The Gold Reserve Transparency Act requires a comprehensive audit of all U.S. gold reserves within nine months of the bill's enactment, followed by audits every five years thereafter. The Comptroller General (head of the Government Accountability Office) must hire an independent external auditor to physically count and assay the gold, analyze security measures, and account for all gold transactions and pledges from the past 50 years, including any gold held by other countries, the International Monetary Fund, or private institutions. Within three months of completing each audit, the Comptroller General must publish a detailed public report to Congress and the Treasury Department with all findings and supporting materials, with no redactions permitted except for specific security details. The bill grants auditors full access to all depositories, records, and federal agencies (including the Federal Reserve) necessary to conduct these investigations, using subpoena power if needed. This represents the first comprehensive audit of U.S. gold reserves in over 65 years, according to the legislation.
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