On Sept. 4, the Federal Reserve issued its findings on how U.S. companies are using repatriated funds following the passage of the Tax Cuts and Jobs Act.  According to the report, “U.S. Corporations’ Repatriation of Offshore Profits,” U.S. companies have brought back a little over $300 billion in the first quarter of 2018. Researchers have found that funds repatriated during that period “have been associated with a dramatic increase in share buybacks.” It’s too early to tell whether there will be a corresponding spike in investment, given that such effects may take time to materialize, the report noted.

Congressional Democrats are likely to seize upon the Fed’s preliminary findings to bolster their argument that the 2017 tax law has disproportionately benefited the wealthy.

A copy of the Fed’s report is available here.