Fed's growing art collection to be audited for management controls

22 January 2019 9:23pm
The US Federal Reserve’s management of its mushrooming, multi-million-dollar art collection will be audited for the adequacy of its internal controls, the central bank’s inspector general said.

The collection of more than 2,000 paintings, drawings, photographs, prints and sculptures as of September 2017 has nearly quintupled from 423 pieces in 2004, a report last week said.

The art is displayed in five Fed buildings. Chairman Jerome Powell favors black and white photography for his office. His predecessor, Janet Yellen, preferred abstract pieces.

“Our audit will assess the adequacy of internal controls related to the management and administration of the Board’s fine arts program to mitigate operational and reputational risks,” the inspector general said.