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B-172255 1 (1979-04-26)

handle is hein.gao/gaobabjjn0001 and id is 1 raw text is: April 26, 1979 The Honorable Fernand J. St Germain Chairman, Subcommittee on Financial Institutions Supervision, Regulation and Insurance Committee on Banking, Finance and Urban Affairs U.S. House of Representatives Dear Mr. Chairman: On March 2, 1979, you taquest. that the General Accounting Office undertake a comprehensive review of [foreign bank activities in the United States and'U.S. bank activities overseaj Your request encom- passes two assignments which we were planning to undertake later this year. We are pleased to begin the work now. The review you have requested is of such magnitude that we wanted to be certain that we could acconplish the task in a time which would be acceptable to the Subcommittee. So, we have been discussing the request with the Subcommittee staff and we have made initial contacts and started working with the agencies involved. Based on our discus- sions with your staff and the ag'encies, we believe that the Subcommittee's needs can be served by two reports: One on selected aspects of the request in August 1979 and a comprehensive report in February 1980. The first report will address questions 3 and 5 of your request and some matters related to question 8. You asked for the 10-year trend of foreign banking activity in this country. Based upon our prior work in this area, it is likely that information needed for such an analysis is not acceptable or of poor quality. Nevertheless, we will provide as com- plete and meaningful a trend analysis as is possible. We expect to work closely with the Department of the Treasury to avoid duplicating work it is required to do under section 9 of the International Banking Act of 1978. We will provide a status report on the Treasury's efforts in our report. Also, we plan to build on work on foreign investment monitoring we are doing for another committee. 3-172255

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