ABA and more than two dozen trade groups urged the House and Senate conferees on the highway spending bill to adopt the House’s approach to funding the legislation. The House bill, adopted last week, uses the Federal Reserve’s capital surplus account to pay for highway spending. By contrast, the Senate’s bill, passed in July, includes
Browsing: Fed dividends
The House today voted 371-54 to approve a long-term highway funding bill. Just prior to passage, the House overwhelmingly approved measures that would remove controversial funding methods from the bill.
Also on Capitol Hill this week, the House is expected to vote on a long-term transportation funding package. News reports have indicated that a revenue-raising provision significantly reducing the dividends paid to Federal Reserve member banks — a measure ABA strongly opposes — may be included. The Senate has already passed a transportation bill with a similar funding mechanism.
One hundred and fifty members of the House sent a bipartisan letter to the chamber’s leaders today urging them to withhold consideration of any proposal to reduce dividend payments on Federal Reserve stock until the Government Accountability Office has completed a study on the plan’s long-term implications. The letter comes as the House prepares to
With a provision that would reduce the dividends paid on Federal Reserve Bank stock to Fed member banks still being floated as a revenue-raising measure on Capitol Hill, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) today asked the Government Accountability Office to study the Fed stock ownership structure and report back to Congress.