Gold Reserve Transparency Act of 2025

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3218 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 3218

  To provide for the first credible audit of gold owned by the United 
States in decades, to upgrade the purity of gold to meet global market 
       standards, and to conduct subsequent audits every 5 years.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 19, 2025

    Mr. Lee introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To provide for the first credible audit of gold owned by the United 
States in decades, to upgrade the purity of gold to meet global market 
       standards, 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 9 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 United 
        States Government (including the Board of Governors of the 
        Federal Reserve System or any other Federal agency) has, as of 
        the date of enactment of this Act, a direct or indirect 
        interest, including gold that may be held by third parties such 
        as 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.--
            (1) In general.--Not later than 3 months after the 
        completion of each assay, inventory, audit, analysis, and 
        accounting required under subsection (a), the Comptroller 
        General shall submit to a Congress and the Secretary of the 
        Treasury a report 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.
            (2) Redactions.--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.

SEC. 3. UPGRADING OF GOLD RESERVES TO CURRENT GOOD DELIVERY STANDARDS.

    (a) Upgrade.--Not later than 5 years after the date of enactment of 
this Act, the Secretary of the Treasury shall upgrade the quality of 
the gold reserves to ensure the reserves comply with good delivery 
standards established by the marketplace, as of the date of enactment 
of this Act, including compliance with expected weight and purity 
standards for gold bars.
    (b) Contracting Authority.--The Treasury shall, as necessary, 
contract with qualified refiners and secure logistics firms located 
within the United States to meet the requirements of this section.
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