In the United States, government regulation of business enterprises is rendered more effective by providing for some form of publicity. The data thus presented enables the public to pass its own judgment on the operations of the business under consideration. Accordingly, national and state banks are required to submit several kinds of reports, the most important of which is the general statement, which presents a summary of the bank's condition on a particular day. In former years, the supervising officials called for these reports on stated dates throughout the year. Some banks were thus able to arrange affairs so that their statements would present an excellent showing on the day when reports had to be submitted. To prevent this "window dressing" the Comptroller now sets a time unknown beforehand to bank officers by calling for a statement of condition on a day which has already elapsed. For example, on July 3d the Comptroller might notify all national banks to state the amount of their assets and liabilities on June 26th. These reports must be attested by an officer and certain directors of the bank and submitted within five days after the call has been issued. The National Bank Act requires the filing of at least five reports throughout the year.

Similar reports are also required by the state governments of state banks and trust companies. There is close co-operation in this matter in some states, and a number of state superintendents fix the call for reports on the same day as that set by the federal Comptroller. With national and state institutions thus reporting on the same day, it is possible to make a more uniform study of financial conditions throughout the country. A summary of the statement must be published by each bank in the local press in order to assure publicity.

In addition to the statement of general condition, national banks are called upon to file two special reports. Twice a year they must submit data concerning the amount of dividends which have been declared and the net earnings in excess of these dividends. If a national bank exercises the right of issuing notes, a report must be also made on the amount of these obligations in circulation on January 1st and July 1st of each year. On certain occasions the Comptroller of the Currency has requested the banks to submit reports on special subjects.