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Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance

GAO-12-122T Published: Oct 04, 2011. Publicly Released: Oct 04, 2011.
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Highlights

The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. This testimony summarizes the results of GAO's July 2011 report (GAO-11-696) examining the emergency actions taken by the Federal Reserve Board from December 1, 2007, through July 21, 2010. For these actions, where relevant, this statement addresses (1) accounting and financial reporting internal controls; (2) the use, selection, and payment of vendors; (3) management of conflicts of interest; (4) policies in place to secure loan repayment; and (5) the treatment of program participants. To meet these objectives, GAO reviewed program documentation, analyzed program data, and interviewed officials from the Federal Reserve Board and Reserve Banks (Federal Reserve System).

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Topics

Financial Markets and Institutions
AuditsBank loansBank managementBank reservesConflict of interestsEmergency loansEmergency reliefEmergency response fundsEmergency response plansFederal aid programsFederal reserve banksFinancial institutionsFinancial instrumentsFinancial managementFinancial markets regulationFinancial regulationFinancial statement auditsLending institutionsLoan repaymentsLossesMortgage programsMortgage-backed securitiesPrime vendorProgram evaluationRisk managementFinancial assistanceFinancial conditionFinancial reportingGovernment-business relations