GAO Asked To Review Fed's Role In AIG Rescue Federal Reserve Chairman Ben Bernanke has taken the unusual step of asking the investigative arm of Congress to conduct a "full review" of the Fed's role bailing out AIG. The Fed chief's move is aimed at defusing criticism of the government's $182 billion rescue of the insurance giant. The bailout sparked public outrage and demands in Congress for more information.
NPR logo

GAO Asked To Review Fed's Role In AIG Rescue

  • Download
  • <iframe src="https://www.npr.org/player/embed/122755189/122755166" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
GAO Asked To Review Fed's Role In AIG Rescue

GAO Asked To Review Fed's Role In AIG Rescue

GAO Asked To Review Fed's Role In AIG Rescue

  • Download
  • <iframe src="https://www.npr.org/player/embed/122755189/122755166" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Federal Reserve Chairman Ben Bernanke has taken the unusual step of asking the investigative arm of Congress to conduct a "full review" of the Fed's role bailing out AIG. The Fed chief's move is aimed at defusing criticism of the government's $182 billion rescue of the insurance giant. The bailout sparked public outrage and demands in Congress for more information.

STEVE INSKEEP, host:

NPR's Business News starts with an audit for the Federal Reserve.

(Soundbite of music)

INSKEEP: No less than the chairman of the Fed himself, Ben Bernanke, is calling for a full review of the Fed's $182 billion bailout of AIG. Bernanke sent a letter yesterday to the Government Accountability Office. That's the investigative arm of Congress. And he said he would welcome an investigation into the Fed's decisions and actions in the bailout. This is a conciliatory move, which comes at a key moment for Bernanke. His term as Fed chief is up at the end of the month, and some members of Congress are working to block confirmation for his next term.

Copyright © 2010 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.