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Full Audit of the Federal Reserve: Increasing Central Bank Transparency

This law mandates a full audit of the Federal Reserve System and its regional banks by the Government Accountability Office (GAO). The goal is to remove existing legal barriers to comprehensive oversight, ensuring greater transparency in how the Fed manages monetary policy and uses emergency funds. Citizens will gain better insight into the economic decisions that directly affect inflation and interest rates.
Key points
Requires the Government Accountability Office (GAO) to complete a full audit of the Federal Reserve within 12 months.
Removes previous legal restrictions that limited the scope of audits of the Fed's operations.
Mandates public reporting of the audit findings to Congress, enhancing accountability of the central bank.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_3566
Sponsor: Sen. Paul, Rand [R-KY]
Process start date: 2024-01-10
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Reserve Transparency Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3566.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-01-10.

What are the main provisions?

Key points include:

  • Requires the Government Accountability Office (GAO) to complete a full audit of the Federal Reserve within 12 months.
  • Removes previous legal restrictions that limited the scope of audits of the Fed's operations.
  • Mandates public reporting of the audit findings to Congress, enhancing accountability of the central bank.
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 2025-12-26.

CATEGORIES

Economy