The Federal Reserve System has the general responsibility for distributing and circulating U.S. currency. This includes the delivery of newly printed currency to the Reserve Banks and the continuing circulation of currency and coin between the Reserve Banks and member commercial banks. GAO was asked to review the Federal Reserve System's currency transportation operations to determine the adequacy of the Federal Reserve's security over currency transportation and whether the Federal Reserve Bank's procurement of armored car services has adhered to competitive bidding practices.
Recommendations for Executive Action
|Board of Governors||1. The Board of Governors of the Federal Reserve System should record and monitor incidents that occur under currency transportation contracts.|
|Board of Governors||2. The Board of Governors of the Federal Reserve System should strongly encourage its offices to utilize the services of the System Transportation Service.|