A bill to authorize and direct the General Accounting Office to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee and Federal Reserve banks and their branches.

Directs the Comptroller General to audit annually the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and all Federal Reserve banks and branches.

Requires the Comptroller General to report to the Congress within six months after the end of each fiscal year on the results of the audit. States that such report shall specifically indicate any program, financial transaction, or undertaking observed in the course of the audit which in the opinion of the Comptroller General has been carried out without legal authority.