Bills · HR 24
IN COMMITTEE· 119TH CONGRESS
House BillHR 24Government studies and investigationsCongressional oversight
Federal Reserve Transparency Act of 2025
INTRO JAN 3· LAST ACTION JAN 3
READING
4MIN
COSPONSORS
46
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because the Federal Reserve plays a crucial role in managing the U.S. economy, influencing everything from interest rates on mortgages and car loans to the availability of jobs. During times of financial crisis, the Fed often takes extraordinary measures, like providing large-scale emergency loans, that can involve trillions of dollars. Currently, the public and Congress do not have a full picture of these specific actions due to existing audit limitations.
If this bill becomes law, it would significantly increase transparency around the Fed's operations, allowing for a public accounting of how the central bank spends and manages money. This could lead to a better understanding of the Fed's decision-making, promote accountability, and potentially spark debates about monetary policy or the Fed's structure. If it doesn't pass, the current limitations on auditing certain Fed activities will remain, continuing the existing level of oversight.
KEY PROVISIONS
3AI-extractedPROVISION 01
Requires the Comptroller General of the United States (head of the GAO) to complete a full audit of the Federal Reserve System within 12 months of the bill becoming law.
This mandates a comprehensive external review of the Federal Reserve's entire operations, including previously restricted areas.
PROVISION 02
Removes existing legal limitations in federal law (specifically section 714 of title 31, United States Code) that currently restrict the scope of audits of the Federal Reserve.
This is the core change that opens up parts of the Federal Reserve, such as emergency lending programs, to full public scrutiny.
PROVISION 03
Requires the Comptroller General to submit a detailed report on the audit findings to Congress within 90 days after the audit is finished, making the report publicly available.
This ensures that the audit results, including any recommendations, are shared with elected officials and the public, promoting transparency and potential legislative action.
SPONSORSHIP
1 + 46
R· Kentucky
YRS IN OFFICE
13
BILLS LED
29
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 46 IND 0
ACTION TIMELINE
3 EVENTSJAN 3
Introduced in House
JAN 3
Introduced in House
JAN 3
Referred to the House Committee on Oversight and Government Reform.
BILL INFO
TypeHouse Bill
NumberHR 24
Congress119th
StatusIn Committee
IntroducedJan 3, 2025
Last actionJan 3, 2025
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IN COMMITTEE· 119TH CONGRESS · OVERSIGHT AND GOVERNMENT REFORM COMMITTEE · INTRODUCED JAN 3, 2025
House BillHR 24Government studies and investigationsCongressional oversight
Federal Reserve Transparency Act of 2025
INTRODUCED JAN 3, 2025· LAST ACTION JAN 3, 2025
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
46
COMPLEXITY
Moderate
