Fed sees record profits - Spokane, North Idaho News & Weather KHQ.com

Fed sees record profits




















WASHINGTON. - The Federal Reserve generated record profits last year. That reflects extraordinary efforts to rescue the country from the worst economic and financial crisis since the 1930s.
     
The central bank logged a record windfall of $52 billion. Of that total, a record $46 billion gets turned over to the Treasury Department.
     
It marks both the biggest profit and payment to Treasury on records dating back to 1914, when the Fed began operating. The previous record payment turned over to the Treasury, of nearly $35 billion, was registered in 2007.
     
The Fed's efforts to end the crisis are separate from the $700 billion taxpayer-funded financial bailout program authorized by Congress in 2008 and overseen by the Treasury Department.

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