Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Interest Rate Cut: 2% to 1.5%

October 8, 2008
Policy Area: 
Economic Target: 
Action Type: 

50 basis point reduction in federal funds rate coordinated with other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, Sveriges Riksbank and the Swiss National Bank.


Activities of the Federal Reserve are not directly recorded in the federal budget.  However, each year the Federal Reserve remits a portion of its earnings to the general treasury.  This remittance is generally in the range of $20-$30 billion per year, but the CBO estimates that the Fed's earnings will be lower by approximately $90 billion over the next ten years.

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