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121652 1 (1982-06-16)

handle is hein.gao/gaobactbi0001 and id is 1 raw text is: 



             United States General Accounting office
                     Washington, D.C.  20551

                                         FOR RELEASE ON DELIVERY
                                         EXPECTED AT 1:00 p.m.
                                         JUNE 16, 1982



                          STATEMENT OF

                  WILLIAM J. ANDERSON, DIRECTOR

                  GENERAL  GOVERNMENT DIVISION

                           BEFORE THE

          JOINT HEARING OF THE SUBCOMMITTEE ON DOMESTIC

             MONETARY POLICY AND THE SUBCOMMITTEE ON

             COMMERCE, CONSUMER AND MONETARY AFFAIRS

                  U.S. HOUSE OF REPRESENTATIVES

                               ON

              FEDERAL RESERVE PRICING OF ITS CHECK

                        CLEARING SERVICES



Mr. Chairman and Members of the Subcommittees:



     We are pleased to appear before this hearing of the Subcom-

mittees of the House Banking and Government Operations Commit-

tees to discuss the Federal Reserve System's pricing of check

clearing and related services.  Our testimony takes as its

starting point our May 1982 report to the Congress entitled The

Federal Reserve Should Move Faster to Eliminate Subsidy of Check

Clearing  Operations (GGD-82-22, issued on May 7, 1982). As I

believe the Subcommittees are aware, GAO is now doing work





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