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Federal Reserve to Release Quarterly Financial Reports

The Federal Reserve recently began issuing quarterly financial reports.

On August 27, the Federal Reserve began changing the way it releases its financial information, according to a report from the Dow Jones Newswire.

Traditionally, the Fed releases a financial statement every week that provides public updates about the organization's balance sheets. Now

On August 27, the Federal Reserve began changing the way it releases its financial information, according to a report from the Dow Jones Newswire.

Traditionally, the Fed releases a financial statement every week that provides public updates about the organization's balance sheets. Now, the Fed will supplement that information with a full quarterly financial report that hasn't gone through the audit process, the source said. The agency's annual statements are reviewed by an independent audit firm as well as the Government Accountability Office, which also audits the Fed's monetary operations policies.

In a press release, the Fed said, "This enhancement to the Board's previous financial reporting procedures will provide greater transparency by communicating financial information on a more frequent basis and in greater detail."

A Forbes analysis of the first two quarterly financial reports from the Fed - for the quarters ending March 31 and June 30 - found that the nation's central bank turned a profit of $47.5 billion during the first half of the year, $46.4 billion of which it returned to the taxpayers. Much of the profit was generated by Treasury-backed securities, the source said.

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