Profiles of Existing Government Corporations - US Government ...

c
TREASURY STATUS:
financial agents
110
money
.
CORWRATION PROIILE
FRBs shall b. depositaris. of public and
of the Govornm.nt when dssignat8d for that
purpose by th. S.cr.tary of Treasury and under such regulations
as may be pr8scribad by the S.crstary. The secretary is
authorirod to rscoivs d.posits of gold or of gold certificata8 or
of Sp.cial Drawing Right c8rtificatas whan tsnd8r.d by any
F.dsral R.s.N. Sank for credit to its account with the Board of
Gov@mor@. The Secretary shall pr.scriba by r.qulrtion the form
of rscaipt to b. issuad to the Federal
of
R@@~N@ Bank making th.
deposit.
REPORTING STATUS: The FRBs do not report to Congrus. Hovav.r,
the Board of Governor8 of the Ped.ral Reserve Sy@+@m is required
to provid. an annual report to Conqr8.8. The Board of Gwomors
is required to order an examination each Fodaral Rusrve Sank
year
at least once annually, and upon joint application of tan memb.r
banks the Board of Governor8 shall order a special examination
and report of the condition of any Ced8ral Sank. l’ho Board is
also required by statute to publish a w..kly 8tatuent on the
condition for oath FRB. Under the liumphr.y-Hawkins Act, the
Board is r.quired to transmit to Congre88 in February and July of
.ach reports on th. 9y@tu’@ monetary policies and to
consult on those policie8 with Congresm.
Board
LITIGATION STATUS : Pedaral R@@@rf@ Banks can sue and b8 sued in
their own nau.
of ardor
FXNAN~ADDIT RwwIBBIQIT8: The Board of Governor8 is required
to ardor an examination of each F8dsral R888rv8 Bank at 18ast
onto annually, and upon joint application of ton member bank8 the
of Governor8 shall a spocial l ruination and report
of th. condition any F8doral Ro@oxv@ Sank.
TIXAIICIAL AUDITOR: Division of ?odersl ROS.NO Sank Oporation8,
-----I
.4
Board of Governors of Fedora1 R8mor-10 Systu.
- AUDIT RNQrnB: 31 U.S.C. 714, known as the I8doral
Sanking Agency Audit Act.
AuDlTrDr Division of rodoral RUON@ Bank Oporation8, Board of
Govornor8 of the ?adoral R.s.rvo System; CY 1987 Audit.
0Pnfmlr: Not applicable
A- PRXJICIPLES: Accounting recordm arm maintainul on an
accrual basis and financial rtatuentm are propared in accordance
with g8norally accoptod accounting principles.
RmmmRsr s19,644,100,000=
-1