Federal Reserve Transparency Act of 2023

HR 24, the Federal Reserve Transparency Act of 2023, requires a comprehensive audit of the Federal Reserve System's Board of Governors and Federal Reserve banks within 12 months of the bill's enactment. The Congressional auditor (Comptroller General) must then submit a detailed report to Congress within 90 days, including findings, conclusions, and recommendations for improving transparency. This bill directly affects the Federal Reserve System by mandating greater oversight of its operations and financial activities. The key provision repeals a prior limitation that prevented audits of certain Fed programs, aiming to clarify which activities are subject to audit under existing law.