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Federal Reserve Board announces Reserve Bank income and expense data and transfers to Treasury for 2020

Date Time Share Federal Reserve Board announces Reserve Bank income and expense data and transfers to Treasury for 2020 The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks’ 2020 estimated net income of $88.8 billion represents an increase of $33.3 billion from 2019, primarily attributable to a $27.1 billion decrease in interest expense associated with reserve balances held by depository institutions and a $5.3 billion decrease in interest expense associated with securities sold under agreements to resell. Net income for 2020 was derived primarily from $100 billion in interest income on securities acquired through open market operations–U.S.

Glenn H Hutchins steps down from New York Fed Board of Directors

Glenn H. Hutchins steps down from New York Fed Board of Directors NEW YORK, NY (January 11, 2021) The Federal Reserve Bank of New York today announced that Glenn H. Hutchins, has stepped down from its Board of Directors effective January 8, 2021. Mr. Hutchins is chairman of North Island, co-founder of Silver Lake, and co-chairman of the Brookings Institution and CARE. Mr. Hutchins joined the Board in September 2011 as a Class B director. He served as chair of the Board’s Audit and Risk Committee for nine years, and also served as co-chair of the Board’s search committee for the Bank’s president and CEO, John C. Williams.

CFOs in 2021 Will Keep an Eye on These 10 Things

Provided by Dow Jones By Nina Trentmann Chief financial officers last year raised billions of dollars to stabilize their companies finances, cut costs and pivoted their businesses to respond to the coronavirus pandemic and the ensuing economic downturn. As executives look ahead, vaccines against Covid-19 greenlighted by U.S. authorities in recent weeks are expected to boost growth in the second half of 2021, as Americans return to offices, shopping malls and gyms. Here are 10 things that could be top of mind for CFOs in 2021. Economic Recovery Finance chiefs expect their companies revenue to rise by an average of 6.9% in 2021, up from a 0.3% increase forecast for 2020, according to a recent survey by Duke University s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta. Executives will be monitoring potential setbacks to the economic recovery, especially in industries hit hard by the pandemic, su

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