Legal Definitions - Dodd-Frank: Title XI - Federal Reserve System Provisions

Definition: Title XI of the Dodd-Frank Wall Street Reform and Consumer Protection Act addresses changes to the Federal Reserve System. It allows greater supervision of the Federal Reserve's operations by allowing the Comptroller General of the United States to audit the Federal Reserve Board, banks, and credit facilities. It also allows the Board to establish a guarantee program for emergency loans and makes changes to governance and positions.

Example: One provision of Title XI is that the Comptroller General of the United States can audit the Federal Reserve Board, banks, and credit facilities. This means that an independent auditor can review the operations of the Federal Reserve to ensure that they are following proper procedures and not engaging in any inappropriate activities.

Explanation: The example illustrates how Title XI allows for greater supervision of the Federal Reserve's operations by allowing an independent auditor to review their activities. This helps to ensure that the Federal Reserve is acting in the best interests of the public and not engaging in any activities that could harm the economy or financial markets.