1.4: Oversight

Review the Board's oversight of the Federal Reserve Banks' operations.

Other Information:

The Federal Reserve Act of 1913 and the Monetary Control Act of 1980 provide the legal framework for the Federal Reserve's role in the nation's payment systems, which is to foster the integrity, efficiency, and accessibility of U.S. dollar payment and settlement systems. This mission is fulfilled in part by providing financial services to depository institutions and serving as the fiscal agent and depository for the U.S. government. The Federal Reserve Banks and the private sector operate payment, clearing, and settlement activities. Federal Reserve Banks perform fiscal agency responsibilities on behalf of the Treasury and maintain the Treasury's bank account, accept deposits of federal taxes and fees, pay checks drawn on the Treasury's account, and handle electronic payments. The Federal Reserve also provides cash services to depository institutions to foster efficient distribution that meets both domestic and international demands. The Board's Division of Reserve Bank Operations and Payment Systems (RBOPS) oversees the Federal Reserve Banks' provision of financial services to depository institutions and fiscal agency services to the Treasury and other government agencies, as well as the Banks' internal support functions. RBOPS also develops policies and regulations to promote the efficiency and integrity of the U.S. payment systems, works with other central banks and international organizations to improve the payment systems more broadly, and conducts research on payment issues. Below are several areas that the OIG may review during the period covered by this strategic plan.

Stakeholder(s):

• FRB's Division of Reserve Bank Operations and Payment Systems (RBOPS)

Indicator(s):

Indicator:1

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