A bill to provide for an audit by the General Accounting Office of the Federal Reserve Board, banks, and branches, to extend section 14 (b) of the Federal Reserve Act, and to provide an additional $60 million for the construction of Federal Reserve Bank branch buildings.

(LATEST SUMMARY)

Directs the Comptroller General of the United States to audit at least once every three years beginning January 1, 1974, the administrative expenses of the Federal Reserve Board and the Federal Reserve banks.

Excludes from the audit reports of examination of banks or any material revealing information which in the opinion of the Board would have a seriously adverse effect on the conduct of monetary policy or on relations with a foreign government or foreign central bank.

Extends the authority of Federal Reserve banks to purchase United States obligations directly from the Treasury until October 31, 1975.

Authorizes $140,000,000 (now $60,000,000) for the construction of Federal Reserve branch bank buildings.