The Fed Will Pay GAO For Its Own Audits
Sound a little familiar? Hell, in the "real world", the client has to pay for his own audits too so why should the Fed be any different?
Well because whatever they have to pay comes out of that giant windfall that Treasury gets from them that we have conveniently dubbed "profits".
A left-handed jerk off is still jerk off no matter how you rub it.
Via the Hill:
The failure to pass a full-year CR will not hinder the Government Accountability Office from carrying out its tasks in the coming months, including its new job of auditing the Federal Reserve.
The full-year continuing resolution (CR) had included increased funding for the Government Accountability Office (GAO) to conduct its oversight functions, and this funding adjustment did not make it into the March 4 CR.
Despite this, GAO had planned for no increase in funding and its duties will not be affected, spokeswoman Laura Kopelson said. The GAO under the Dodd-Frank financial reform bill is now required to audit the Federal Reserve’s emergency lending program, instituted in the wake of the financial crisis.
This new task will go forward because the Fed audit will be reimbursed by the Fed, she said.
I hope the GAO has some time to skim through the Fed's financial accounting manual ahead of this lovely little project, it might help make sense of their unique accounting flair.