,,ii  #aaith ,,congress  #ast ,session  
,s4 #cbah  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,november #ai1 
#bjbe,mr4 ,lee introduced the following 
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
provide for the first credible audit of 
gold owned by the ,united ,states in    
decades1 to upgrade the purity of gold  
to meet global market standards1 and to 
conduct subsequent audits every #e      
years4  #a4 ,short title ,this ,act may 
be cited as the ,gold ,reserve          
,transparency ,act of #bjbe4  #b4       
,assay1 inventory1 and audit of gold    
reserves  7a7 ,in general ,the          
,comptroller ,general of the ,united    
,states shall contract with a qualified1
 independent1 third-party1 external     
auditor to conduct and complete1 not    
later than #i months after the date of  
enactment of this ,act1 and every #e    
years thereafter-- 7#a7 a full assay1   
inventory1 and audit of all gold        

reserves1 including any gold in deep    
storage1 of the ,united ,states at the  
place or places where such reserves are 
kept2  7#b7 an analysis of the          
sufficiency of the measures taken to    
ensure the physical security of such    
reserves2  7#c7 a full accounting of any
 and all encumbrances1 including those  
due to lease1 swap1 or similar          
transactions presently in existence or  
entered into at any time during the past
 #ej years with respect to the gold     
reserves2  7#d7 a full accounting of any
 and all sales1 purchases1              
disbursements1 or receipts at any time  
during the past #ej years1 whether      
directly or indirectly undertaken1 with 
respect to the gold reserves1 including 
the specific terms and parties involved 
in such transactions2 and  7#e7 a full  
accounting of all gold in which the     
,united ,states ,government 7including  
the ,board of ,governors of the ,federal
 ,reserve ,system or any other ,federal 
agency7 has1 as of the date of enactment

 of this ,act1 a direct or indirect     
interest1 including gold that may be    
held by third parties such as the ,bank 
for ,international ,settlements1 the    
,international ,monetary ,fund1 the     
,exchange ,stabilization ,fund1 any     
foreign central bank1 or any other      
party1 public or private4  7b7 ,report  
7#a7 ,in general ,not later than #c     
months after the completion of each     
assay1 inventory1 audit1 analysis1 and  
accounting required under subsection    
7a71 the ,comptroller ,general shall    
submit to a ,congress and the ,secretary
 of the ,treasury a report containing   
all results1 findings1 and              
determinations made in carrying out the 
assay1 inventory1 audit1 analysis1 and  
accounting1 and promptly make such      
report 7together with copies of all     
source materials relied upon7 available 
to the public on the internet4  7#b7    
,redactions ,no redactions shall be     
permitted except with respect to        
underlying details contained in the     

analysis completed under subsection     
7a77#b7 dealing only with physical      
security4  7c7 ,,gao access ,for        
purposes of carrying out this ,act1 the 
,comptroller ,general1 and any external 
auditor contracting with the            
,comptroller ,general under subsection  
7a71 shall have full access 7enforceable
 by the ,comptroller ,general by        
subpoena authority7 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 ,act4  7d7 ,information  
made available by ,treasury ,the        
,secretary of the ,treasury 7and all    
other ,federal agencies1 including the  
,board of ,governors of the ,federal    
,reserve ,system7 shall make available1 
without any redactions1 to the          
,comptroller ,general1 for purposes of  
carrying out this ,act1 all books1      
accounts1 records1 reports1 files1      
correspondence1 memoranda1 papers1 or   
any other document1 tape1 or written1   

audio1 or digital record pertaining to  
the assay1 inventory1 audit1 analysis1  
and accounting required under subsection
 7a71 as determined by the ,comptroller 
,general4  #c4 ,upgrading of gold       
reserves to current good delivery       
standards  7a7 ,upgrade ,not later than 
#e years after the date of enactment of 
this ,act1 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 marketplace1 as of   
the date of enactment of this ,act1     
including compliance with expected      
weight and purity standards for gold    
bars4  7b7 ,contracting authority ,the  
,treasury shall1 as necessary1 contract 
with qualified refiners and secure      
logistics firms located within the      
,united ,states to meet the requirements
 of this section4