Federal Reserve Transparency Act of 2025

Hozzl · 2025-02-01T09:05:56Z

Explore the details of House Bill 24 Federal Reserve Transparency Act of 2025 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/1/2025, 9:05 AM

Summary of Bill HR 24

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.

Congressional Summary of HR 24

Federal Reserve Transparency Act of 2025

This bill directs the Government Accountability Office (GAO) to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.

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Current Status of Bill HR 24

Bill HR 24 is currently in the status of Bill Introduced since January 3, 2025. Bill HR 24 was introduced during Congress 119 and was introduced to the House on January 3, 2025. Bill HR 24's most recent activity was Referred to the House Committee on Oversight and Government Reform. as of January 3, 2025

Bipartisan Support of Bill HR 24

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

291

Democrat Cosponsors

Republican Cosponsors

291

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 24

Primary Policy Focus

Alternate Title(s) of Bill HR 24

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.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.

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