Exhibit 783

Fixing America's Surface Transportation Act, Public Law 114-94, section 32203 (dividends of Federal reserve banks)

Exhibit 783 · Statute

Fixing America's Surface Transportation Act, Public Law 114-94, section 32203 (dividends of Federal reserve banks)

the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend

Sec. 32203 rewrites Federal Reserve Act sec. 7(a)(1)(A), effective 1 January 2016. A stockholder with more than $10,000,000,000 in total consolidated assets receives the smaller of the 10-year Treasury high yield and 6 percent; a stockholder at or below that threshold receives 6 percent. The Board adjusts the threshold annually for the GDP price index. The Federal Reserve's 2025 statements report the threshold as $12.8 billion.

Source: U.S. Congress
Date: 4 December 2015
Quoted from: Sec. 32203(a), 129 Stat. 1739-1740
Grade: Primary record
Document: https://www.govinfo.gov/content/pkg/PLAW-114publ94/html/PLAW-114publ94.htm
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.3: Primary record 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.