BUSINESS Fed's 2017 profit payments to Treasury fall to $80.6 billion

BUSINESS

Fed's 2017 profit payments to Treasury fall to $80.6 billion

Reuters

03:15, March 24, 2018

image.png

The seal for the Board of Governors of the Federal Reserve System is on display in Washington, DC, US, June 14, 2017. (Photo: Reuters)

The US Federal Reserve said on Friday its remittances to the US Treasury fell to $80.6 billion in 2017, in part because the central bank made larger interest payments to financial institutions.

The Fed regularly transfers its profits, known as remittances, to the Treasury Department in what amounts to payments to US taxpayers.

In 2016, the Fed sent $91.5 billion to the Treasury.

In its audited estimate of its 2017 results, the Fed said its interest expenses on the reserves and term deposits of depository institutions rose by $13.8 billion last year.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue