Government Securities Auction Reform Act

Government Securities Auction Reform Act - Amends the Federal Reserve Act to direct the Federal Reserve Board (the Board) to establish and oversee, in conjunction with the Federal Reserve banks, a secure automated access system for the sale of Government securities to facilitate remote participation in all auctions of such securities through automated means. Declares that any Government security broker or dealer meeting all applicable Federal capital requirements shall be provided access to such automated system. Sets forth operating criteria for the system. Requires the system to be developed and implemented before January 1, 1993.

Amends Federal law with respect to deposits and depositories of Federal monies to authorize the Secretary of the Treasury (the Secretary) to designate any Federal Reserve bank as the Secretary's agent for purposes of selling any Government security related to the public debt.

Amends the Federal Reserve Act to direct the Board to establish and maintain automated access procedures under which the Federal Reserve banks shall experiment with: (1) single price auctions of Treasury securities; and (2) a continuous market for the sale of Treasury bills and certificates of indebtedness through use of the automated system during normal business hours. Proscribes favored treatment for participants in such system, or in the auction or continuous market experimental program, due to the participants' business or other relationship with the Secretary, Board, or Federal Reserve bank.

Directs the Board to prescribe regulations regarding internal controls for auction and other market participants.

Requires the Board to report to certain congressional committees on the experimental program.

Sets forth enforcement procedures, including revocation and suspension of the status of participants for violations of any auction or automated access system rule.