Federal Reserve Audit and Accountability Act

Federal Reserve Audit and Accountability Act - Amends the Federal Reserve Act to declare that the president and first vice-president of each Federal reserve bank shall be appointed by the President, with the consent of the Senate. (Currently such appointment authority is exercised by each Federal reserve bank's board of directors.)

Amends Federal law to remove specified limitations placed upon General Accounting Office audits of the Federal Reserve Board and Federal reserve banks.

Requires the Board of Governors of the Federal Reserve System and all Federal reserve banks to transmit their estimated receipts and proposed expenditures to the Congress during the first 15 days of each regular session.

Mandates prompt public disclosure of Federal Open Market Committee meetings and actions, including policy actions and prior transcripts.

Directs the Comptroller General to study and report to the Congress on the feasibility of privatizing the Federal Reserve payment system.