News and reports from the Department of the Treasury.

The Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion today with representatives from the insurance industry, consumer groups, state insurance regulators, academics, and other stakeholders to discuss artificial intelligence (AI) in the insurance sector.

The U.S. Department of the Treasury, the Internal Revenue Service (IRS), and the Department of Energy (DOE) have announced significant progress in the 2024 Program Year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The program has received over 50,000 applications requesting more than 6 gigawatts of capacity for clean energy projects across the nation.

Acting Director for the Office of Foreign Assets Control (OFAC) Lisa Palluconi will travel to Colombia and Mexico from September 23 to September 27. This visit aims to strengthen Treasury's ties with the sanctions compliance communities in these countries.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against five Colombian nationals and two Mexico-based businesses under Executive Order 14059, “Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.” The sanctioned individuals are leaders within Colombia's Clan del Golfo (CDG), also known as Los Urabeños, a major drug trafficking organization. The sanctioned businesses are owned by designated Sinaloa Cartel fentanyl traffickers.

Today, Deputy Secretary of the Treasury Wally Adeyemo met with His Majesty King Abdullah II of Jordan in New York. During the meeting, Deputy Secretary Adeyemo emphasized the strong and strategic partnership between the United States and Jordan. He highlighted Jordan's role as a stabilizing force in the region despite facing economic and humanitarian challenges due to the war in Gaza.

Deputy Secretary of the Treasury Wally Adeyemo met with Bank of Israel Governor Amir Yaron in New York today. During their discussion, Deputy Secretary Adeyemo emphasized the importance of preventing terrorists and violent extremists from raising, using, and moving funds. He shared the Treasury’s efforts to strengthen counter-terrorism financing globally with partners and allies.

Deputy Secretary of the Treasury Wally Adeyemo and Iraqi Prime Minister Mohammed Shiaa’ al Sudani met today on the sidelines of the UN General Assembly. The meeting focused on Iraqi banking sector reform, financial relations with the United States, and combatting illicit finance.

The U.S. Department of the Treasury has announced a $9 million award to the Michigan Economic Development Corporation. This funding is aimed at supporting small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).

U.S. Secretary of the Treasury Janet L. Yellen issued a statement today to mark the 30th anniversary of the Community Development Financial Institution (CDFI) Fund.

U.S. Secretary of the Treasury Janet L. Yellen issued a statement regarding the Commodity Futures Trading Commission’s (CFTC) final guidance on voluntary carbon credit derivative contracts.

The Inter-Agency Working Group on Treasury Market Surveillance (IAWG) has released a staff progress report detailing significant measures taken to enhance the resilience of the U.S. Treasury market. The IAWG comprises staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission.

WAIKŌLOA VILLAGE, HAWAI’I – This week, U.S. Treasurer Chief Lynn Malerba and the U.S. Department of the Treasury’s Office of Tribal and Native Affairs concluded a visit to Native Hawaiian communities, including Hawaiian Home Lands. Hawaiian Home Lands are trust lands set aside by the U.S. Congress through the passage of the Hawaiian Homes Commission Act of 1920. The Hawaiian Homes Commission exists to administer the Act, through the Department of Hawaiian Homelands (DHHL), to provide for the economic advancement of native Hawaiians.

U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) on September 20, 2024, in executive session via videoconference.

MEXICO CITY - On September 19, Assistant Secretary for International Finance Brent Neiman visited Mexico City, Mexico, and met with senior officials from private and public institutions. Following up on Secretary Yellen’s trip to Mexico City in December 2023 and other bilateral conversations since, Assistant Secretary Neiman’s visit focused on concrete steps both sides can take to improve connectivity between respective payments systems. His meetings also discussed other key aspects of the U.S.-Mexico economic relationship and emphasized the importance of continued...

The United States and the People’s Republic of China held the fifth meeting of the Economic Working Group (EWG) on September 19-20 in Beijing. This was the second EWG held in China.