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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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The trust bank currently provides asset securitisation-related services for corporate clients, including asset trustee, cash management and fiscal agency services.
Bank of New York Mellon buys JPMorgan Trust Bank in Japan
The Federal Reserve is responsible for conducting monetary policy, supervising and regulating certain financial institutions, promoting the efficiency and integrity of the payments system, and providing fiscal agency services to the Treasury and other government agencies at their direction.
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.
Statement by Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, July 26, 1996
Notable developments have occurred in recent years in both depository and fiscal agency services. In the payments area, work is progressing toward automation of tax payments and letter-of-credit operations.
The Federal Reserve Banks as fiscal agents and depositories of the United States
A particularly noteworthy initiative in 1990 is the enhancement of fiscal agency services for the U.S.
Statements to Congress
Depository institutions benefit from production efficiencies that result when the facilities and expertise required to provide these fiscal agency services are used to produce other similar services for depository institutions.
The Federal Reserve in the payments system
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