS OF THE FEDERAL RE-2
SERVE SYSTEM. 3
(a) I
NGENERAL.—Notwithstanding section 714 of 4
title 31, United States Code, or any other provision of law, 5
the Comptroller General of the United States shall com-6
plete an audit of the Board of Governors of the Federal 7
Reserve System and the Federal reserve banks under sub-8
section (b) of that section not later than 12 months after 9
the date of enactment of this Act. 10
(b) R
EPORT.— 11
(1) I
N GENERAL.—Not later than 90 days after 12
the date on which the audit required pursuant to 13
subsection (a) is completed, the Comptroller General 14
of the United States— 15
(A) shall submit to Congress a report on 16
the audit; and 17
(B) shall make the report described in sub-18
paragraph (A) available to the Speaker of the 19
House, the majority and minority leaders of the 20
House of Representatives, the majority and mi-21
nority leaders of the Senate, the Chair and 22
Ranking Member of the committee and each 23
subcommittee of jurisdiction in the House of 24
Representatives and the Senate, and any other 25
Member of Congress who requests the report. 26
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(2) CONTENTS.—The report required under 1
paragraph (1) shall include a detailed description of 2
the findings and conclusion of the Comptroller Gen-3
eral of the United States with respect to the audit 4
that is the subject of the report, together with such 5
recommendations for legislative or administrative ac-6
tion as the Comptroller General of the United States 7
may determine to be appropriate. 8
(c) R
EPEAL OFCERTAINLIMITATIONS.—Subsection 9
(b) of section 714 of title 31, United States Code, is 10
amended by striking the second sentence. 11
(d) T
ECHNICAL ANDCONFORMINGAMENDMENTS.— 12
(1) I
N GENERAL.—Section 714 of title 31, 13
United States Code, is amended— 14
(A) in subsection (d)(3), by striking ‘‘or 15
(f)’’ each place the term appears; 16
(B) in subsection (e), by striking ‘‘the 17
third undesignated paragraph of section 13’’ 18
and inserting ‘‘section 13(3)’’; and 19
(C) by striking subsection (f). 20
(2) F
EDERAL RESERVE ACT .—Subsection (s) 21
(relating to ‘‘Federal Reserve Transparency and Re-22
lease of Information’’) of section 11 of the Federal 23
Reserve Act (12 U.S.C. 248) is amended— 24
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(A) in paragraph (4)(A), by striking ‘‘has 1
the same meaning as in section 714(f)(1)(A) of 2
title 31, United States Code’’ and inserting 3
‘‘means a program or facility, including any 4
special purpose vehicle or other entity estab-5
lished by or on behalf of the Board of Gov-6
ernors of the Federal Reserve System or a Fed-7
eral reserve bank, authorized by the Board of 8
Governors under section 13(3), that is not sub-9
ject to audit under section 714(e) of title 31, 10
United States Code’’; 11
(B) in paragraph (6), by striking ‘‘or in 12
section 714(f)(3)(C) of title 31, United States 13
Code, the information described in paragraph 14
(1) and information concerning the transactions 15
described in section 714(f) of such title,’’ and 16
inserting ‘‘the information described in para-17
graph (1)’’; and 18
(C) in paragraph (7), by striking ‘‘and sec-19
tion 13(3)(C), section 714(f)(3)(C) of title 31, 20
United States Code, and’’ and inserting ‘‘, sec-21
tion 13(3)(C), and’’. 22
Æ
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