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Forum Post: Audit of Federal Reserve Finds Conflict-of-Interest Weakness

Posted 13 years ago on Oct. 19, 2011, 1:24 p.m. EST by MonetizingDiscontent (1257)
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A long-awaited audit of the Federal Reserve’s emergency lending programs on Thursday urged several reforms, including an overhaul of the central bank’s conflict-of-interest policies.

The Government Accountability Office found that many employees and contractors of the New York Fed were allowed to keep investments in companies that received Fed assistance.

http://www.marketwatch.com/story/audit-of-fed-finds-conflict-of-interest-weakness-2011-07-21

William Dudley, the current president of the New York Fed but at the time the head of its open-markets group, was granted a waiver to let him retain his shares in American International Group Inc. AIG -0.56% and General Electric GE +0.24% .

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