A bill to authorize and direct the General Accounting Office to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and Federal Reserve banks and their branches.

Directs the Comptroller General, through the General Accounting Office, to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and all Federal Reserve banks and their branches, including transactions of the System Open Market Account.

Requires the Comptroller General to file a report with Congress on the results of such audit. Directs the Comptroller General to include recommendations for attaining a more economical and efficient administration of the entities audited.