ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government Accountability Office
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Congress
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Either A or B
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None of the above
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Detailed explanation-1: -The Federal Banking Agency Audit Act (Pub. L. No. 95–320) authorizes the Government Accountability Office (GAO) to audit certain aspects of Federal Reserve System operations.
Detailed explanation-2: -The Reserve Banks’ and LLCs’ financial statements are audited annually by an independent public accounting firm retained by the Board of Governors. To ensure auditor independence, the Board requires that the external auditor be independent in all matters relating to the audit.
Detailed explanation-3: -Gene L. Dodaro is the eighth Comptroller General of the United States and head of GAO.
Detailed explanation-4: -Yes, the Board of Governors, the 12 Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review: The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities every year.
Detailed explanation-5: -The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury.