To authorize and direct the General Accounting Office to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and Federal Reserve banks and their branches.

Directs the Comptroller General to conduct an annual audit of the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and all Federal Reserve banks and their branches.

Requires the Comptroller General, within six months after the end of each fiscal year, to report to the Congress on the results of such audit.