US watchdog spots conflict of interest with Fed director roles
US Government Accountability Office identifies three examples where senior bank executives might have benefited from their positions on regional Federal Reserve boards
An audit of the Federal Reserve published on Wednesday has revealed numerous cases during the crisis where there were conflicts of interest between the roles of directors on regional Fed boards and their positions in private sector firms.
The report, published by the US Government Accountability Office (GAO), details several instances when decisions taken by top executives of corporations and financial institutions sitting on regional Federal Reserve boards could have financially benefited their
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