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Inside Washington (01/11/2013)
  • WASHINGTON (1/11/13)--President Obama yesterday nominated White House Chief of Staff Jack Lew as the next Secretary of Treasury.  Last May, Lew was a surprise speaker at a White House meeting organized by the National Cooperative Business Association (NCBA) to highlight the International Year of Cooperatives. The NCBA delegation included members of the Credit Union National Association's Cooperative Alliances Committee.  In a question-and-answer session, Lew was asked if he'd ever been in a co-op.  At first he shook his head 'no,' until the group reminded him credit unions are cooperatives.  He said he has been a member of several credit unions
  • WASHINGTON (1/11/13)--The Federal Reserve Board on Thursday announced preliminary unaudited results indicating that its reserve banks provided for payments of about $88.9 billion of their estimated 2012 net income to the U.S. Treasury. Under the board's policy, the residual earnings of each Federal Reserve Bank are distributed to the U.S. Treasury, after providing for the costs of operations, payment of dividends, and the amount equal to surplus with capital paid-in. The federal 2012 estimated net income of $91 billion was derived primarily from $80.5 billion in interest income on U.S. Treasury securities, federal agency and government-sponsored enterprise (GSE) mortgage-backed securities, and GSE debt securities …


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