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. This report examines the emergency
actions taken by the Federal Reserve Board from December 1, 2007, through July 21, 2010.
GAO made seven recommendations to the Federal Reserve Board to strengthen policies for managing noncompetitive vendor selections, conflicts of interest, risks related to emergency lending, and documentation of emergency program decisions