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May 17, 2023

Statement of Inspector General Mark Bialek Before the Subcommittee on Economic Policy; Committee on Banking, Housing, and Urban Affairs; United States Senate

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Independent, objective oversight is critical for ensuring that government agencies work efficiently; effectively; and in accordance with the laws, rules, and regulations that govern them. Such work is also vital for maintaining public trust in government institutions.

Consistent with the subcommittee's interest in Federal Reserve oversight and accountability, my testimony has five parts: First, I will explain our overall approach to oversight; second, I will summarize significant, enduring challenges in Board programs and operations; third, I will detail our work on the Board's supervision of financial institutions; fourth; I will describe our approach to the Board's ethics matters; and fifth, I will address proposed legislation that would reform Federal Reserve oversight.