The Birth of the Banking Group: GAO's Mandate To Audit the Bank Regulatory Agencies
Published: Jan 01, 1982. Publicly Released: Jan 01, 1982.
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Highlights
An article, which appeared in the GAO Review, Vol. 17, Issue 1, Winter 1982, outlined the history of GAO audits of the U.S. banking industry. Congress passed the Banking Act in 1933 which established the Federal Deposit Insurance Corporation. However, GAO did not have audit authority over bank regulatory agencies until the 1978 passage of the Federal Banking Agency Audit Act. The article noted that GAO has produced a variety of reports addressing bank examinations, agency internal audits, and international banking, another survey is being conducted on problems in the savings and loan industry, and another is planned to explore the impact of investment banking restrictions imposed by the Banking Act.