H.R. 24 — Federal Reserve Transparency Act of 2025

This section requires the Comptroller General of the United States to audit the Board of Governors of the Federal Reserve System and the Federal Reserve banks under 31 U.S.C. 714(b)—which authorizes Government Accountability Office (GAO) audits of Federal Reserve operations for appropriateness, subject to limitations on monetary policy deliberations, discount window operations, and open market transactions—within 12 months of enactment, notwithstanding exemptions in that section or other laws. It further requires the Comptroller General to submit a report on the audit to congressional leadership and committees of jurisdiction within 90 days after completion, including findings, conclusions, and recommendations; repeals limitations on such audits by striking the second sentence of 31 U.S.C. 714(b); and makes technical and conforming amendments to 31 U.S.C. 714 and section 11(s) of the Federal Reserve Act (12 U.S.C. 248(s), relating to transparency for emergency lending programs). (Thus, the changes expand GAO audit authority over certain Federal Reserve operations previously exempt.)