### Question
How does FEDERAL HOME LOAN BANKS define net earnings?


### Answer
Under *12 U.S.C. § 1441*, **net earnings** is defined as:

> net earnings without reduction for any chargeoffs or expenses incurred by a Bank in connection with the purchase of capital stock of the Financing Corporation or the purchase of stock of the Funding Corporation required by the Thrift Depositor Protection Oversight Board under subsections (e) and (f) of section 1441b of this title

#### Citation:
  - *12 U.S.C. § 1441*
  - Heading: **CHAPTER 11-FEDERAL HOME LOAN BANKS**

