Exhibit 786 ยท GAO report
Federal Reserve Bank Governance: Opportunities Exist to Broaden Director Recruitment Efforts and Increase Transparency (GAO-12-18)
We identified at least 18 former and current Class A, B, and C directors from 9 Reserve Banks who were affiliated with institutions that used at least one emergency program.
GAO's Dodd-Frank sec. 1109(b) study of Reserve Bank boards. Directors have a limited role in supervision. p. 32: "in practice, most Class A directors are officers or directors of member banks in the district," and the requirement "creates an appearance of a conflict of interest" because the System supervises state-chartered member banks and holding companies. pp. 38-40: at least 18 current and former directors from 9 Reserve Banks were affiliated with institutions that used an emergency program, including 11 Class A directors who served 2008-2010. Four recommendations; the Board agreed.
- Source
- U.S. Government Accountability Office
- Date
- October 2011
- Quoted from
- p. 39 (printed page; the continuation page prints its footer as "Page 31")
- Grade
- Primary record
- Document
- https://www.gao.gov/assets/gao-12-18.pdf
- Accessed
- 2026-11-09
- Cited by
- Findings citing this exhibit