Request for Copies of the GAO Draft Report on Bank Regulatory Agencies, and Agreements between GAO and the Federal Reserve Board, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation

Published by the Government Accountability Office on 1977-01-18.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

                                    UNITED STATES GENERAL ACCOUNTING OFFICE
                                             WASHINGTON, D.C. 2.0548

  '" \.,

                                                                               JAN 13 1977

            Daniel 1. Horgan, kq.
            Wate1'•1 HQ.Phanon ' Budain
            32 Jourul Square.
            Juaey City• Ntnl Jersey 01306

                   ThU -npliu to 1our letter of            J~uazy   10, 1977. requeating a copy
            of tu GAO draft repoi:t .on bu.1t i-egul.jtory •atnd.ea 11 and c;.opt.1 of the.
            agr....,t• eutered f.utq batvan GAO and the !ederal lete.,.clsoard, Coar
            trollet of th• CuttMCy, and i' .D.I.c. • rupectively.             ·

                 the dnft report you request bas be~ prepared at congnsaioml
       I    requut, and vheu coaplated and in final form, will be submitted at a
            report of the Collptroller Geuerall{io the Cougreas. In its pres•:iJ.t form,
            the d'taf t report do.. not eonatitut• the final po1it.1cm .of the QAD or of
            th• CoaptrollAr.Ge:iutral; rathu. it ia 1u the fora of r~t:tomi to
            h1a vb.ich ha will oot aet upon -til c.iOJaeuta have been received frOJll
            tlia three coucunod Federal bank. auperviaoey aganci••• ·'the dr.aft. report,
            therefore, fora part of the dalibera~ive proce-.as of this Agency, and
            u ·u.pc from relea•• uudt.'t 4 c.r.R. l8l.. 6(a) (S).
                   We have cona:J.dend the fact raisad. in telephone di$Cwiaions with
            Mr .. Even of my 1taff that the draft: report is beiq.cited :111 tho pre.as ..
            W• ho• natthH raleued llOr authorised J!'eleue of the draft repc>Tt out•
            •id•   of the GAO •'Cd the t.~e concamed agcic.iet. Our review vat uda
            under 1peeif1c aareeuuts reached with each of the three. ageuciat grant-
            iug u. acc..• to their racorda aud 88tabliahiug grotmdJ:ules :for the
            reporting process. B.elaa•• of the report in draft prior to receipt and
            evaluation of the agauc:lu' COJllQQ!lta would be hconaiatwt with these
                  bvlw of the draft ?:eport by each of tha three agencies is parti-
            cularly critical  :bt thi• toatanca, for.we tlNSt rely on them t<J anure
           . that the report neither •io1-tu the tams of the agreeaenu nor the
            prod.aioma of 18        u.-s.c. fltol   (1970)...   ·

                                                                         ~··. ;~~it     .-··· .. . . .

                                                                          ••   1·.• ~   .   -


       lu&aKGUCh aa t~ ~ti&tion of, aud adbe~ence to tlle$a sp¢Cia.l..
agre.wmt• enablea ua to Ji14J;;..e tile study in qu~ation, our fai.lu:re to
l.lOnor tbe. l•ttiar and spii:it of tb.~ a.gr~e1:1on~a could ~pair our abi.l.it.y
to conclude the study s~ce&afu.111, aad could. effdcti"ely prf;1vao.t uti
.from raacbi.ni.. AJiwilar agreement.Ii in the future.. cons&q,uently~ t i:t.o not
bt1li1&v• ~ t:elwaH of    tlu~   ur.af t report. w<>iild be i~ the lon~-t.erm
l)ublic i.Atera1't.
     for the foresoiug ruGons, your refi!UUt .fg,x- a copy of the tlxaft
report ia deni~d.
       "'e ~ct tho £in.Ml report will 00 i.4Jaue4 next W»Lth.              Y"u. will ba
aent   .i.copy u soo11 aa it is iuuad.

      With reapact to your requo•t for copietio oi tu~ inceraaeucy a~rec.­
raenta, co pit.$ of th<>ff asl:e~w.~~ aud t.be r1tlava.nt ~overing ¢on:e~pond­
eucc are en~lo•ed.

                                            llich;!!~d   a.   Piarat0n
                                            A&aociata         ~ral    Cowuiibl