abstract:The Federal Financing Bank (FFB) is a United States government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury.Federal Financing Bank Act of 1973 (12 USC 2281, the Act) The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally assisted borrowing from the public.
Effective October 1, 2002, for borrowings and investments with the BPD and borrowings from the FederalFinancingBank (FFB), agencies will report amounts consistent with those reported by these central fiduciary agencies, except as noted above.
And Democratic National Committee Chairman Howard Dean has attacked his reputation as a reformer over the past week, accusing McCain of trying to evade federal spending limits by opting out of public financing after using the promise of federal funds to obtain a bank loan and automatic ballot access for his primary campaign.
Now, with the blessing of federal regulators, GM can get financing via its own bank subsidiary at half the cost of what it would pay investors to take bonds off its hands.