Purpose and Summary

Chamber: House

Introduced date: 2025-01-03

Bill 119 HR 24, also known as the Federal Reserve Transparency Act of 2021, aims to require a comprehensive audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks. The audit would be conducted by the Comptroller General of the United States, an independent government official responsible for overseeing federal financial management. The purpose of this audit is to increase transparency and accountability within the Federal Reserve System, which plays a crucial role in the nation's monetary policy and financial stability. By conducting a full audit, lawmakers and the public would have a better understanding of the Federal Reserve's operations, decision-making processes, and financial transactions. The bill does not specify the exact scope or timeline of the audit, but it does emphasize the importance of ensuring that the Federal Reserve operates in a transparent and accountable manner. Supporters of the bill argue that increased oversight of the Federal Reserve is necessary to prevent potential abuses of power and to promote greater public trust in the institution. Opponents of the bill, however, raise concerns about the potential impact of increased scrutiny on the Federal Reserve's independence and ability to make timely and effective monetary policy decisions. They argue that the Federal Reserve already undergoes regular audits and that additional oversight could hinder its ability to respond quickly to economic challenges. Overall, Bill 119 HR 24 represents a significant effort to enhance transparency and accountability within the Federal Reserve System. The outcome of this legislation could have far-reaching implications for the nation's monetary policy and financial stability.

Recent Activity

Referred to the House Committee on Oversight and Government Reform.

Alternative Names

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

Federal Reserve Transparency Act of 2025

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

Associated Legislation

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Policy Areas

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Potential Impact

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Sponsors and Supporters

Rep. Massie, Thomas [R-KY-4]

Cosponsors and Supporters

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-3]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-6]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-2]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Bilirakis, Gus M. [R-FL-12]

Rep. Green, Mark E. [R-TN-7]

Rep. Guthrie, Brett [R-KY-2]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Bilirakis, Gus M. [R-FL-12]

Rep. Green, Mark E. [R-TN-7]

Rep. Guthrie, Brett [R-KY-2]

Rep. Harris, Andy [R-MD-1]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Bilirakis, Gus M. [R-FL-12]

Rep. Green, Mark E. [R-TN-7]

Rep. Guthrie, Brett [R-KY-2]

Rep. Harris, Andy [R-MD-1]

Rep. Wied, Tony [R-WI-8]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Bilirakis, Gus M. [R-FL-12]

Rep. Green, Mark E. [R-TN-7]

Rep. Guthrie, Brett [R-KY-2]

Rep. Harris, Andy [R-MD-1]

Rep. Wied, Tony [R-WI-8]

Rep. Hamadeh, Abraham [R-AZ-8]

Rep. Biggs, Andy [R-AZ-5]

Rep. Boebert, Lauren [R-CO-4]

Rep. Bost, Mike [R-IL-12]

Rep. Brecheen, Josh [R-OK-2]

Rep. Burchett, Tim [R-TN-2]

Rep. Burlison, Eric [R-MO-7]

Rep. Cammack, Kat [R-FL-3]

Rep. Cline, Ben [R-VA-6]

Rep. Cloud, Michael [R-TX-27]

Rep. Collins, Mike [R-GA-10]

Rep. Crane, Elijah [R-AZ-2]

Rep. Crawford, Eric A. "Rick" [R-AR-1]

Rep. Davidson, Warren [R-OH-8]

Rep. Estes, Ron [R-KS-4]

Rep. Finstad, Brad [R-MN-1]

Rep. Fitzpatrick, Brian K. [R-PA-1]

Rep. Gosar, Paul A. [R-AZ-9]

Rep. Greene, Marjorie Taylor [R-GA-14]

Rep. Griffith, H. Morgan [R-VA-9]

Rep. Hageman, Harriet M. [R-WY-At Large]

Rep. Luna, Anna Paulina [R-FL-13]

Rep. Mace, Nancy [R-SC-1]

Rep. McClintock, Tom [R-CA-5]

Rep. McCormick, Richard [R-GA-7]

Rep. Miller, Mary E. [R-IL-15]

Rep. Moolenaar, John R. [R-MI-2]

Rep. Moore, Barry [R-AL-1]

Rep. Norman, Ralph [R-SC-5]

Rep. Ogles, Andrew [R-TN-5]

Rep. Palmer, Gary J. [R-AL-6]

Rep. Perry, Scott [R-PA-10]

Rep. Roy, Chip [R-TX-21]

Rep. Rutherford, John H. [R-FL-5]

Rep. Spartz, Victoria [R-IN-5]

Rep. Steube, W. Gregory [R-FL-17]

Rep. Tenney, Claudia [R-NY-24]

Rep. Weber, Randy K. Sr. [R-TX-14]

Rep. Webster, Daniel [R-FL-11]

Rep. Bilirakis, Gus M. [R-FL-12]

Rep. Green, Mark E. [R-TN-7]

Rep. Guthrie, Brett [R-KY-2]

Rep. Harris, Andy [R-MD-1]

Rep. Wied, Tony [R-WI-8]

Rep. Hamadeh, Abraham [R-AZ-8]

Rep. Rulli, Michael A. [R-OH-6]

Committees and Subcommittees

Oversight and Government Reform Committee

Variations and Revisions

Gracelyn Lamb