“To provide for the first true audit of gold owned by the United States in more than 65 years and to conduct subsequent audits every 5 years.”
No CRS summary available for this bill.
This section directs the Comptroller General of the United States to contract with a qualified, independent third-party auditor to conduct, not later than nine months after enactment and every five years thereafter, (1) a full assay, inventory, and audit of all U.S. gold reserves (including any in deep storage) at their storage locations; (2) an analysis of physical security measures for such reserves; (3) a full accounting of all encumbrances (e.g., leases, swaps) on such reserves over the past 50 years; (4) a full accounting of all sales, purchases, disbursements, or receipts involving such reserves over the past 50 years, including specific terms and parties; and (5) a full accounting of all gold in which the U.S. government has a direct or indirect interest, including gold held by third parties (e.g., Bank for International Settlements, International Monetary Fund, Exchange Stabilization Fund, foreign central banks). The section further requires the Comptroller General to submit a report with all results, findings, and source materials to Congress and the Secretary of the Treasury within three months of each audit's completion and to make the report publicly available online (with no redactions except for physical security details); grants the Comptroller General and auditor full subpoena-enforceable access to relevant facilities and records; and requires the Department of the Treasury, Federal Reserve, and other agencies to provide all pertinent documents without redactions.