HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.
![handle is hein.gao/gaobacxqx0001 and id is 1 raw text is:
DOCUMENT RESURBE
05961 - [B14665101
(The Minority Bank Deposit Program]. May 18, 1978. 2 pp. +
enclosure (4 pp.).
Report to Paul H. Taylor, Acting Fiscal Assistant Secretary,
Department of the Treasury; by Thomas a. Colan, Assistant
Director, General Government Div.
Contact: General Government Div.
Organization Concerned: Saint Lawrence Seaway Development Corp.
The Saint Lawrence Seaway Development Ccrporation's
participation in the minority bank program, which seeks to
increase Federal funds deposited with minority banks, was not
accompanied by sound cash management practices. The Corporation
acquired certificates of deposit from minority tanks at interest
rates lower than those given to the general public. In acquiring
the certificates, the Corporation did riot request the prevailing
interest rates, did not get bids fro all banks participating in
the minority bank program, and did not attempt to acquire longer
term certificates of deposit at higher interest rates when
feasible. Although steps are being taken to clarity practices
for depositing Federal funds in minority banks, no action is
being taken or contemplated involving the use of investment
funds such as that made by the Saint Lawrence Seaway Development
Corporation. There has been no guidance on the use of investment
funds apparently because the Department of the Treasury has no
authority to direct agencies to invest funds in minority banks
or to accept any pazticular interest rate. (BBS)](ViewImageLocal?handle=hein.gao/gaobacxqx0001&div=1&collection=&method=preview&ext=.png&size=3)