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Federal Reserve System, as well as bank holding companies and foreign bank offices in the
United States.
Office of Inspector General
Pursuant to the 1988 amendments to the Inspector General Act of 1978, Congress established the
OIG as an independent oversight authority for the Board, the government agency component of
the broader Federal Reserve System. In addition, the Dodd-Frank Wall Street Reform and
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Consumer Protection Act established the OIG as an independent oversight authority for the
Bureau of Consumer Financial Protection (CFPB). Within this framework, the OIG conducts
audits, investigations, and other reviews of the Board s and the CFPB s program functions.
Through this work, the OIG promotes integrity, economy, efficiency, and effectiveness; helps
prevent and detect fraud, waste, abuse, and mismanagement; and strengthens the agencies
accountability to Congress and the public.
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Appendix 3 OIG Chronology of the Board s Responses to Congressional
Inquiries Related to the Watergate Burglary
Chronology of Board Correspondence (1972)
June 17 Watergate burglary and arrest of the burglars.
June 19 (9:45 a.m.) The Board s Special Assistant receives a phone call from Senator Proxmire s
staff requesting information about the bills found on the Watergate burglars and responds that he
will look into it. That afternoon, Chairman Burns receives a letter from Senator Proxmire
reiterating this request.
June 19 (12:37 p.m.) Board staff state during a conversation with Senator Proxmire s staff that the
Board has an obligation to ascertain from law enforcement authorities whether disclosing the
requested information would interfere with the investigation.
June 19 (4:20 p.m.) Chairman Burns replies in a letter to Senator Proxmire that the Board does not
have knowledge of the Federal Reserve Bank that issued the bills or of the commercial bank to
which they were transferred. He also states that once the investigative authorities provided that
information, he would be glad to cooperate.
June 19 (5:00 p.m.) The Board s Director of Reserve Bank Operations (DRBO) calls the FBI and is
advised of the names of the two Federal Reserve Banks that issued the bills.
June 20 (9:50 a.m.) The Board s DRBO tells other Board staff the names of the two Federal Reserve
Banks that he was told issued the bills and states he does not know whether the Federal Reserve
Banks have been contacted by the FBI.
June 20 (10:05 a.m.) The Federal Reserve Bank of Philadelphia notifies the Board s DRBO of
contact with the FBI. The Federal Reserve Bank of Philadelphia also states it has been contacted
by Senator Proxmire s staff and requests guidance as to how to handle the congressional request.
June 20 (10:10 a.m.) The Board s Special Assistant calls Senator Proxmire s office. Senator
Proxmire s staff member states that he learned the FBI had contacted the Federal Reserve and
that the Board is not being responsive. The Board s Special Assistant affirms that no one at the
Board had been contacted by the FBI.
June 20 (10:10 a.m.) Upon conclusion of the above phone call, the Board s DRBO tells the Board s
Special Assistant about his discussion with the Federal Reserve Bank of Philadelphia, in which the
Federal Reserve Bank of Philadelphia reported contact with the FBI and requested guidance in
handling the congressional request.
June 20 (11:00 11:30 a.m.) Board staff meet with Chairman Burns for an update. The Board s
DRBO is directed to obtain the position of the FBI with respect to the release of information and
also asked to contact the two Federal Reserve Banks to ensure they are cooperating with the
investigative authorities and to obtain available information.
June 20 (11:55 a.m.) The Board s Special Assistant confirms the Federal Reserve Bank of
Philadelphia s contact with the FBI to Senator Proxmire s staff, but states he does not have any
details. He says that the situation is fluid and further information will be provided when it is more
definite.
June 20 (before 12 p.m.) The Board s DRBO calls the FBI regarding the release of information and
is referred to the U.S. Attorney s Office for the District of Columbia (U.S. Attorney s Office).
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Chronology of Board Correspondence (1972)
June 20 (12 p.m.) The Board s DRBO calls the Federal Reserve Bank of Philadelphia and learns that
the bank informed the FBI on the afternoon of June 19 that 10 of the bills found on the burglars had
been shipped by the Federal Reserve Bank of Philadelphia to the Girard Bank and Trust Company
in Philadelphia.
June 20 (after 12 p.m.) The Federal Reserve Bank of Atlanta s Miami branch contacts the Board s
DRBO to report contact with the FBI on the afternoon of June 19. The Miami branch states that it
advised the FBI that the serial numbers on the bills described had not been paid out of the bank.
The Board s DRBO suggests that the Miami branch re-contact the FBI to clarify the matter.
June 20 (after 12 p.m.) The Board s DRBO contacts the Federal Reserve Bank of Atlanta, which
reports it had been contacted by the FBI on June 19 and told the agent that the bills described had
been forwarded to its Miami branch.
June 20 (2:20 p.m.) The Board s General Counsel contacts the U.S. Attorney s Office to discuss the
disclosure of the information to Congress. The U.S. Attorney opposes the disclosure to Senator
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