A bill to amend the Accounting and Auditing Act of 1950 to provide for the audit of the Federal Reserve System by the Comptroller General.

Requires 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.

Directs the Comptroller General, at the end of six months after the end of the year, or as soon thereafter as may be practicable, to report to the Congress on the results of the audits required by this Act.