Take $1 billion from the Fed for highway construction, lawmakers propose

HighwaysBy Ryan Tracy | The Wall Street Journal

Lawmakers are looking to extract more than a billion dollars a year in fresh funds from banks in the U.S.

The proposal, already approved by the Senate, would cut the annual dividend payments banks receive for holding shares in the Federal Reserve System and use the savings for highway construction.

The payments under that obscure, century-old program totaled $1.69 billion last year, including roughly $310 million for Bank of America Corp. and $250 million for Citigroup Inc., according to the Fed and a Wall Street Journal analysis of regulatory filings.

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