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122655 1 (1983-06-16)

handle is hein.gao/gaobactek0001 and id is 1 raw text is: 

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

                                          FOR RELEASE ON DELIVERY
                                          EXPECTED AT 1:00 p.m.
                                          JUNE 16, 1984.5



                           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 ith

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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