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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 2009, the GAO completed 20 reports on selected aspects of Federal Reserve operations (table). In addition, four 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 two other ongoing reviews.
The reports are available directly from the GAO.
| Report Title | Report number | Month issued (2009) |
|---|---|---|
| Financial Regulation: A Framework for Crafting and Assessing Proposals to Moderinze the Outdated U.S. Financial Regulatory System | GAO-09-216 | January |
| Troubled Asset Relief Program: Status of Efforts to Address Transparency and Accountability Issues | GAO-09-296 | January |
| Bank Secrecy Act: Suspicious Activity Report Use Is Increasing, but FinCEN Needs to Further Develop and Document Its Form Revision Process | GAO-09-226 | February |
| Bank Secrecy Act: Federal Agencies Should Take Action to Further Improve Coordination and Information-Sharing Efforts | GAO-09-227 | February |
| Systemic Risk: Regulatory Oversight and Recent Initiatives to Address Risk Posed by Credit Default Swaps | GAO-09-397T | March |
| National Cybersecurity Strategy: Key Improvements Are Needed to Strengthen the Nation's Posture | GAO-09-432T | March |
| Financial Regulation: Review of Regulators' Oversight of Risk Management Systems at a Limited Number of Large, Complex Financial Institutions | GAO-09-499T | March |
| Troubled Asset Relief Program: March 2009 Status of Efforts to Address Transparency and Accountability Issues | GAO-09-504 | March |
| Inspectors General: Independent Oversight of Financial Regulatory Agencies | GAO-09-524T | March |
| Designated Federal Entities: Survey of Governance Practices and the Inspector General Role | GAO-09-270 | April |
| Federal Reserve Banks: Areas for Improvement in Information Security Controls | GAO-09-722R | May |
| Reverse Mortgages: Product Complexity and Consumer Protection Issues Underscore Need for Improved Controls over Counseling for Borrowers | GAO-09-606 | June |
| Troubled Asset Relief Program: June 2009 Status of Efforts to Address Transparency and Accountability Issues | GAO-09-658 | June |
| Fair Lending: Data Limitations and the Fragmented U.S. Financial Regulatory Structure Challenge Federal Oversight and Enforcement Efforts | GAO-09-704 | July |
| Financial Markets Regulation: Financial Crisis Highlights Need to Improve Oversight of Leverage at Financial Institutions and across System | GAO-09-739 | July |
| Troubled Asset Relief Program: Status of Government Assistance Provided to AIG | GAO-09-975 | September |
| Influenza Pandemic: Key Securities Market Participants Are Making Progress, but Agencies Could Do More to Address Potential Internet Congrestion and Encourage Readiness | GAO-10-8 | October |
| Troubled Asset Relief Program: One Year Later, Actions Are Needed to Address Remaining Transparency and Accountability Challenges | GAO-10-16 | October |
| Small Business Administration: Actions Needed to Improve the Usefulness of the Agency's Lender Risk Rating System | GAO-10-53 | November |
| Financial Audit: Bureau of the Public Debt's Fiscal Years 2009 and 2008 Schedules of Federal Debt | GAO-10-88 | November |
| Subject of project | Month initiated |
|---|---|
| Systemic risk determination | October 2008 |
| Governance issues relating to the Troubled Asset Relief Program (TARP) | July 2009 |
| U.S. Treasury's Capital Purchase Program | November 2009 |
| Bank walkaways | December 2009 |