WASHINGTON - Federal Reserve Board Governor Laurence H. Meyer said Wednesday that the central bank supports a recent Securities and Exchange Commission proposal to bar banks and other companies from using the same firm for internal and external audits.

For several years the Fed has been urging banks under its supervision to use separate firms to perform these audits, Mr. Meyer said during an SEC hearing in New York.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.