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B-226708 1 (1988-09-06)

handle is hein.gao/gaobablcq0001 and id is 1 raw text is: a. • COMP&r Gmeisi o de Uited State U'm~stm ~.~111111 IDII lIIIiilI1 ~Ii ___________ . _137066 B-226708 September 6, 1988 The Honorable David Pryor, Chairman Subcommittee on Federal Services, Post Office, and Civil Service Committee on Governmental Affairs United States Senate Dear Mr. Chairman: This is in partial response to your letter of August 14, 1987, which requested the General Accounting Office to undertake a follow-up to ,our April 1987 fact sheet on Federal Pay--Executive Salaries in Government-Related Banking Organizations, GGD-87-61FS. Among other things, you asked us to review the legality of the Federal Home Loan Bank Board's actions in establishing and placing certain of its functions in entities that consider themselves not subject to the salary limitations in title 5 of the United States Code.- This letter and its enclosure address the legality of the Bank Board's actions. The following is a summary of our conclusions with respect to the five entities that we reviewed. We conclude that the employees of the Office of Regulatory Policy, Oversight and Supervision (ORPOS) (now known as Othe Office of Regulatory Activities') and the Office of Finance should be regarded as Bank Board employees and, thus, federal employees. These two entities are organized fundamentally as extensions of the Board itself. They are subject to plenary control by. the Board, which appoints their principal officers, prescribes their functions, and formulates their budgets. We also conclude that the employees of the Federal Asset Disposition Association (FADA) should be regarded as federal employees.- While FADA was. chartered as a federal savings and loan association, it does not perform any of the basic functions of such an association. Instead, it is wholly owned and controlled by the Bank Board and the Federal Savings and Loan Insurance Corporation (FSLIC), and its sole purpose is to assist FSLIC in carrying out its asset management and disposition functions. Even if FADA is a legitimate federal savings and loan association, it is also, in fact, a wholly owned government corporation. As such, its employees should be regarded as federal employees. Ji L 4<1 - __ p _/ -L , .. .

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