A bill to amend section 14(b) of the Federal Reserve Act, as amended, to extend for 2 years the authority of Federal Reserve banks to purchase U.S. obligations directly from the Treasury, and for other purposes.

Extends for two years (until July 1, 1975) the authority of Federal Reserve banks under the Federal Reserve Act to purchase United States obligations directly from the Treasury.

Directs the Comptroller General, to make, under such rules and regulations as he shall prescribe, an audit for each fiscal year of the Federal Reserve Board and the Federal Reserve banks and their branches. Requires the comptroller General to make a report of such an audit to the Congress.