News and reports from the Department of the Treasury.

Today, Secretary of the Treasury Janet L. Yellen met with Minister of Finance Shun’ichi Suzuki of Japan on the margins of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, Brazil. Secretary Yellen underscored her appreciation for the steps Japan has taken to combat Russia’s war in Ukraine, including Japan’s partnership in the G7’s efforts to launch “Extraordinary Revenue Acceleration” loans that unlock the value of immobilized Russian sovereign assets to support Ukraine’s resistance and aid its long-term reconstruction. Secretary Yellen also...

It is a pleasure to meet with Minister Godongwana at this G20 to discuss our shared international economic priorities as we look ahead to South Africa’s G20 host year in 2025 and the United States' host year in 2026.

The flooding in Rio Grande do Sul that began in late April had a devastating impact across southern Brazil. We express our condolences to the families of those who died in this disaster and recognize that the Brazilian government is working hard to help the hundreds of thousands of people that remain displaced. The recognition of the grave environmental and climate crises faced by all nations is part of the motivation for our coming together to address climate change, and to leverage the opportunities doing so presents for supporting just transitions and economic development.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned the Lopez Human Smuggling Organization (Lopez HSO), a transnational criminal organization based in Guatemala. This action, coordinated with partners from the U.S., Mexico, and Guatemala, aims to disrupt operations that threaten U.S. national security by smuggling migrants illegally.

Thank you, Minister Haddad, for hosting these meetings and thanks to all of you for being here today. Before taking your questions, I would like to step back and recognize President Biden for his leadership. Over the past three and a half years, he has driven a remarkable economic recovery and strong economic growth at home and restored America’s standing in the world, enabling progress on many of the priorities I’ll be focused on in Brazil this week. I am deeply proud to serve the American people with him and Vice President Harris and I look forward to continuing to advance...

Secretary of the Treasury Janet L. Yellen met with European Commissioner for Economy Paolo Gentiloni on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, Brazil, today. During their discussion, Secretary Yellen praised Commissioner Gentiloni for the EU economy's continued strength, noting slowing inflation and a robust labor market.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on the Congo River Alliance, known by its French name Alliance Fleuve Congo (AFC), a coalition of rebel groups aiming to overthrow the government of the Democratic Republic of Congo (DRC). The AFC is identified as a significant driver of political instability, violent conflict, and civilian displacement in the region. The primary member of AFC is the March 23 Movement (M23), an armed group with a history of destabilizing North Kivu province and committing human rights abuses.

Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti today in Rio de Janeiro on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting. The discussion highlighted several key global economic issues, including support for Ukraine amid ongoing conflict, and concerns over Chinese industrial capacity.

As Prepared for Delivery

As Prepared for Delivery

The United States has announced a planned contribution of up to $667 million to the Pandemic Fund, aimed at supporting pandemic prevention, preparedness, and response. This announcement was made by Secretary Yellen during the Pandemic Fund Investment Case launch event, held alongside the G20 Finance Ministers and Central Bank Governors meeting.

In a new report, an interagency team identifies barriers to compliance in post-award reporting and offers solutions shown to be effective in a pilot project.

New Jersey to offer free IRS tax filing in 2025 under Biden's Inflation Reduction Act

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a network of six individuals and five entities based in the People’s Republic of China (PRC). These sanctions target those involved in procuring items to support the Democratic People’s Republic of Korea’s (DPRK) ballistic missile and space programs. The DPRK has continued its ballistic missile launches, including a recent failed attempt to place a military satellite into orbit in May 2024, violating multiple United Nations Security Council Resolutions (UNSCR).

As Prepared for Delivery