US watchdog highlights discrepancies in Fed emergency programmes

Capitol Hill

The Federal Reserve took the necessary steps to promote consistent treatment of eligible participants in emergency programmes implemented during the financial crisis, but in some cases failed to properly document processes and decisions, a US watchdog has said.

On Tuesday, the US Government Accountability Office (GAO), the investigative arm of the US Congress that was tasked with auditing the emergency loan programmes authorised by the Fed during the recent financial crisis, released a report

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