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Those are transactions for or with a foreign central bank, government of a foreign country, or non-private international financing organization. Deliberations, decisions, or actions on monetary policy matters including discount window operations, reserves with member banks, securities, credit, interest on deposits, and open market operations, transactions made under the direction of the Federal Open Market Committee, or a part of the discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1) - (3) of this subsection.
So those are the areas that GAO may not include by law in its audit. So what we see is the full clause that basically encompasses about everything the Fed does in the realm of monetary policy, open market operations, and quantitative easing.
Essentially the only thing the GAO can audit are some of the check processing, currency stored, shipments, some of the regulatory bank examination functions. On the most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.