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123860 1 (1984-04-11)

handle is hein.gao/gaobacthh0001 and id is 1 raw text is: 




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

                                           FOR RELEASE ON DELIVERY
                                           EXPECTED AT 9:30 a.m.
                                           April 11, 1984

                            STATEMENT OF

                  WILLIAM  J. ANDERSON, DIRECTOR

                  GENERAL  GOVERNMENT  DIVISION

                             BEFORE THE

                  COMMITTEE  ON BANKING, HOUSING,

                        AND  URBAN AFFAIRS                    123860

                            U.S. SENATE

                               . ON

               FEDERAL RESERVE  PRICING OF ITS CHECK

                        CLEARING  SERVICES



Mr. Chairman and Members of  the Committee:

     It is a pleasurelto appear  today to participate in your

assessment of the actions the  Federal Reserve has taken to price

its check clearing services.  Before  the Monetary Control Act of

1980 was passed the Federal  Reserve provided check clearing

services without charge to  its member banks.  Following the act's

enactment, the Federal Reserve was  required to price its services

and provide them to all member and  nonmember institutions.  This

expanded the Federal Reserve's potential  market for check

services but at the same time raised  a question about whether its

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