The Federal Reserve transferred $47.4 billion, a record sum, to the Treasury Department last year, a result of the central bank’s actions to support the fragile housing market.
The transfer to the public coffers rose roughly 50 percent, or $15.7 billion, from $31.7 billion transferred in 2008, the Fed announced on Wednesday in releasing its annual financial statements, which were audited by Deloitte.
“Central banking is a great business,” joked Vincent R. Reinhart, a former director of monetary affairs at the Fed.
Source: Federal Reserve / BEA
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