Sec. 504. Treatment of funding
130 words·~1 min read·
/bill/118/hr/6775/ih/section-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any expenses incurred by the Board of Governors under this title shall be recorded— in an account to be known as the Special Public Bank Development Programs established at the Federal Reserve Bank of New York; and as a deferred asset (as described in section 11.96 of the Financial Accounting Manual for Federal Reserve Banks, as in effect on the date of the enactment of this Act) and maintained separately from the balance sheet of the Federal Reserve Bank of New York and the Federal Reserve System, so as to not reduce or impact the calculation of total income or revenue generated by the Federal Reserve System, or otherwise reduce the total amount of net operating profits to be made available for remittance to the Treasury on an ongoing basis.