Federal Reserve System Audits: Restrictions on GAO's Access (Testimony,
10/27/93, GAO/T-GGD-94-44).

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.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-GGD-94-44
     TITLE:  Federal Reserve System Audits: Restrictions on GAO's Access
      DATE:  10/27/93
   SUBJECT:  Financial statement audits
             Proposed legislation
             Audit authority
             Auditing procedures
             Federal reserve banks
             Internal audits
             Investigations into federal agencies
             Bank examination
             Financial records
             Confidential records

             
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