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112364 1 (1980-05-21)

handle is hein.gao/gaobadyne0001 and id is 1 raw text is: 





           UNITED STATES GENERAL ACCOUNTING OFFICE

                      WASHINGTON, D.C.



                                    FOR RELEASE ON DELIVERY
                                    EXPECTED AT 10:00 a.m. EDT
                                    WEDNESDAY, MAY 21, 1980



                        STATEMENT OF

                        ELMER B. STAATS

          COMPTROLLER GENERAL OF THE UNITED STATES

                         BEFORE THE

       COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

                    UNITED STATES SENATE



     Mr. Chairman, we appreciate the oportunity to appear

before your Committee today to descri   our progress toward
         its
meeting otir responsibilities under t4i-e Federal Banking Agency

Audit Act of 1978. The act gives the General Accounting

Office authority to conduct audits of the Comptroller of the

Currency, the Federal Deposit Insurance Corporation and the

Federal Reserve System. The only areas we are not permitted

to review are deliberations, decisions, and actions on mone-

tary policy matters. We have reached a workable agreement

with the Federal Reserve as to what specific records and

actions are covered by that exclusion.
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