F106. Federal Government

Federal Reserve definition for F106 flow of funds table

The federal government sector comprises all federal government agencies and funds that are in the unified budget, including the civil service and railroad retirement funds, insurance funds, and the Exchange Stabilization Fund.

Also included are government-owned corporations and agencies that issue securities individually, such as the Export-Import Bank.

The sector does not include the District of Columbia government, which is part of the state and local governments sector.

Nor does it include the Federal Reserve Banks and certain monetary accounts of the Treasury, which together form the monetary authority sector, or government-sponsored enterprises, even though several of them were formerly part of the federal government.

The sector is presented in the flow of funds accounts on a consolidated basis, with holdings of Treasury securities by agencies within the federal government netted out.

As a result, the liability for securities outstanding shown for the federal government in the accounts is smaller than the published value for the total public debt, which includes securities held by the federal agencies.

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