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Treasury Tax and Loan Service, or TT&L, is a service offered by the Federal Reserve Banks of the United States that keeps tax receipts in the banking sector by depositing them into select banks that meet certain criteria. TT&L accounts are Treasury accounts created at commercial banks to accept electronic tax payments and to disburse Treasury ...
Funds were transferred to and from the TT&L accounts daily to meet the TGA target. [ 1 ] Starting in 2008 in the aftermath of the 2007–2008 financial crisis , the Treasury began keeping almost all of its cash balance in the TGA, as quantitative easing greatly increased the amount of reserves, so a large TGA balance would no longer have an ...
Another false equivocation. The monetary base is the sum of all coin, paper dollars and Federal Reserve Deposits - Treasury holdings. M1. M1 is also clearly different. M1 is the amount of M0 outside of the banking system + demand deposits - TT&L deposits (special tax accounts held by the treasury in the private sector).
The basic functions of the Department of the Treasury include: [29] Producing all currency and coinage of the U.S.; Collecting taxes, duties and money paid to and due to the U.S.; Paying all bills of the U.S.; Managing the federal finances; Managing government accounts (including the Treasury General Account) and the United States public debt;
To counter this, the government created the Treasury Tax and Loan (TT&L) program in which any receipts above a certain threshold are redeposited in private banks. The idea is that tax receipts won't decrease the amount of reserves in the banking system. The TT&L accounts, while demand deposits, do not count toward M1 or any other aggregate either.
Banker's acceptances date back to the 12th century when they emerged as a means to finance uncertain trade, as banks bought bills of exchange at a discount. During the 18th and 19th centuries, there was an active market for sterling banker's acceptances in London.
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Research from Capitalize found that by May 2023, 29.2 million 401(k) accounts had been forgotten. These accounts hold a whopping $1.65 trillion in assets — about 25% of all 401(k) assets in the U.S.