Elizabeth A. Coleman was appointed Inspector General for the Federal Reserve System on May 6, 2007.
The responsibilities of the OIG also include the prevention and detection of waste, fraud, and abuse at the Board of Governors of the Federal Reserve System.
The OIG is supposed to achieve its mandate through audits, evaluations, investigations, legislative reviews, while keeping the Chairman of the Board and Congress fully informed.
She reportedly has worked closely with the Executive Council on Integrity and Efficiency, a professional organization of about thirty statutory Inspectors General who are appointed by their agency heads in certain designated federal entities, including the Board.
[1] During the Financial Services Subcommittee on Oversight and Investigations hearing of May 5 2009, Ms. Coleman did not answer several questions regarding trillions of dollars of "off-balance transactions" and "extension of credit" in the balance sheet of the Federal Reserve saying that she was conducting a "review" (and not an "investigation") "at a fairly high level" and not down to the specific "details".