H.R. 3795

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3795 Introduced in House (IH)]

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119th CONGRESS
1st Session
H. R. 3795

To provide for the first true audit of gold owned by the United States 
in more than 65 years and to conduct subsequent audits every 5 years.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

June 6, 2025

Mr. Massie (for himself, Mr. Davidson, Mr. McDowell, and Mr. Nehls) 
introduced the following bill; which was referred to the Committee on 
Financial Services

_______________________________________________________________________

A BILL

To provide for the first true audit of gold owned by the United States 
in more than 65 years and to conduct subsequent audits every 5 years.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Gold Reserve Transparency Act of 
2025''.

SEC. 2. ASSAY, INVENTORY, AND AUDIT OF GOLD RESERVES.

(a) In General.--The Comptroller General of the United States shall 
contract with a qualified, independent, third-party, external auditor 
to conduct and complete, not later than nine months after the date of 
enactment of this Act, and every 5 years thereafter--
(1) a full assay, inventory, and audit of all gold 
reserves, including any gold in ``deep storage'', of the United 
States at the place or places where such reserves are kept;
(2) an analysis of the sufficiency of the measures taken to 
ensure the physical security of such reserves;
(3) a full accounting of any and all encumbrances, 
including those due to lease, swap, or similar transactions 
presently in existence or entered into at any time during the 
past 50 years with respect to the gold reserves;
(4) a full accounting of any and all sales, purchases, 
disbursements, or receipts at any time during the past 50 
years--whether directly or indirectly undertaken--with respect 
to the gold reserves, including the specific terms and parties 
involved in such transactions; and
(5) a full accounting of all gold in which the U.S. 
Government (including the Board of Governors of the Federal 
Reserve System or any other Federal agency) presently has a 
direct or indirect interest, including gold that may be held by 
third parties, including, for example, the Bank for 
International Settlements, the International Monetary Fund, the 
Exchange Stabilization Fund, any foreign central bank, or any 
other party, public or private.
(b) Report.--Not later than 3 months after the completion of each 
assay, inventory, audit, analysis, and accounting required under 
subsection (a), the Comptroller General shall issue a report to the 
Congress and the Secretary of the Treasury containing all results, 
findings, and determinations made in carrying out the assay, inventory, 
audit, analysis, and accounting, and promptly make such report 
(together with copies of all source materials relied upon) available to 
the public on the internet. No redactions shall be permitted except 
with respect to underlying details contained in the analysis completed 
under subsection (a)(2) dealing only with physical security.
(c) GAO Access.--For purposes of carrying out this Act, the 
Comptroller General, and any external auditor contracting with the 
Comptroller General under subsection (a), shall have full access 
(enforceable by the Comptroller General by subpoena authority) to any 
depository or other public or private facility where such reserves are 
kept or where any records are kept that are necessary to carry out this 
Act.
(d) Information Made Available by Treasury.--The Secretary of the 
Treasury (and all other Federal agencies, including the Board of 
Governors of the Federal Reserve System) shall make available, without 
any redactions, to the Comptroller General, for purposes of carrying 
out this Act, all books, accounts, records, reports, files, 
correspondence, memoranda, papers, or any other document, tape, or 
written, audio, or digital record pertaining to the assay, inventory, 
audit, analysis, and accounting required under subsection (a), as 
determined by the Comptroller General.
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