A bill to provide for an audit by the General Accounting Office of the Federal Reserve Board, banks, and branches.

Directs the Comptroller General to make an audit of the administrative expenses of the Federal Reserve Board and the Federal Reserve banks.

States that the purpose of such audit is to ascertain that administrative funds are properly accounted for and that fully adequate accounting procedures and systems for control of such funds have been established.

Requires such an audit to be made once every three years.