CONTRACTS - PROTESTS - AUTHORITY TO CONSIDER - FEDERAL RESERVE SYSTEM - MEMBER BANK CONTRACTS GENERAL ACCOUNTING OFFICE (GAO) WILL NOT DECIDE PROTEST AGAINST CONTRACT AWARD BY FEDERAL RESERVE BANK. OUR BID PROTEST JURISDICTION IS BASED ON OUR AUTHORITY TO ADJUST AND SETTLE ACCOUNTS AND TO CERTIFY BALANCES IN THE ACCOUNTS OF ACCOUNTABLE OFFICERS UNDER PUB. WE ARE AUTHORIZED TO SETTLE THE "PUBLIC AC...

A firm protested the award of a contract by a Federal Reserve System bank. The protester argued that the audit authority recently conferred upon GAO by the Federal Banking Agency Audit Act requires GAO to take settlement action on such protests. However, GAO pointed out that the act only confers audit authority, which is quite different from contract award protest settlement authority. Under the n...