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Federal Reserve System Audits: Restrictions on GAO's Access

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Report Type Reports and Testimonies
Report Date Oct. 27, 1993
Report No. T-GGD-94-44
Subject
Summary:

Currently, GAO lacks audit authority over the Federal Reserve's monetary policy, foreign transactions, and Federal Open Market Committee operations. Legislation pending before Congress would remove all restrictions on GAO's authority to examine Federal Reserve activities. Although whether to expand GAO's authority is clearly Congress' call, GAO believes that if its authority is expanded, measures should be included to protect against release of confidential documents and to prevent undue interference with the Federal Reserve's ongoing policymaking functions.

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