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Under the Federal Banking Agency Audit Act (Public Law 95-320), most Federal Reserve System operations are under the purview of the Government Accountability Office (GAO). In 2007, the GAO completed eight reports on selected aspects of Federal Reserve operations (table). In addition, nine projects concerning the Federal Reserve were in various stages of completion at year-end (table). The Federal Reserve also provided information to the GAO during the year on numerous other GAO investigations, including eight other completed reviews and six other ongoing reviews.
The reports are available directly from the GAO.
| Report title | Report number | Month issued (2007) |
|---|---|---|
| Risk-Based Capital: Bank Regulators Need to Improve Transparency and Overcome Impediments to Finalizing the Proposed Basel II Framework | GAO-07-253 | February |
| Deposit Insurance: Assessment of Regulators' Use of Prompt Corrective Action Provisions and FDIC's New Deposit Insurance System | GAO-07-242 | February |
| Financial Market Regulation: Agencies Engaged in Consolidated Supervision Can Strengthen Performance Measurement and Collaboration | GAO-07-154 | March |
| Financial Market Preparedness: Significant Progress Has Been Made, but Pandemic Planning and Other Challenges Remain | GAO-07-399 | March |
| Comparability of Compensation among the FRB and Other Federal Financial Regulatory Agencies | Internal report | April |
| Credit Derivatives: Confirmation Backlogs Increased Dealers' Operational Risks, but Were Successfully Addressed after Joint Regulatory Action | GAO-07-716 | June |
| Financial Regulators: Agencies Have Implemented Key Performance Management Practices, but Opportunities for Improvement Exist | GAO-07-678 | June |
| Financial Regulation: Industry Trends Continue to Challenge the Federal Regulatory Structure | GAO-08-32 | October |
| Subject of project | Month initiated |
|---|---|
| Hedge funds and federal regulatory oversight | October 2006 |
| Bank fees | January 2007 |
| Coin production and distribution | April 2007 |
| Basel II global and domestic issues | July 2007 |
| Federal Reserve's Regulation B | September 2007 |
| Check 21 Act mandate | September 2007 |
| Suspicious Activity Reports (SAR) process | September 2007 |
| Inspector Generals' role in federal entities | September 2007 |
| Bank Secrecy Act (BSA) compliance and enforcement | October 2007 |