H.R. 24: Federal Reserve Transparency Act of 2025
This bill, known as the Federal Reserve Transparency Act of 2025, aims to increase transparency and accountability within the Federal Reserve System. Here’s a breakdown of what it would do:
Audit Requirement
The bill mandates that the Comptroller General of the United States perform a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks. The audit must be completed within one year of the bill’s enactment.
Reporting Obligations
- Report Submission: Within 90 days after the audit is completed, the Comptroller General must submit a report to Congress detailing the audit's findings.
- Distribution: The report must also be made available to key Congressional leaders and any other members who request it.
- Contents of Report: The report should include a detailed account of the audit findings and any recommendations for legislative or administrative changes that the Comptroller General believes are warranted.
Changes to Current Law
This bill proposes to repeal certain existing limitations on audits that are currently stipulated by law, specifically related to Section 714 of Title 31 of the United States Code. This change would allow for a more thorough examination of the Federal Reserve’s operations than is presently permitted.
Amendments and Technical Revisions
The legislation also includes technical amendments to existing laws. These adjustments are designed to improve clarity and enforceability of the audit requirements and related provisions.
Overall Purpose
The overall goal of the Federal Reserve Transparency Act of 2025 is to enhance the transparency of the Federal Reserve System, which has historically been subject to fewer audits than other government entities. Proponents of the bill argue that accountability in the Federal Reserve's financial practices is essential for public confidence and economic stability.
Relevant Companies
- JPM (JPMorgan Chase & Co.) - As one of the largest banks in the U.S., JPMorgan may be impacted by potential changes in Federal Reserve policies resulting from the increased transparency.
- BAC (Bank of America Corp.) - Similar to JPM, Bank of America could face adjustments in operations depending on the outcomes of the Federal Reserve audit.
- C (Citigroup Inc.) - As a major financial institution, Citigroup is likely to be affected by any shifts in Federal Reserve practices and policies that stem from increased scrutiny and transparency.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
47 bill sponsors
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TrackThomas Massie
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TrackAndy Biggs
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TrackSheri Biggs
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TrackGus M. Bilirakis
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TrackLauren Boebert
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TrackMike Bost
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TrackJosh Brecheen
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TrackTim Burchett
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TrackEric Burlison
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TrackKat Cammack
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TrackBen Cline
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TrackMichael Cloud
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TrackMike Collins
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TrackElijah Crane
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TrackEric A. "Rick" Crawford
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TrackWarren Davidson
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TrackRon Estes
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TrackBrad Finstad
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TrackBrian K. Fitzpatrick
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TrackPaul A. Gosar
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TrackMark E. Green
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TrackMarjorie Taylor Greene
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TrackH. Morgan Griffith
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TrackBrett Guthrie
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TrackHarriet M. Hageman
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TrackAbraham Hamadeh
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TrackAndy Harris
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TrackAnna Paulina Luna
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TrackNancy Mace
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TrackTom McClintock
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TrackRichard McCormick
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TrackMary E. Miller
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TrackJohn R. Moolenaar
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TrackBarry Moore
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TrackRalph Norman
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TrackAndrew Ogles
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TrackGary J. Palmer
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TrackScott Perry
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TrackChip Roy
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TrackMichael A. Rulli
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TrackJohn H. Rutherford
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TrackVictoria Spartz
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TrackW. Gregory Steube
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TrackClaudia Tenney
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TrackRandy K. Weber, Sr.
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TrackDaniel Webster
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TrackTony Wied
Co-Sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Jan. 03, 2025 | Introduced in House |
| Jan. 03, 2025 | Referred to the House Committee on Oversight and Government Reform. |
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