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B-159854 1 (1974-02-07)

handle is hein.gao/gaobaagrn0001 and id is 1 raw text is: 4 - COMP TROLLER GENERAL OF THE UNITED STATES WASHINGTON, D.C. 20548 B-159854 FEB, 7 1974 The Honorable George H. Mahon Chairman, Committee on Appropriations House of Representatives Dear Mr. Chairman: LM096765 Your July 25, 1973, letter requested that we ie, .iigihe, nmed S e~rvJges S,$, gse.e@ tPXpg a to update a 1970 Department of Defense (DOD) report on the program, review its current status, and provide information on (1) the program's impact on the U.S. balance of payments and (2) alternative savings programs that could be used. You requested that we report to the Committee by October 31, 1973. Because of the scope of the work involved in the DOD report and the , ~, early reporting date, we agreed with the Subcommittee on Defense to , limit our work to: --Assessing program administration. --Identifying the program's direct costs. --Providing information on servicemen's program participation. --Ascertaining the use of program deposits by the Treasury. We further agreed to report the results of this work informally to the Subcommittee for its early consideration of the appropriations bill, when the need for additional work would be determined. On October 5, 1973, we presented to the Subcommittee the results of our work. PROGRAM BACKGROUND The program was established by Public Law 89-538, August 14, 1966 (10 U.S.C. 1035) to replace the Soldiers', Sailors', and Airmen's Savings Deposits Program which had been in effect for almost 100 years. The primary objective of the new program was to encourage large numbers of military personnel overseas to save more money and thereby favorably affect the goldflow problem. On?6

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