Priority Open Recommendations: Board of Governors of the Federal Reserve System
Highlights
What GAO Found
In May 2024, GAO identified two priority recommendations for the Board of Governors of the Federal Reserve System. The Federal Reserve has not implemented those recommendations. In May 2025, GAO identified three additional priority recommendations for the Federal Reserve, bringing the total to five. These recommendations involve the following areas:
- bank supervision,
- financial services regulations,
- blockchain technology, and
- financial technology.
The Federal Reserve's continued attention to these issues could lead to significant improvements in government operations.
Why GAO Did This Study
Priority open recommendations are the GAO recommendations that warrant priority attention from heads of key departments or agencies because their implementation could save large amounts of money; improve congressional or executive branch decision-making on major issues; eliminate mismanagement, fraud, and abuse; or ensure that programs comply with laws and funds are legally spent, among other benefits. Since 2015, GAO has sent letters to selected agencies to highlight the importance of implementing such recommendations.
For more information, contact Daniel Garcia-Diaz at garciadiazd@gao.gov.