With the expansion of the Federal Reserve’s balance sheet, yearly remittances have roughly tripled in recent years, with payments to the Treasury totaling approximately $ billion between 2009 and 2012.6  5  The Federal Reserve is also monitoring financial markets to ensure that asset purchases do not impair their functioning.
6  See Board of Governors of the Federal Reserve System (2013), “Reserve Bank Income and Expense Data and Transfers to the Treasury for 2012,” press release, January 10. BIS central bankers’ speeches  3  However, if the economy continues to strengthen, as we anticipate, and policy accommodation is accordingly reduced, these remittances would likely decline in coming years.