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The Federal Reserve Banks as fiscal agents and depositories of the United States

Author

Listed:
  • Paula V. Hillery
  • Stephen E. Thompson

Abstract

The Federal Reserve, the nation's central bank, is also the U.S. government's bank. As fiscal agents of the United States, the Federal Reserve Banks provide the Department of the Treasury with services related to the federal debt-receiving bids for auction of Treasury securities and processing securities transactions. As depositories, the Federal Reserve Banks provide payment-related services to the Treasury and other government agencies - handling the government's account by accepting deposits and clearing payments. This article describes the nature of the primary fiscal agency and depository services required by the United States, explains how the Reserve Banks meet those requirements, and discusses the reimbursement for these services.

Suggested Citation

  • Paula V. Hillery & Stephen E. Thompson, 2000. "The Federal Reserve Banks as fiscal agents and depositories of the United States," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 86(Apr), pages 251-259, April.
    • Handle: RePEc:fip:fedgrb:y:2000:i:apr:p:251-259:n:v.86no.4
    DOI: 10.17016/bulletin.2000.86-4
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    File URL: http://www.federalreserve.gov/pubs/bulletin/2000/0400lead.pdf
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    More about this item

    Keywords

    Federal Reserve System; Financial services industry; Fiscal policy;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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