Views on H.R. 2322; A Bill Authorizing GAO To Audit the Federal Reserve Board

B-203576: Published: Aug 10, 1981. Publicly Released: Aug 10, 1981.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Comments were requested on H.R. 2322, a bill that would authorize and direct GAO to audit the Federal Reserve Board, the Federal Advisory Council, the Federal Open Market Committee, and Federal Reserve banks and their branches. The bill would broaden the authority of GAO to audit the Federal Reserve System. Under the Accounting and Auditing Act of 1950, the authority of GAO to audit the Federal Reserve is limited. The bill would be necessary to give GAO access to the nonpublic data and transaction records that are maintained by the Federal Reserve. However, as presently drafted, the bill contains several ambiguities and omissions that should be addressed in any legislation that would expand the authority of GAO to audit the Federal Reserve. If legislation to expand the GAO audit authority is considered, GAO suggests that the Accounting and Auditing Act be amended to avoid interpretative ambiguities and inconsistencies in the GAO audit and access records authority.

Dec 16, 2020

Dec 10, 2020

Sep 22, 2020

Sep 4, 2020

Jul 21, 2020

Jul 6, 2020

Apr 30, 2020

  • finance icon, source: Comstock

    Priority Open Recommendations:

    Department of the Treasury
    GAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.

Apr 27, 2020

Looking for more? Browse all our products here