S. 2327

119 S2327 IS: Federal Reserve Transparency Act of 2025
 U.S. Senate
 2025-07-17
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
  II
  119th CONGRESS
  1st Session
  S. 2327
  IN THE SENATE OF THE UNITED STATES
  July 17, 2025
  Mr. Paul  (for himself,  Mr. Scott of Florida ,  Mrs.
  Blackburn ,  Mr. Risch ,
  Mr. Cruz ,  Mr.
  Young , and  Mr. Barrasso )
  introduced the following bill; which was read twice and referred to the
  Committee on Banking, Housing, and Urban
  Affairs
  A BILL
To require a full audit of the Board of Governors of the Federal Reserve
  System and the Federal reserve banks by the Comptroller General of the United States,
  and for other purposes.
1.
Short title
This Act may be cited as the   Federal Reserve Transparency Act of 2025  .
2.
Audit reform and transparency for the Board of Governors of the Federal Reserve
  System
(a)
In general
Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General of the United States shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of that section not later than 12 months after the date of enactment of this Act.
(b)
Report
(1)
In general
Not later than 90 days after the date on which the audit required pursuant to subsection (a) is completed, the Comptroller General of the United States—
(A)
shall submit to Congress a report on the audit; and
(B)
shall make the report described in subparagraph (A) available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chair and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests the report.
(2)
Contents
The report required under paragraph (1) shall include a detailed description of the findings and conclusion of the Comptroller General of the United States with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General of the United States may determine to be appropriate.
(c)
Repeal of certain limitations
Subsection (b) of section 714 of title 31, United States Code, is amended by striking the second sentence.
(d)
Technical and conforming amendments
(1)
In general
Section 714 of title 31, United States Code, is amended—
(A)
in subsection (d)(3), by striking  or (f)  each place the term appears;
(B)
in subsection (e), by striking  the third undesignated paragraph of section 13  and inserting  section 13(3) ; and
(C)
by striking subsection (f).
(2)
Federal Reserve Act
Subsection (s) (relating to  Federal Reserve Transparency and Release of Information ) of section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended—
(A)
in paragraph (4)(A), by striking  has the same meaning as in section 714(f)(1)(A) of title 31, United States Code  and inserting  means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3), that is not subject to audit under section 714(e) of title 31, United States Code ;
(B)
in paragraph (6), by striking  or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title,  and inserting  the information described in paragraph (1) ; and
(C)
in paragraph (7), by striking  and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and  and inserting  , section 13(3)(C), and .