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Congress·In Committee·about 1 year ago

Congress Moves to Require a Full Federal Reserve Audit and Report to Lawmakers

Also known as: Federal Reserve Transparency Act of 2025

Legislative Progress

✓ Filed
Review
House
Senate
President

Impacts

Mixed Impacts(5)
Housing Assistance
Neutral
Homeowner
Neutral
Renter
Neutral
Retiree
Neutral
Social Security
Neutral

Key Points

  • Congress would require the Government Accountability Office’s head to do a full audit of the Federal Reserve Board and regional Reserve banks.
  • The audit would have to be finished within 12 months after the bill becomes law.
  • After the audit, a report would have to be sent to Congress within 90 days and shared with House and Senate leaders and committees.
  • The bill would remove some current legal limits that restrict what parts of the Federal Reserve can be audited.
  • If passed, it could affect how much the public and lawmakers can see about the Federal Reserve’s actions and programs.
Economy

Milestones

2 milestones2 actions
Jan 3, 2025House

Referred to the House Committee on Oversight and Government Reform.

Jan 3, 2025

Introduced in House

What Happens Next

Projected impacts based on AI analysis

Soon after the Act is enacted

The Comptroller General begins the required full audit of the Federal Reserve’s Board and the Federal Reserve banks.

You may see more news coverage and congressional attention focused on specific Federal Reserve actions, but your rates and benefits do not automatically change just because an audit starts.

Within 12 months after enactment

The Comptroller General completes the audit.

The findings become a concrete record that Congress can use to hold hearings or propose changes that could later affect how the Federal Reserve operates.

Within 90 days after the audit is completed

The audit report is delivered to Congress and made available to congressional leadership and committees.

More detailed information about Federal Reserve activities becomes accessible to lawmakers, increasing the chance of public debate and follow-up legislation.

Related News

3 articles
Senator Todd Young (Newsroom)·7 months ago

Young, Paul Reintroduce Legislation to Audit the Federal Reserve

Sens. Todd Young and Rand Paul reintroduce the Federal Reserve Transparency Act (“Audit the Fed”), calling for a GAO audit of the Board of Governors and Reserve Banks within one year of enactment and a report to Congress within 90 days.

R+
Rep. Kat Cammack (Press Release)·about 1 year ago

Rep. Cammack Co-Sponsors Rep. Thomas Massie’s H.R. 24 To Audit The Fed

Rep. Kat Cammack announces co-sponsorship of H.R. 24, the Federal Reserve Transparency Act of 2025 (“Audit the Fed”), which would require the Comptroller General to conduct a full examination of the Federal Reserve Board and Reserve Banks.

R+
LegiStorm·about 1 year ago

Rep. Massie Reintroduces H.R. 24 to Audit the Federal Reserve

Repost/aggregation of Rep. Thomas Massie’s official announcement reintroducing H.R. 24, the Federal Reserve Transparency Act of 2025, to require a GAO audit of the Federal Reserve’s Board and regional Reserve Banks.

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Source Information

Document Type

Congressional Bill

Official Title

Federal Reserve Transparency Act of 2025

Bill NumberHR 24
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReferred to the House Committee on Oversight and Government Reform.

Sponsor

Cosponsors

(46)
R: 46

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.