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HR 888 104th Congress House

Federal Reserve Audit and Accountability Act

Official title: To promote accountability and the public interest in the operation of the Federal Reserve System, and for other purposes.

Introduced: March 7, 1995 See on congress.gov
Finance and Financial Sector Administrative procedureAdvice and consent of the SenateAuditingBank directors
More subjectsShow fewer subjects
Bank examinationBank recordsCivil Rights and Liberties, Minority IssuesCommerceCongressCongressional investigationsCongressional reporting requirementsDepository librariesFederal Reserve SystemFreedom of informationGovernment Operations and PoliticsGovernment paperworkGovernment publicationsInspectors generalLawOpen market operationsPresidential appointmentsPrivatization
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This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 1995
Referred to the Subcommittee on Domestic and International Monetary Policy.
Feb 10, 1995
Referred to the House Committee on Banking and Financial Services.
Feb 10, 1995
Introduced in House
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 Latest action February 24, 1995

Referred to the Subcommittee on Domestic and International Monetary Policy.

 Plain-English summary Congressional Research Service

Federal Reserve Audit and Accountability Act - Amends the Federal Reserve Act to declare that the president and first vice-president of each Federal reserve bank shall be appointed by the President, with the consent of the Senate. (Currently such appointment authority is exercised by each Federal reserve bank's board of directors.)

Amends Federal law to remove specified limitations placed upon General Accounting Office audits of the Federal Reserve Board and Federal reserve banks.

Requires the Board of Governors of the Federal Reserve System and all Federal reserve banks to transmit their estimated receipts and proposed expenditures to the Congress during the first 15 days of each regular session.

Mandates prompt public disclosure of Federal Open Market Committee meetings and actions, including policy actions and prior transcripts.

Directs the Comptroller General to study and report to the Congress on the feasibility of privatizing the Federal Reserve payment system.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Independent 1
I
Sanders, Bernard
Vermont · Mar 16, 1995
 D
Kaptur, Marcy
Ohio · Mar 7, 1995
 D
Mfume, Kweisi
Maryland · Feb 10, 1995
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 888: Federal Reserve Audit and Accountability Act. 104th Congress. Open America. https://openamerica.io/bill/104-HR-888/
MLA
"H.R. 888: Federal Reserve Audit and Accountability Act." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-HR-888/.
Bluebook (legal)
H.R. 888, 104th Cong. (2026), https://openamerica.io/bill/104-HR-888/.
Markdown link
[H.R. 888: Federal Reserve Audit and Accountability Act](https://openamerica.io/bill/104-HR-888/)
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