Oct
06
Biggest Banks Battle to Keep Fed Pot of Gold Out of Highway Bill
By-
McConnell told executives dividend cut would be in Senate bill
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Reducing Fed dividend could save $17 billion over 10 years
Wall Street is desperately trying to persuade U.S. House lawmakers to kill a proposal that would use money from banks to fix the nation’s highways. A key concern is that once Congress taps the finance industry to help fund infrastructure projects, it won’t be able to stop.
At stake is an annual dividend of 6 percent the banks receive from the Federal Reserve, which totals less than $350 million apiece for JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. The Senate wants to cut the dividend and use the money to help pay for a highway funding bill…
Biggest Banks Battle to Keep Fed Pot of Gold Out of Highway Bill
