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 fiscal year audit of: (1) the Federal Reserve Board; (2) the Federal Advisory Council; (3) the Federal Open Market Committee; and (4) all Federal Reserve banks and branches, including transactions of the system open market account conducted through recognized dealers.

Requires the Comptroller General to report the audit results to the Congress and to submit copies to: (1) the President; (2) the Federal Reserve Board; and (3) the Federal Reserve banks.