November 19, 2025
Mr. Lee introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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.