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B-194287 1 (1980-02-26)

handle is hein.gao/gaobabjrp0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 OFFICE OF GENERAL COUNSEL B-194287 February 26, 1980 The Honorable G. William Miller The Secretary of the Treasury RCK Dear Mr. Secretary: This is in reply to a letter from Mr. Paul H. Taylor, Fiscal Assis- tant Secretary, da ed Februlary 26, 1979, who under authority delegated by youre uest relief be granted to Mr. Dario A. Pagliai, Com- missioner and ac ountableJofficer, Bureau of Government Financial Operations, for a $1, 303. Z0 deficiency involving o - s. )L3-L The Bureau of Government Financial Operations feels that the negative balance deficiency is the result of two or more data processing errors occurring over a period of several years. This opinion is based on the following background information provided by the administrative report detailing the circumstances which gave rise to the $1, 303. Z0 deficiency and which accompanies the request for relief. By provision of the Emergency Farm Mortgage Act of 1933, the Trea- surer of the United States became the special agent for the payment of interest and redemption of principal on securities issued by Far mCredit. S(FCA) institutions. Special agency accounts were insti- tuted by the Treasurer's office to verify that charges for interest and principal agreed with the audit of redeemed obligations by the Bureau A6 - i8 of the Public-Deht From 1933-to this date, over $2 billion of transactions pertaining to FCA securities have been processed through the Treasury's account. Treasury Order No. 229-1, issued on March 11, 1974, established the Bureau of Government Financial Operations (BGFO). Most functions of the Office of the Treasurer of the United States were transferred to the newly created Bureau. As such, the responsibility of maintaining the special agency accounts, including those pertaining to FCA, was assigned to the Government Repnrit 2ranch. Several special agency accounts, in- cluding the FCA accounts, were discontinued effective October 1, 1974. BGFO was directed to transfer the cash balances maintained for the Farml Credit P~nks to the Feder eserve Bank of New York (FRBNY) in pay- L 7 ment of the obligation--s of the FC.--Tie t inal transfer occurred on May 1, 1977. 008797

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