The Fed's Financial Accounts: What Are Uncle Sam's Largest Assets?

Note: We've updated the quiz based on this month's release of Q2 2021 Financial Accounts of the United States (previously referred to as the Flow of Funds Accounts).


Pop Quiz! Without recourse to your text, your notes, or a Google search, which line item is the largest asset in Uncle Sam's financial accounts?

  • A) Checkable Deposits and Currency
  • B) Total Mortgages
  • C) Taxes Receivable
  • D) Student Loans

The correct answer, as of the latest quarterly data, is A) Checkable Deposits and Currency - but followed very closely by D) Student Loans! This is due to a decline in student loan balances because of CARES Act forbearances. Checkable Deposits and Currency has soared as a result of massive stimulus and reduced consumption from the COVID pandemic.