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Federal Reserve Transparency Act: Full Audit and Public Report for Congress

This act mandates a full audit of the Federal Reserve, meaning an independent body will review its operations. The audit findings will be reported to Congress and made public, increasing transparency and allowing citizens to better understand how the central bank operates and spends money.
Key points
Independent Federal Reserve Audit: The Comptroller General will conduct a full audit of the Federal Reserve and its banks.
Public Report: Audit findings will be submitted to Congress and made available to the public, increasing oversight of the Federal Reserve's actions.
Increased Transparency: The act removes previous limitations on auditing certain Federal Reserve programs and activities, meaning more information for the public.
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Status:
Expired
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Additional Information
Federal Reserve Transparency Act of 2021
Print number: S 573
Sponsor: Sen. Paul, Rand [R-KY]
Process start date: 2021-03-03
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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Summary & Status

Key Questions about Federal Reserve Transparency Act: Full Audit and Public Report for Congress

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is S 573.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-03.

What are the main provisions?

Key points include:

  • Independent Federal Reserve Audit: The Comptroller General will conduct a full audit of the Federal Reserve and its banks.
  • Public Report: Audit findings will be submitted to Congress and made available to the public, increasing oversight of the Federal Reserve's actions.
  • Increased Transparency: The act removes previous limitations on auditing certain Federal Reserve programs and activities, meaning more information for the public.

What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Paul, Rand [R-KY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

Analysis and Potential Impact of S 573

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy