Exhibit 781

Federal Reserve Act, Section 7 (division of earnings), as published by the Board of Governors

Exhibit 781 · Statute

Federal Reserve Act, Section 7 (division of earnings), as published by the Board of Governors

After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend on paid-in capital stock

Sec. 7(a)(1) gives stockholders a cumulative annual dividend on paid-in capital stock: the smaller of the 10-year Treasury high yield and 6 percent for stockholders with more than $10 billion in total consolidated assets (inflation-adjusted), and 6 percent for all others. Net earnings remaining after dividend claims are met go to the surplus fund and then to the Treasury.

Source: Board of Governors of the Federal Reserve System
Date: 1913, as amended by Pub. L. 114-94 (page opened 10 November 2026)
Quoted from: Sec. 7(a)(1)(A), 12 U.S.C. 289(a)(1)(A)
Grade: Primary record
Document: https://www.federalreserve.gov/aboutthefed/section7.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.
Finding POL-8.16: Primary record 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.