The Federal Reserve Transparency Act calls for an audit of Federal Reserve system by the Comptroller General within 1 year of the passing of this bill. The report will also contain any appropriate legislative action deemed appropriate. The report will be available to congressional leadership and accessible by all congressmen.
Similar bills, which would require the Federal Reserve to publish online its transactions with banks, were introduced in the 111th and 112th Congresses by Congressmen Bernie Sanders, Ron Paul, and Rand Paul. The House passed a version of the bill as part of the Wall Street Reform and Consumer Protection Act of 2009. However, versions of the bill have not made it out of committee in the Senate. Congressman Paul Broun Jr. [R-GA10] introduced this bill in the House during the 113th Congress, while Senator Rand Paul [R-KY] has introduced a similar, but not identical version, in the Senate.
Maplight.org shows conservative organizations contributing to the passage of the bill. The Government Accountability Office (GAO) has estimated that to conduct the audit required of the bill would cost $5 million over the 2015-2019 period.
The bill also amends the section of the U.S. Code related to the Federal Reserve. It removes sections that restrict the authority of Comptroller General in audits of the Federal Reserve and the privacy of audit reports. The amendments give the Comptroller General the authority to conduct the audit and issue its report to Congress. The amendments also expand the scope of the Comptroller General audit to include internal deliberations and communications and details of its monetary policy activities.