Priority Open Recommendations: Board of Governors of the Federal Reserve System

Summary

What GAO Found In May 2025, GAO identified five priority recommendations for the Board of Governors of the Federal Reserve System. Since then, the Federal Reserve has not implemented any of these recommendations. GAO is highlighting the following three areas that warrant timely and focused attention: Strengthening bank supervision, Analyzing regulations, and Addressing blockchain technology risks. Addressing GAO's recommendations in these areas would help the Federal Reserve reduce the risk of insolvency at certain financial institutions and protect financial stability; ensure that its rules represent the most cost-beneficial option, achieve their intended effects, and avoid unintended economic consequences; and identify and respond to blockchain-related risks in a timely manner. Taking action to implement all of GAO's open priority recommendations would directly support the Federal Reserve's mission. Why GAO Did This Study Priority open recommendations are the GAO recommendations that warrant priority attention from heads of key departments or agencies because their implementation could save large amounts of money; improve congressional and/or executive branch decision-making on major issues; eliminate mismanagement, fraud, and abuse; or make progress toward addressing a high risk or duplication issue, among other benefits. Since 2015, GAO has sent letters to selected agencies to highlight the importance of implementing such recommendations. For more information, contact Dan Garcia-Diaz at garciadiazd@gao.gov.