To provide for an audit of all gold owned by the United States.
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 2011'.
SEC. 2. ASSAY, INVENTORY, AND AUDIT OF GOLD RESERVES.
(a) The Secretary of the Treasury is directed to conduct and complete, not later than six months after the date of enactment of this Act, a full assay, inventory, and audit of gold reserves of the United States at the place or places where such reserves are kept, together with an analysis of the sufficiency of the measures taken for the security of such reserves.
(b)(1) The Government Accountability Office shall review the results of such assay, inventory, audit, and analysis and, not later than nine months after the date of enactment of this Act, shall prepare and transmit to the Congress a report of its findings, together with the results of the assay, inventory, audit, and analysis conducted by the Secretary of the Treasury.
(2) For purposes of such assay, inventory, audit, and analysis, the Government Accountability Office shall have access to any depository or other facility where such reserves are kept.
(c) The Secretary of the Treasury shall make available, in order to facilitate the review of the Government Accountability Office under 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, and analysis required by this Act, as determined by the Government Accountability Office.
UPDATE: Watch the hearing here or below: