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 (12 USC 2281, the Act)] 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
United States Treasury securities, also called Treasuries or Treasurys, are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Since 2012, U.S. gov ...
. 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 $74.2 billion in assets and $69.6 billion in liabilities, for a net position of $4.6 billion.
FFB Financial Statements, FY2013
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See also
* Title 12 of the Code of Federal Regulations
CFR Title 12 – Banks and Banking is one of 50 titles composing the United States Code of Federal Regulations (CFR) and contains the principal set of rules and regulations issued by federal agencies regarding banks and banking. It is available ...
* United States Department of the Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and ...
Notes
References
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External links
Official website
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United States Department of the Treasury agencies
Government-owned companies of the United States