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Government Accountability Office Reviews

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.

Reports Completed during 2007
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
Projects Active at Year-End 2007
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

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