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Unformatted text preview: net inc ome to the U.S. Treas ury . Under the
Board's polic y , the res idual earnings of eac h Federal Res erve Bank are dis tributed to the U.S. Treas ury , after providing
for the c os ts of operations , pay ment of dividends , and the amount nec es s ary to equate s urplus with c apital paid-in.
The Federal Res erve Bank s ' 2013 es timated net inc ome of $79.5 billion was derived primarily from $90.4 billion in interes t
inc ome on s ec urities ac quired through open mark et operations (U.S. Treas ury s ec urities , federal agenc y and
government-s pons ored enterpris e (GSE) mortgage-bac k ed s ec urities (MBS), and GSE debt s ec urities ). Operating
ex pens es of the Res erve Bank s , net of amounts reimburs ed by the U.S. Treas ury and other entities for s ervic es the
Res erve Bank s provided as fis c a...
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This document was uploaded on 02/13/2014.
- Spring '14