Efficient Check Clearing Act of 1997

Efficient Check Clearing Act of 1997 - Amends the Federal Reserve Act to cover in the Federal Reserve schedule of fees the transportation of paper checks services in the clearing process.

Amends Federal monetary law to direct the Comptroller General to audit annually, and report to the Congress on, the Board of Governors of the Federal Reserve System and the Federal reserve banks to determine whether service fees are meeting all cost-basis requirements.

Grants the Comptroller General full access to documents and information of the Board and the Federal reserve banks that may be useful for auditing purposes.