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Fiscal Agency Services

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Fiscal agency services
Services performed by the Federal Reserve Banks for the U.S. government. These include maintaining deposit accounts for the Treasury Department, paying U.S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities.

Fiscal Agency Services
Services that Federal Reserve Banks perform for the United States government. The most important of these services include maintaining the Treasury Department's bank accounts and issuing and redeeming Treasury securities.


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Our fiscal agency services, which comprise another one-sixth of the Reserve Banks' total budget, are provided at the direction of the Treasury and other federal government agencies for whom we provide these services and whose reimbursements to us are made primarily with appropriated funds.
Notable developments have occurred in recent years in both depository and fiscal agency services.
PACS is the uniform cost accounting system that the Reserve Banks use for determining the full costs of fulfilling their four basic areas of responsibility: (1) monetary policy, (2) supervision and regulation, (3) fiscal agency services, and (4) services to financial institutions and the public (the last includes both priced and nonpriced services).
 
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