By Joshua Zumbrun and Craig Torres
The Federal Reserve will probably transfer record earnings exceeding $70 billion to the U.S. Treasury Department this year on income from assets including mortgage-backed securities, according to the Congressional Budget Office.
“The Federal Reserve’s actions to stabilize the financial markets are likely to significantly increase the amount of its remittances over the next few years,” the CBO said in a report released today. It was prepared at the request of Senator Judd Gregg of New Hampshire, the senior Republican on the Senate Budget Committee.
Continue reading Fed May Send Record $70 Billion to Treasury, CBO Says