Summing up 2016: A Message from Eric S. Rosengren, President & CEO, and Kenneth C. Montgomery, First Vice President & COO
We are pleased to share the Federal Reserve Bank of Boston's 2016 audited financial statements and would like to take this opportunity, as we have in years past, to share some highlights of the Boston Fed's work during the year.
The Federal Reserve annually sends its earnings after expenses and dividends to the U.S. Treasury's general fund. At their core, the financial statements show the Bank remitted $2.3 billion to the Treasury—part of the $91.5 billion the Federal Reserve System as a whole remitted for the year.
The Boston Fed's work in 2016 reflects our commitment to public service and taking on important challenges to make a difference in the region and nation. We invite you to watch a very short video (below) that offers a glimpse into some of the year's accomplishments and ongoing initiatives.
Over the course of 2016, the Bank embarked on a number of significant efforts, including expansion of the Working Cities Challenge in Massachusetts, Rhode Island, and Connecticut; a groundbreaking Research conference focused on the slow and uneven economic recovery; and programs aimed at mitigating cyber-risk to the financial system through proactive risk management.
Beyond our role in New England, the Bank plays an important role in the broader Federal Reserve System. Key responsibilities include spearheading System financial management, supporting innovative financial tools for the U.S. Treasury, and providing network security services, among others.
In the System's core monetary policy responsibility, the Bank continued to provide strong empirical analysis, guided by the Fed's dual mandate, to Federal Open Market Committee (FOMC) deliberations. Consistent with Reserve Bank rotations on the FOMC, Boston was a voting member in 2016.
This brief overview touches on just a few of the ways that the Federal Reserve Bank of Boston advanced economic wellbeing and financial stability in 2016. We would like to thank our Bank colleagues, as well as countless stakeholders and partners, who make this work possible.
- Federal Reserve Bank of Boston Financial Statements
- Federal Reserve Banks Combined Financial Statements
The Federal Reserve Board engaged KPMG LLP ("KPMG") to audit the 2016 combined and individual financial statements of the Reserve Banks.