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094521 1 (1973-10-02)

handle is hein.gao/gaobadxmx0001 and id is 1 raw text is: 





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

                                                 FOR RELEASE ON DELIVERY
                                                       Expected at
                                                 10 a.m. October 2, 1973

                             STATEMENT OF

      ELMER B. STAATS, COMPTROLLER GENERAL OF THE UNITED STATES

                              BEFORE THE

                  COMMITTEE ON BANKING AND CURRENCY        D1V0

                       HOUSE OF REPRESENTATIVES

                                  ON

        H      10265A BILL TO PROVIDE FOR AN AUDIT OF THE

          FEDERAL RESERVE SYSTEM BY THE GENERAL ACCOUNTING

                   OFFICE AND FOR OTHER PURPOSES


     We welcome the opportunity to testify before this committee concerning

the proposal in H.R. 10265 to require our Office to make annual audits of

the Federal Reserve Board, banks and branches. We have no comments on the

other provisions of the bill.

     Before I comment on some of the specific points I would like to make

concerning the provisions of H.R. 10265, I believe it would be advisable

to briefly discuss some of the background on prior proposals to require

our Office to audit the Federal Reserve System.

     Until 1933, GAO audited the expenditure vouchers of the Federal

Reserve Board but not of the banks. The audits were made because of the

ruling of the Attorney General in 1914 that the funds obtained byr d Oooo(

                                                           04,o~

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