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![handle is hein.gao/gaobadxwi0001 and id is 1 raw text is:
DCCUNENT EISUME
03737 - CB2834087]
oversight of Exchange Stabilization Fund Operations and Senate
Bill 2093 to Discontinue Use of the Fund to Pay Administrative
Expenses. October 7, 1977. 5 pp. + 3 appendices (5 pp.).
Testimony by Elmer B. Saa-s, Comptrcller General.
Issue Area: Accounting and Financial Reporting: Operations,
Financial Position, and Changes (2802).
Contact: International Div.
Budget Function: International Affairs: International Financial
Programs (155).
Organizaticn Concerned: Department of the Treasury.
congressional Relevance: Senate Coimittee cn Banking, Housing
and Urban Affairs: International Finance Subcommittee.
Authority: Gold Reserve Act of 1934, sec. 10(b) (P.L. 91-599; 31
U.S.C. 822a(b)). S. 2093 (95th Cong.).
GAO presently has no authcrity to audit the operations
of the Exchange Stabilization Fund except for its administrative
expenses. Current legislative constraints impair access to
information needed to reviev international trade and monetary
matters. An agreement has been reached with the Treasury
Department that provides for GAO access to information related
to their audits and reports on such matters as U.S.
participation in the International Monetary Fund and debt
policies toward developing countries. information concerning
highly sensitive monetary transactions affectirg fore.gn
exchange markets and other governments will not be made
available to GAO. H.R. 9065 requires that salaries and other
administrative expenses be paid frcm regular Treasury
appropriations rathcr than from Exchange Stabilization Fund
resources. Tha bill also provides for the Troasury Department to
report to and consult with CoDgress concerninq the Fund. S.
2093, which also makes administrative expenses of the Fund
payable from regular Treasury appropriations, does not contain
the oversight provisions of the House bill. These provisions
ensure that all administration expenses of the Treasury
Department will be handled in a consistent manrer. (SW)](ViewImageLocal?handle=hein.gao/gaobadxwi0001&div=1&collection=&method=preview&ext=.png&size=3)