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. Directs the Comptroller General to audit at least triennially the vault facilities of the Board of Governors of the Federal Reserve System (the Board).

Requires the Board 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.

Amends the Inspector General Act of 1978 to establish for the Board an Office of the Inspector General, with the Inspector General appointed by the President, subject to Senate advice and consent. Permits the Chairman of the Board to delegate authority for general supervision of the Inspector General to the Vice Chairman, but to no one else. Declares that the Inspector General's authority extends to the conditions, operations, and all facilities of the Federal reserve banks.