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Fed pays US Treasury $86.9 billion, largest sum in 4 years
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WASHINGTON – The Federal Reserve reported Monday that it earned $88.6 billion in 2020 and paid back to the federal government $86.9 billion, the largest Fed payment to the government in four years.
The Fed said that its earnings were up $33.1 billion last year, a gain that reflected falling interest rates which meant the central bank paid commercial banks less in interest payments on bank reserves that the Fed requires them to keep.
The $86.9 billion in payments to the U.S. Treasury was a 58.3% increase from the Fed's payment of $54.9 billion in 2019. It was the largest amount since the Fed paid the Treasury $91.5 billion in 2016.
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