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Full Audit of the Federal Reserve: Increasing Central Bank Transparency.

This Act mandates a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General within 12 months. The goal is to increase the transparency of the central bank's operations, which significantly impact price stability, interest rates, and the overall economy, directly affecting citizens' personal finances. Following the audit, Congress will receive a detailed report revealing how key financial decisions are made and which programs are implemented.
Key points
Mandatory Full Audit: The Comptroller General must conduct a complete audit of the Fed and its reserve banks within one year of the Act's enactment.
Increased Transparency: The Act removes existing limitations that previously prevented a full audit of certain Fed activities, including specific financial programs and facilities.
Report to Congress: Audit findings will be made public and submitted to Congress, enabling better oversight of monetary policy and its economic impact.
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Additional Information
Print number: 118_HR_24
Sponsor: Rep. Massie, Thomas [R-KY-4]
Process start date: 2023-01-09
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OFFICIAL LEGAL TITLE

Federal Reserve Transparency Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_24.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-09.

What are the main provisions?

Key points include:

  • Mandatory Full Audit: The Comptroller General must conduct a complete audit of the Fed and its reserve banks within one year of the Act's enactment.
  • Increased Transparency: The Act removes existing limitations that previously prevented a full audit of certain Fed activities, including specific financial programs and facilities.
  • Report to Congress: Audit findings will be made public and submitted to Congress, enabling better oversight of monetary policy and its economic impact.
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 Rep. Massie, Thomas [R-KY-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Oversight and Accountability.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy