The President has signed into law legislation that in part funds U.S. transportation infrastructure with funds otherwise housed or disbursed by the Federal Reserve. The law now transfers what are deemed excess funds from Federal Reserve Banks to the Treasury and cuts the dividends paid by Federal Reserve Banks to state member banks and the national banks required also to be members of the Federal Reserve System. The dividend cut is not, however, as large as initially enacted by the Senate nor applicable to as many banks.
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