U.S. Senator Mike Lee (R-UT) has introduced the Gold Reserve Transparency Act, a bill aimed at requiring comprehensive audits of all gold reserves held by the U.S. federal government. The legislation aligns with President Trump’s focus on transparency and mirrors a similar proposal introduced in the House of Representatives by Rep. Thomas Massie (R-KY).
“For over half a century, there has not been a comprehensive audit of America’s gold reserves,” said Senator Mike Lee. “Americans should know whether their literal national treasure is safe and accurately accounted for. That means passing the Gold Reserve Transparency Act, opening Fort Knox, U.S. Mint Facilities, and the Federal Reserve Bank of New York to an audit, and then making the results public.”
The bill has received support from various organizations and individuals concerned about financial transparency and sound monetary policy.
Ron Paul, former Congressman, stated: “I am delighted to see Sen. Lee’s Gold Reserve Transparency Act introduced in the Senate. The Federal Reserve and Treasury should not be permitted to operate in secrecy, especially when it comes to the most important monetary asset on the planet, i.e. gold. Restoring trust as to America’s goldholdings is more important than ever when foreign central banks are scrambling to stockpile gold at incredible rates.”
David McIntosh, President of Club for Growth, added: “I applaud Senator Lee for introducing the Gold Reserves Transparency Act! It is high time we have full transparency about our government’s financial status. This is a key step in that direction.”
Judy Shelton from Independent Institute emphasized: “Our nation’s founders understood the need for a stable dollar that conveys accurate price signals and provides a dependable monetary standard. Ensuring that citizens have access to an honest measure of value is not only a moral imperative—it’s an acknowledgment that sound money provides the optimal foundation for maximizing prosperity in an economy based on free markets and free people. America’s gold holdings are a bulwark for the monetary integrity of the U.S. dollar; they must be audited and verified.”
Jp Cortez, Executive Director of Sound Money Defense League noted: “America’s gold hasn’t had a credible, comprehensive audit in decades and taxpayers deserve to know the status of their gold holdings — including whether it has been encumbered via leases, swaps, or other financial transactions. Senator Lee’s bill also would increase the quality of the gold itself, given the majority of U.S. gold reserves are unacceptable on the global market due to their low purity levels.”
Stefan Gleason, President and CEO at Money Metals Depository said: “Even if a credible audit, inventory, assay, and accounting had been conducted decades ago, this should be an ongoing process. Audits are never a ‘one and done’ affair. The U.S. Government’s poor stewardship of America’s gold reserves wouldn’t hold muster in the private sector and has undermined confidence.”
John McCardell from Campaign For Liberty commented: “As the economy continues to slide into another Fed-created downturn, it’s more important than ever we know our gold reserves are fully protected and accounted for. The Federal Reserve and Treasury have a long history of operating in secrecy. This bill brings us one step closer to accountability.”
Chris Powell from Gold Anti-Trust Action Committee stated: “From its beginning in 1999, the Gold Anti-Trust Action Committee’s objective has been to bring full disclosure and transparency to the involvement of governments with gold and the gold market. This legislation by Sen. Mike Lee goes directly to the public’s right to know about its government, so we support it heartily.”
Jeremy Cordon from Goldback Inc., expressed support as well: “Goldback Inc. supports the Gold Reserves Transparency Act because Americans deserve clear insight into the nation’s gold holdings. An independent audit strengthens public trust in the foundation of gold. Transparency is essential to sound money, and this bill delivers needed clarity into the current monetary system.”
Kim Coleman from Sound Money Trade Association said: “The Sound Money Trade Association strongly endorses the Gold Reserves Transparency Act. Sound money depends on accountability, and taxpayers deserve to know the status, purity, and encumbrances of their national gold holdings. This legislation provides meaningful transparency and reaffirms that honest money is vital to a healthy prosperous economy.”
Daniel Diaz from Citizens for Sound Money remarked: “Citizens for Sound Money fully supports The Gold Reserve Transparency Act of 2025…Transparency is not optional…A full audit will bring clarity into an area that has been obscured for too long…We urge swift passage.”
Benjamin Schaffer from Phinance.Gold emphasized fiduciary responsibility stating: “The Government is only custodian…has fiduciary responsibility…For more than sixty years…denied complete accounting…Transparency is not optional…We urge swift passage…”
Currently federal agencies claim annual audits occur but reports indicate no comprehensive review has taken place since several decades ago.
If enacted into law this act would require:
– A full external third-party audit within nine months.
– Subsequent audits every five years.
– Assessment measures ensuring physical security.
– Full accounting regarding any encumbrances such as leases or swaps over fifty years.
– Reporting findings publicly via Comptroller General within three months after each audit.
Supporters argue these steps would improve oversight given concerns about both security practices around reserve facilities like Fort Knox as well as past issues involving the lack of modern comprehensive auditing.
