A bill to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.
Federal Reserve Transparency Act of 2019
This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO).
Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.
Referred to the House Committee on Oversight and Reform.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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