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 the Federal Reserve banks and their branches.

Authorizes and directs 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.

Requires the Comptroller General to annually file a report with Congress on the results of the audit. Directs the Comptroller General to include recommendations for attaining a more economical and efficient administration of the entities audited.