Long before he became one himself, Donald J. Trump was complaining that presidents of the United States have permitted other countries to take advantage of America and its taxpayers. This has been the impetus for President Trump’s imposition of tariffs on imports, for his insistence that members of NATO contribute the amounts to which they are contractually obligated, and for his work to bring Americans’ prices for prescription drugs down to the level paid by the citizens of other countries, among other efforts.
Given this, it must frustrate him that during 2024, the Federal Reserve paid to foreign banks $179 billion that it would otherwise have remitted to the U.S. Treasury. From 2013 through 2024, $536 billion the Fed could have remitted to the Treasury was instead paid to foreign banks. (The Fed pays interest to U.S. banks as well, but the focus of this commentary is on the payments to foreign-owned institutions.)
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