Press Release
☷Federal Reserve Board releases annual audited financial statements
Federal Reserve System ( By Press Release office)
Mar 28,2024
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The Federal Reserve Board recently released the audited financial statements for the Federal Reserve Banks for 2023 . An independent public accounting firm gave a positive review of the financial statements , confirming they were accurate and in line with auditing standards . The statements include information on assets , liabilities , and earnings of the Board and the 12 Federal Reserve Banks . Total assets for the Reserve Banks were around $7 . 8 trillion at the end of 2023 , mostly made up of U . S . Treasury securities and mortgage - backed securities . The statements also show that expenses exceeded earnings by $114 . 3 billion in 2023 , with details on interest income and expenses . The Reserve Banks reported a net income of $0 . 1 billion from emergency credit facilities established during the pandemic . Operating expenses for 2023 were $9 . 2 billion , including assessments for various expenses . The Federal Reserve Act requires the Reserve Banks to remit excess earnings to the U . S . Treasury , with any remaining earnings recorded as a deferred asset . This deferred asset increased by $116 in 2023 . There are 7 billion dollars resulting in a cumulative deferred asset of $133 . 3 billion at the end of the year . This deferred asset represents the net excess earnings that the Reserve Banks need to realize before they can resume remittances to the U . S . Treasury . The deferred asset doesn ' t affect the Federal Reserve ' s monetary policy or its ability to meet its financial obligations . KPMG LLP was hired to audit the financial statements of the Reserve Banks and the LLCs , as well as the internal controls over financial reporting . You can find the financial statements for the Board , the 12 Federal Reserve Banks , and the 3 LLCs on the Federal Reserve Board ' s website . For any media inquiries , please reach out to [email protected] or call 202 - 452 - 2955 .
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