The Federal Financing Bank (FFB) is a
United States government corporation created by
Congress
A congress is a formal meeting of the representatives of different countries, constituent states, organizations, trade unions, political parties, or other groups. The term originated in Late Middle English to denote an encounter (meeting of ...
in 1973 under the general supervision of the
Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
.
[Federal Financing Bank Act of 1973 ().] The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally assisted borrowing from the public. The FFB was also established to deal with
federal budget management issues which occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with
Treasury securities. Today the FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency to ensure that fully guaranteed obligations are financed efficiently.
, the FFB had $85.7billion in assets and $79.1billion in liabilities, for a net position of $6.5billion.
Federal Financing Bank Financial Statements September 30, 2022 and 2021 (With Independent Auditors' Reports Thereon
. ''Federal Financing Bank''. November 10, 2022.
See also
* Title 12 of the Code of Federal Regulations
* United States Department of the Treasury
The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments.
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Notes
References
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External links
Official website
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United States Department of the Treasury agencies
Government-owned banks of the United States
Banks based in Washington, D.C.
Banks established in 1973
1973 establishments in Washington, D.C.
Government agencies established in 1973