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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Kailash who wrote (70860)	11/22/1999 10:40:00 AM
From: Thomas M.	Respond to of 132070

Those are the facts as I've heard them. Tom

To: Kailash who wrote (70860)	11/22/1999 10:40:00 AM
From: Thomas M.	Respond to of 132070

Those are the facts as I've heard them. Tom

To: Kailash who wrote (70860)	11/22/1999 12:02:00 PM
From: Michael Bakunin	Read Replies (3) \| Respond to of 132070

"Federal Reserve Banks generate their own income, primarily from interest earned on government securities that are acquired in the course of Federal Reserve monetary policy actions. A secondary source of income is derived from the provision of priced services to depository institutions, as required by the Monetary Control Act of 1980. Federal Reserve Banks are not, however, operated for a profit, and each year they return to the U.S. Treasury all earnings in excess of Federal Reserve operating and other expenses." bog.frb.fed.us