(This measure has not been amended since it was reported to the House on September 16, 2014. The summary of that version is repeated here.)
Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.
Repeals certain limitations placed upon such audit.
Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.