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094455 1 (1970-05-20)

handle is hein.gao/gaobadxlh0001 and id is 1 raw text is: 






                      UNITED STATES GENERAL ACCOUNTING OFFICE
                              WASHINGTON, D. C. 20548


                                                      FOR RELEASE ON DELIVERY
                                                      Expected at 1:30 p.m. EDT
                                                      May 20, 1970





                                 STATEMENT OF
           ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES
                                  BEFORE THE
                      SUBCOMMITTEE ON ECONOMY IN GOVERNMENT    1
                            JOINT ECONOMIC COMTTEE



    Mr. Chairman and Members of the Subcommittee:

          I am pleased to appear before your Subcommittee today. I will

     address myself to certain matters discussed in the May 1969 report of

     your Subcommittee, and to other significant areas in which you have

     indicated an interest.

        DEFENSE PROFITS STUDY

          As you know, Public Law 91-121 directed GAO to conduct a study

     and review on a selective representative basis of the profits made by

- #  contractors and subcontractors on contracts on which there is no for-

    mally advertised competitive bidding entered into by the Department of

    Defense, Coast Guard, and National Aeronautics and Space Administration.

  Similar contracts entered into by AEC to meet requirements of the

     Department of Defense were also included.






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