Use of Exchange Stabilization Fund Resources:

Arrangement With Treasury Provides Access to Information

ID-77-42: Published: Sep 28, 1977. Publicly Released: Sep 28, 1977.

Additional Materials:


Office of Public Affairs
(202) 512-4800

An agreement was reached between GAO and the Department of the Treasury that provided for GAO access to information concerning the Exchange Stabilization Fund (ESF) so that GAO can properly conduct audits and reviews of international monetary matters. This agreement excludes GAO access to information involving ESF transactions with foreign governments or ESF market transactions. An audit was conducted of ESF administrative expenses for fiscal year (FY) 1975 which included a review of related work of the audit committee and the Office of Audit.

For FY ended June 30, 1975, ESF had assets valued at $4 billion and a gross income of $129 million ($115 million net). ESF income, assets, liabilities, or equity could not be audited. A limited audit was authorized of $14 million in administrative expenses. FY 1975 administrative expenses of $14.4 million were supported by appropriate documentation and properly accounted for and controlled in ESF records. The Secretary of Treasury decided it would be desirable to discontinue paying salaries and other administrative expenses from ESF resources. The Treasury Department supports proposed legislation that funds be appropriated to meet the administrative expenses associated with its international affairs function beginning with FY 1979. This appropriation process would enable Congress to evaluate competing budgetary programs and establish overall priorities for the allocation of resources.

Nov 24, 2020

Nov 23, 2020

Nov 18, 2020

Nov 16, 2020

Oct 7, 2020

Sep 25, 2020

Sep 23, 2020

Sep 10, 2020

Looking for more? Browse all our products here