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Federal Financing Bank

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Title: Federal Financing Bank  
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Federal Financing Bank

Federal Financing Bank
Agency overview
Formed 1973
Headquarters Treasury Building
Washington, D.C.
Employees 17
Agency executive Gary H. Burner, Chief Financial Officer
Parent agency Department of the Treasury
Website http://www.treasury.gov/ffb/

The Federal Financing Bank (FFB) is a United States government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury.[1] 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. As of September 2010 it has assets of $61.6bn with a net position of $3.8bn.[2] At August 2013, its debts totalled $73.1 billion.[3]

See also

Notes

  1. ^ Federal Financing Bank Act of 1973 (12 USC 2281, the Act)
  2. ^ FFB Financial Statement year end September 2010 - Federal Financing Bank, 10 Nov 2010
  3. ^ Federal Financing Bank Press Release

References

  • "Federal Financing Bank". AllGov: Everything Our Government Really Does (Allgov.com). Retrieved 2010-09-04. 
  • "Facts on the Federal Financing Bank". CQToday, May 19, 2008 (CQ-Roll Call Group). Retrieved 2010-09-04. 
  • Financial Statements (With Independent Auditors’ Report Thereon), September 30, 2009 and 2008., retrieved 2010-09-04 

External links

  • Official website
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