The Lacuna Project

lacuna (n.) a gap in a record where something should be

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Agency

U.S. Department of the Treasury

Findings that rest on exhibits naming this entity

  • POL-8.3: A member bank must subscribe Reserve Bank stock equal to 6 percent of its paid-up capital and surplus, half paid in, and may not transfer or pledge it. Since 1 January 2016 a member bank above an inflation-adjusted $10 billion in assets (the Fed reports $12.8 billion for 2025) receives a cumulative dividend of the lesser of 6 percent and the 10-year Treasury high yield, and smaller banks receive 6 percent.
  • POL-8.9: On 24 March 2020 the New York Fed retained BlackRock Financial Markets Advisory as investment manager of the corporate credit facilities, and in February 2021 it ended or replaced BlackRock's roles. The published agreement of 11 May 2020 made BlackRock a fiduciary, barred fees on the facility's ETF holdings including BlackRock ETFs, and required neutral treatment of BlackRock ETFs.
  • POL-8.11: Section 4019 of the CARES Act, signed 27 March 2020, bars from section 4003 transactions any entity in which the President, Vice President, an executive department head, a Member of Congress or a family member holds at least 20 percent. Section 4019 does not address Federal Reserve vendors, and section 4026 requires the Board to report each new facility to Congress within seven days.
  • POL-8.12: On 7 April 2020 Senators Cramer and Cruz and 15 Republican colleagues asked that BlackRock act without regard to investment policies it adopted for its own funds. On 22 April 2020 Representatives Garcia, Tlaib, Pressley and six Democratic co-signers asked for the contracts, BlackRock's conflict policies and documents on how the programs affect BlackRock's own ETFs.
  • POL-8.16: In September 2022 most Reserve Banks suspended remittances to the Treasury and began a deferred asset, which was $243.5 billion on 31 December 2025 and $235.5 billion on 30 June 2026. The Reserve Banks paid dividends on member-bank stock throughout: $1.5 billion in 2023, $1.623 billion in 2024 and $1.688 billion in 2025.

Exhibits naming this entity

  • Exhibit 791 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Primary Market Corporate Credit Facility (vendors section)
  • Exhibit 792 Page opened 10 November 2026 (facility announced 23 March 2020). Federal Reserve Bank of New York: New York Fed: Secondary Market Corporate Credit Facility (vendors and announcements)
  • Exhibit 795 27 March 2020. U.S. Congress: Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law 116-136, sections 4003, 4019, 4020 and 4026
  • Exhibit 796 7 April 2020. U.S. Senate (Cramer, Cruz and 15 colleagues): Letter from Senators Cramer, Cruz and 15 Republican colleagues to Secretary Mnuchin and Chairman Powell on CARES Act implementation
  • Exhibit 797 22 April 2020. U.S. House of Representatives (Garcia, Tlaib, Pressley and co-signers): Letter from Reps. Garcia, Tlaib, Pressley and six Democratic co-signers to Secretary Mnuchin and Chairman Powell on BlackRock's contracts with the Fed
  • Exhibit 808 13 January 2023. Board of Governors of the Federal Reserve System: Federal Reserve Board announces preliminary 2022 financial information for the Reserve Banks
  • Exhibit 809 12 January 2024. Board of Governors of the Federal Reserve System: Federal Reserve Board releases preliminary 2023 financial information for the Reserve Banks
  • Exhibit 810 Issued March 2026. Board of Governors of the Federal Reserve System: Federal Reserve Banks Combined Financial Statements as of and for the years ended December 31, 2025 and 2024