» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 56 | Wednesday, March 21, 2012

Fed Cuts Estimate of 2011 Payment to Government

AP

Print | Front Page | Email this story | Comments ()

WASHINGTON (AP) – The Federal Reserve is slightly cutting its estimate of how much it paid the federal government in 2011. But the bank says the payment is still the second biggest in the nation's history.

The Fed said Tuesday that it paid the federal government $75.4 billion last year. That's down from January's preliminary estimate of $76.9 billion.

The money comes from earnings on investments the central bank made to bolster the U.S. economy.

The payment is down from an all-time record of $79.3 billion made in 2010. The decline partly reflects lower earnings that the Fed made from its support for insurance giant American International Group.

The Fed began buying Treasury bonds and mortgage-backed securities during the recession and 2008 financial crisis to try to lower long-term interest rates.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 109 307 13,890
MORTGAGES 124 348 16,132
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 218 731 28,794
BANKRUPTCIES 61 178 9,216
BUSINESS LICENSES 18 65 4,545
UTILITY CONNECTIONS 58 189 10,148
MARRIAGE LICENSES 13 62 3,318

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.