GAO will be able to audit Fed

Erik Wasson
The Hill

The failure to pass a full-year CR will not hinder the Government Accountability Office from carrying out its tasks in the coming months, including its new job of auditing the Federal Reserve.

The full year continuing resolution had included increased funding for the Government Accountability Office (GAO) to conducts its oversight functions and this funding adjustment did not make it into the March 4 CR.

Despite this, GAO had planned for no increase in funding and its duties will not be affected, spokeswoman Laura Kopelson said. The GAO under the Dodd-Frank financial reform bill is now required to audit the Federal Reserve’s emergency lending program instituted in the wake of the financial crisis.

This new task will go forward because the Fed audit will be reimbursed by the Fed, she said.

The short-term CR will allow GAO to collect higher reimbursements for its activities, she noted.

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