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This bill — frequently referred to as the \"Audit the Fed\" bill — would direct the Comptroller General of the Government Accountability Office (GAO) to audit the Federal Reserve System's Board of Governors and the Federal Reserve Banks within 12 months of this bill’s enactment. The GAO would then submit a detailed report of the audit’s findings and conclusions to Congress within 90 days of the audit’s completion.

The Federal Reserve system is in charge of controlling the U.S. money supply.

Past limitations on audits of the Federal Reserve would be repealed by this bill.

This bill's full, official title is the Federal Reserve Transparency Act of 2019.

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Audit the Fed: Does Congress Need a Review of the Federal Reserve's Operations?