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125842 1 (1984-12-14)

handle is hein.gao/gaobactjo0001 and id is 1 raw text is: 
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                    STATEMENT  FOR THE RECORD

                              BY THE                     JJJ1J1J1j11111I1J JJ
                   COMPTROLLER  GENERAL OF THE              125842

                           UNITED STATES

                        SUBMITTED  TO THE

       SUBCOMMITTEE ON FINANCIAL  INSTITUTIONS SUPERVISION,
                    REGULATION  AND INSURANCE

         COMMITTEE ON BANKING,  FINANCE AND URBAN AFFAIRS

             UNITED STATES  HOUSE OF REPRESENTATIVES


Mr. Chairman and Members of  the Committee:

     I am pleased  to present our views on the recent federal

rescue of the Continental  Illinois National Bank and Trust Com-

pany.  The General Accounting Office  has performed evaluations

of federal regulatory oversight  of the financial services

industry for the past 10 years.   As a result we have followed

the Continental Illinois development  with great interest.

     The financial services  industry is changing very rapidly.

Much of the work  that we plan to undertake in the financial in-

stitutions and markets area during  the next 4 years is designed

to assist the Congress  in sorting out the implications of the

bewildering number of  industry developments for the future

stability of our financial  system.  We also hope to contribute


A


UNITED STATES GENERAL ACCOUNTING OFFICE

           Washington, D.C.


                            FOR RELEASE

                            December 14, 1984

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