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On October 14, 1955, the Secretary of the Treasury, the Comptroller General of the United States, and the Director of the Bureau of the Budget, jointly announced the adoption of new procedures involving the use of electronic data processing equipment, for the "payment" and "reconciliation" of the 350 million checks drawn annually by over 2,300 individual government disbursing officers against the Treasurer of the United States. They announced that they expected these new procedures to save the government $1.75 million in administrative costs annually and that further decreased costs of about $500,000 could result in the Federal Reserve Banks.

The check payment and reconciliation program of the U. S. Treasury