HB24, titled the Federal Reserve Transparency Act of 2025, would require the Comptroller General of the United States to conduct a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks within 12 months of enactment. The bill also requires the Government Accountability Office to submit a report to Congress within 90 days after the audit is completed, including detailed findings, conclusions, and any recommendations for legislative or administrative action.
In addition to mandating the audit, the bill amends existing law to remove certain statutory limitations on audits of the Federal Reserve and makes technical and conforming changes to federal banking and transparency provisions. It specifically revises provisions in title 31 of the U.S. Code and the Federal Reserve Act to broaden audit authority and update references related to emergency lending facilities and other Federal Reserve programs.
Impact
If enacted, the bill would significantly expand congressional oversight of the Federal Reserve System by directing a comprehensive GAO audit of both the Board of Governors and the regional Federal Reserve Banks. It would alter existing audit restrictions in federal law, including provisions in 31 U.S.C. section 714 and related Federal Reserve Act transparency language, and could increase public disclosure of Federal Reserve operations, emergency lending, and related facilities. The measure would primarily affect the Federal Reserve, the GAO, and Congress’s oversight and reporting processes.
Sentiment
The available context shows the bill was introduced with a sizable group of House Republican cosponsors and referred to the House Committee on Oversight and Government Reform, suggesting support among lawmakers who favor stronger scrutiny of the Federal Reserve. No committee transcript or vote record is provided, so there is no recorded debate or roll-call sentiment in the supplied materials. Based on the bill’s sponsors and purpose, the general tone appears supportive of transparency and accountability, especially among fiscal conservatives and critics of the Federal Reserve’s independence and secrecy.
Contention
The main point of contention is likely the scope of congressional access to Federal Reserve operations and whether a full audit could compromise the central bank’s independence or expose sensitive monetary policy and emergency-lending information. Supporters are likely to argue that the Federal Reserve should be subject to broader oversight and public accountability, while opponents may view the bill as an intrusion into the Fed’s operational autonomy and a potential risk to market stability or confidential financial information. Because no hearing transcript or vote history is included, these positions are inferred from the bill’s subject matter rather than documented debate in the record provided.
Federal Reserve Transparency Act of 2023 This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO). Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.