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Board Report: 2026-FMIC-B-003 March 12, 2026

Board of Governors of the Federal Reserve System Financial Statements as of and for the Years Ended December 31, 2025 and 2024, and Independent Auditors' Reports

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We contracted with an independent public accounting firm to audit the Board's financial statements as of and for the years ended December 31, 2025 and 2024.

In the firm's opinion, the financial statements present fairly, in all material respects, the financial position of the Board, and the Board maintained effective control over financial reporting.