Release date- 01082019 - Federal Reserve Board approves actions by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Cleveland, Richmond, Atlanta, Minneapolis, and Kansas City.
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis.
Federal Reserve Board Chairman Ben Bernanke told Congress in October that the financial crisis has demonstrated the need for "systemically important" insurance companies to be subjected to federal controls.
"Although they aren't complaining, what hasn't made much sense to healthcare borrowers is how long-term interest rates have managed to resist persistent efforts by the Federal Reserve Board to use monetary policy initiatives to nudge rates higher across the board.
In addition to his policy-making duties as a governor, has served as the administrative governor since August 2002, a role where he was responsible for the management of the Federal Reserve Board.
Ferguson Jr., 54, vice chairman of the Federal Reserve Board and the highest ranking African American ever to serve on its board of governors, resigned in April.
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