July 29, 2011 / 9:05 PM / in 6 years

Fed can't allow Treasury overdrafts -Bullard

JACKSON, Wyo., July 29 (Reuters) - The Federal Reserve cannot write checks for the Treasury Department if the government’s account runs out of money, a top Fed official said on Friday.

“The Fed cannot allow sort of overdrafts by the Treasury,” St. Louis Fed President James Bullard said in response to questions at a conference. (Reporting by Ruffin Prevost, writing by Mark Felsenthal; Editing by Leslie Adler)

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