Us Congress 2025-2026 Regular Session

Us Congress House Bill HB24 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 24
5	5	To require a full audit of the Board of Governors of the Federal Reserve
6	6	System and the Federal reserve banks by the Comptroller General of
7	7	the United States, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY3, 2025
10	10	Mr. M
11	11	ASSIE(for himself, Mr. BIGGSof Arizona, Ms. BOEBERT, Mr. BOST,
12	12	Mr. B
13	13	RECHEEN, Mr. BURCHETT, Mr. BURLISON, Mrs. CAMMACK, Mr.
14	14	C
15	15	LINE, Mr. CLOUD, Mr. COLLINS, Mr. CRANE, Mr. CRAWFORD, Mr. DA-
16	16	VIDSON, Mr. ESTES, Mr. FINSTAD, Mr. FITZPATRICK, Mr. GOSAR, Ms.
17	17	G
18	18	REENEof Georgia, Mr. GRIFFITH, Ms. HAGEMAN, Mrs. LUNA, Ms.
19	19	M
20	20	ACE, Mr. MCCLINTOCK, Mr. MCCORMICK, Mrs. MILLERof Illinois, Mr.
21	21	M
22	22	OOLENAAR, Mr. MOOREof Alabama, Mr. NORMAN, Mr. OGLES, Mr.
23	23	P
24	24	ALMER, Mr. PERRY, Mr. ROY, Mr. RUTHERFORD, Mrs. SPARTZ, Mr.
25	25	S
26	26	TEUBE, Ms. TENNEY, Mr. WEBERof Texas, and Mr. WEBSTERof Flor-
27	27	ida) introduced the following bill; which was referred to the Committee
28	28	on Oversight and Government Reform A BILL
29	29	To require a full audit of the Board of Governors of the
30	30	Federal Reserve System and the Federal reserve banks
31	31	by the Comptroller General of the United States, and
32	32	for other purposes.
33	33	Be it enacted by the Senate and House of Representa-1
34	34	tives of the United States of America in Congress assembled, 2
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37	37	•HR 24 IH
38	38	SECTION 1. SHORT TITLE. 1
39	39	This Act may be cited as the ‘‘Federal Reserve 2
40	40	Transparency Act of 2025’’. 3
41	41	SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 4
42	42	BOARD OF GOVERNORS OF THE FEDERAL RE-5
43	43	SERVE SYSTEM. 6
44	44	(a) I
45	45	NGENERAL.—Notwithstanding section 714 of 7
46	46	title 31, United States Code, or any other provision of law, 8
47	47	the Comptroller General of the United States shall com-9
48	48	plete an audit of the Board of Governors of the Federal 10
49	49	Reserve System and the Federal reserve banks under sub-11
50	50	section (b) of such section 714 within 12 months after 12
51	51	the date of the enactment of this Act. 13
52	52	(b) R
53	53	EPORT.— 14
54	54	(1) I
55	55	N GENERAL.—Not later than 90 days after 15
56	56	the audit required pursuant to subsection (a) is com-16
57	57	pleted, the Comptroller General— 17
58	58	(A) shall submit to Congress a report on 18
59	59	such audit; and 19
60	60	(B) shall make such report available to the 20
61	61	Speaker of the House, the majority and minor-21
62	62	ity leaders of the House of Representatives, the 22
63	63	majority and minority leaders of the Senate, the 23
64	64	Chairman and Ranking Member of the com-24
65	65	mittee and each subcommittee of jurisdiction in 25
66	66	the House of Representatives and the Senate, 26
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69	69	•HR 24 IH
70	70	and any other Member of Congress who re-1
71	71	quests the report. 2
72	72	(2) C
73	73	ONTENTS.—The report under paragraph 3
74	74	(1) shall include a detailed description of the find-4
75	75	ings and conclusion of the Comptroller General with 5
76	76	respect to the audit that is the subject of the report, 6
77	77	together with such recommendations for legislative 7
78	78	or administrative action as the Comptroller General 8
79	79	may determine to be appropriate. 9
80	80	(c) R
81	81	EPEAL OFCERTAINLIMITATIONS.—Subsection 10
82	82	(b) of section 714 of title 31, United States Code, is 11
83	83	amended by striking the second sentence. 12
84	84	(d) T
85	85	ECHNICAL ANDCONFORMINGAMENDMENTS.— 13
86	86	(1) I
87	87	N GENERAL.—Section 714 of title 31, 14
88	88	United States Code, is amended— 15
89	89	(A) in subsection (d)(3), by striking ‘‘or 16
90	90	(f)’’ each place such term appears; 17
91	91	(B) in subsection (e), by striking ‘‘the 18
92	92	third undesignated paragraph of section 13’’ 19
93	93	and inserting ‘‘section 13(3)’’; and 20
94	94	(C) by striking subsection (f). 21
95	95	(2) F
96	96	EDERAL RESERVE ACT .—Subsection (s) 22
97	97	(relating to ‘‘Federal Reserve Transparency and Re-23
98	98	lease of Information’’) of section 11 of the Federal 24
99	99	Reserve Act (12 U.S.C. 248) is amended— 25
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102	102	•HR 24 IH
103	103	(A) in paragraph (4)(A), by striking ‘‘has 1
104	104	the same meaning as in section 714(f)(1)(A) of 2
105	105	title 31, United States Code’’ and inserting 3
106	106	‘‘means a program or facility, including any 4
107	107	special purpose vehicle or other entity estab-5
108	108	lished by or on behalf of the Board of Gov-6
109	109	ernors of the Federal Reserve System or a Fed-7
110	110	eral reserve bank, authorized by the Board of 8
111	111	Governors under section 13(3), that is not sub-9
112	112	ject to audit under section 714(e) of title 31, 10
113	113	United States Code’’; 11
114	114	(B) in paragraph (6), by striking ‘‘or in 12
115	115	section 714(f)(3)(C) of title 31, United States 13
116	116	Code, the information described in paragraph 14
117	117	(1) and information concerning the transactions 15
118	118	described in section 714(f) of such title,’’ and 16
119	119	inserting ‘‘the information described in para-17
120	120	graph (1)’’; and 18
121	121	(C) in paragraph (7), by striking ‘‘and sec-19
122	122	tion 13(3)(C), section 714(f)(3)(C) of title 31, 20
123	123	United States Code, and’’ and inserting ‘‘, sec-21
124	124	tion 13(3)(C), and’’. 22
125	125	Æ
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