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GGD-82-22 1 (1982-05-07)

handle is hein.gao/gaobabdfr0001 and id is 1 raw text is: //5 5'1,,,-, BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES The Federal Reserve Should Move Faster To Eliminate Subsidy Of Check Clearing Operations The Monetary Control Act of 1980 required the Federal Reserve to begin charging in 1 981 for selected services that used to be provided free to member banks. This report examines how the Federal Reserve imple- mented pricing for clearing checks and for clearing payments electronically- -two ser- vices that together account for more than one-third of the operating budgets of Fed- eral Reserve banks. In establishing a system for pricing its ser- vices, the Federal Reserve generally made reasonable judgments in exercising the wide discretion given it by the Monetary Control Act. GAO believes, however, that the Federal Reserve Board could be moving more quickly to achieve the Monetary Con- trol Act's longrun objective of pricing servi- ces without subsidy. GAO recommends actions which would increase the Federal Reserve payment to the U.S. Treasury by as much as $175 million in each of fiscal years 1982 and 1983. These actions would also enhance the ability of private sector institu- tions to compete with the Federal Reserve on a more equal basis. 118342 GGD-82-22 MAY 7, 1982

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