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UNITED STATES GENERAL ACCOUNTING OFFICE
WASHINGTON, D.C. 20548,
For Release on Delivery
Expected at
10 a.m. October 21, 1975
STATEMENT OF
ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES
BEFORE THE
COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS
UNITED STATES SENATE
on
IS. 2509, A bill to authorize and direct the General Accounting
Office to audit the Federal Reserve System]
We appreciate the opportunity to present our views on
G I7 ooC)]
S. 2509, which authorizes and directs the General Accounting
Office to audit the Federal Reserve Board, the Federal
Advisory Council, the Federal Open Market Committee, and the
Federal Reserve banks and their branches.
This bill is essentially the same bill that was reported
favorably by the House Committee on Banking, Currency and
Housing on July 10, 1975. We testified on the House bill on
April 22, 1975, and the suggestions we made at that time
were later adopted by the Committee.
One of the primary purposes of the Federal Reserve
System is the control and regulation of the supply of money
and credit. For example, it can expand or contract the supply
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