Section 1109 of The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 directs the Government Accountability Office (“GAO”) to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Federal Reserve Board (“Board”) during the recent financial crisis. The report examines the emergency actions taken by the Board from 1 December 2007 to 21 July 2010. For each of these actions, where relevant, the GAO’s objectives included a review of: (i) the basis and purpose for its authorization, as well as accounting and financial reporting internal controls; (ii) the use, selection, and payment of vendors; (iii) management of conflicts of interest; (iv) policies in place to secure loan repayment; and (v) the treatment of program participants. The report notes that the Reserve Banks, primarily Federal Reserve Bank of New York, awarded 103 contracts worth $659.4 million from 2008 through 2010 to help carry out their emergency activities. The GAO makes seven recommendations to the Federal Reserve Board to strengthen policies for managing noncompetitive vendor selections, conflicts of interest, risks related to emergency lending, and documentation of emergency program decisions.