Comments on H.R. 4440

B-205152: Published: Feb 24, 1982. Publicly Released: Feb 24, 1982.

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Legislation has been proposed which would amend the Government Corporation Control Act by removing the Federal Savings and Loan Insurance Corporation (FSLIC) from the Act's definition of wholly owned Government corporations and including it in the Act's definition of mixed-ownership Government corporations. This would recognize the change in the FSLIC status for the purpose of the Act. Congress has mandated retirement of the Government-owned stock in FSLIC and, currently, there is no Government-owned stock in FSLIC. Under the Act, mixed-ownership corporations are exempt from GAO audits when there is no Government capital invested. GAO is concerned that a question might be raised as to its authority to conduct audits of FSLIC. Therefore, GAO suggests that the bill be modified to state that the GAO audit authority is maintained notwithstanding the absence of Government capital. With this modification, GAO supports the enactment of the proposed leglislation.

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