Federal Reserve Transparency Act of 2024

This bill requires a comprehensive audit of the Federal Reserve Board and its regional banks within one year of enactment, conducted by the nonpartisan government auditor (Comptroller General). The audit findings and recommendations must be reported to Congress within 90 days, with the report shared widely among congressional leadership and members. It repeals a previous legal limitation that restricted such audits and updates related provisions in federal law to clarify what activities are subject to oversight. The law directly affects the Federal Reserve System by mandating greater financial transparency and accountability for its operations.