A bill to amend the Federal Reserve Act.

Requires the Comptroller General to make an audit each fiscal year of the Federal Reserve Board and the Federal Reserve banks and their branches. Requires the Comptroller General to report to the Congress the results of such audit.

Provides that: (1) no change in the interest rates at which Federal Reserve banks rediscount the discounted paper of other Federal Reserve banks may be made by the Board; and (2) no change in the ratio of reserves against deposits maintained by member banks made by the Board shall become effective unless specified reporting and approval requirements are met.

Requires annual Congressional review of reserve requirements. States that the Board is deemed to be an extension of the legislative branch of the Government and an agency of Congress.