News - National
Taxpayers got even bigger windfall from Fed
Posted: Apr 21, 2010 9:23 AM by Associated Press
A new report shows taxpayers got a record $47.4 billion last year in earnings from the Federal Reserve.
The payment to the Treasury Department is slightly higher than the $46.1 billion first estimated in January. The new figure is based on more complete information contained in audited financial statements for the Fed's 12 regional banks and related units.
The amount handed over to Treasury last year is $15.7 billion more- or a 50 percent increase - from 2008, the Fed says.
The bigger windfall to taxpayers reflects gains from the Fed's efforts to fight the financial crisis and revive the economy. Critics have worried that the Fed's actions could put taxpayers at risk by reducing the amount turned over to Treasury coffers.
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