Federal Financing Bank (FFB) (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms

Federal Financing Bank (FFB)

Delphi, The Treasury of the Athenians
Creative Commons License photo credit: Alun Salt

The Federal Financing Bank (FFB) is a government corporation, created by Congress in the Federal Financing Bank Act of 1973 (12 U.S.C. 2281 et seq.), under the general supervision of the Secretary of the Treasury (31 U.S.C. 305).

The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally-assisted borrowing from the public. The FFB was also established to deal with federal budget management issues that occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with Treasury securities. The FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency.

See also “Budget Treatment of the Federal Financing Bank,” Statement of Harry S. Havens, Director, Program Analysis Division, U.S. General Accounting Office (GAO), July 19, 1977 (7-page PDFPDF); and “The Federal Government Faces Continuing Financial Management and Long-Term Fiscal Challenges,” GAO-12-444T, Mar 1, 2012.

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