Federal Reserve Transparency Act of 2025

The Federal Reserve Transparency Act of 2025 would require the Comptroller General (GAO) to complete a full audit of the Board of Governors of the Federal Reserve System and the twelve Federal Reserve Banks within 12 months after enactment. After the audit is finished, the GAO must deliver a detailed report to Congress within 90 days, and make the report available to key congressional leaders and committees. The bill also repeals certain limitations that restrain GAO audits under current law and makes targeted technical amendments to the audit statute and the Federal Reserve Act to reflect a broader scope of what is subject to audit. In essence, the bill seeks to significantly expand and accelerate GAO oversight of the Federal Reserve’s activities, including legal entities and programs associated with the Fed that have previously enjoyed audit exemptions. The act labels the report as containing findings, conclusions, and any recommended legislative or administrative actions. It also broadens the textual framework around what counts as “not subject to audit” for certain Fed programs and facilities, aiming to close gaps in audit eligibility and increase government transparency around the Fed’s operations and its emergency facilities and related entities.