Treasury News
Treasury
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network benefiting the Cartel Jalisco Nueva Generacion (CJNG). This cartel is responsible for trafficking significant amounts of fentanyl and other deadly drugs into the United States. The action, coordinated with the Drug Enforcement Administration and the Government of Mexico, aims to disrupt CJNG's operations.
Treasury
Treasury awards $10M grant to Maryland's TEDCO for small business support
The U.S. Department of the Treasury has awarded $10 million to the Maryland Technology Development Corporation (TEDCO) to support small business growth through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). This funding is part of the Biden-Harris Administration’s economic agenda, which aims to connect underserved and very small businesses with necessary financing for participation in key supply chains such as electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean...
Treasury
Treasury recovers $1.3 billion from high-wealth individuals under Biden-Harris initiatives
On September 6, 2024, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel announced significant milestones under the Inflation Reduction Act initiatives at the IRS campus in Austin, Texas. These initiatives aim to ensure that wealthy individuals pay their owed taxes, improve taxpayer services through digital advancements, and modernize foundational technology.
Treasury
Janet Yellen discusses Inflation Reduction Act's impact on clean energy at Wake Tech
Secretary of the Treasury Janet L. Yellen delivered remarks in Raleigh, North Carolina, emphasizing the Biden-Harris Administration's economic agenda and the progress made through the Inflation Reduction Act (IRA). Speaking at Wake Tech Community College alongside Governor Cooper, Congresswoman Ross, and Congressman Nickel, Yellen highlighted North Carolina's leadership in clean energy education and its utilization of federal funds for training in electric vehicle industries and advanced building technologies.
Treasury
Treasury official highlights challenges faced by AANHPI-owned small businesses
Jeanette Quick, Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Department of the Treasury, addressed attendees at the 2024 AAPISTRONG Annual Conference on September 4, 2024. In her remarks, she expressed gratitude to National ACE President and CEO Chiling Tong for her leadership and partnership as a member of the Treasury Advisory Council on Racial Equity.
Treasury
U.S Treasury sanctions individuals over alleged interference attempts targeting 2024 presidential election
The United States takes action to defend and protect U.S. election institutions and processes from Moscow’s attempts to influence the 2024 Presidential Election.
Treasury
Maryland joins IRS direct file system for Filing Season 2025
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that Maryland will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to enhance customer service and ensure taxpayers claim eligible benefits and deductions.
Treasury
Treasury report highlights growth in U.S. small business under Biden-Harris administration
The U.S. Department of the Treasury has released a new analysis highlighting significant growth in small business and entrepreneurship during the Biden-Harris Administration. The report indicates that small businesses have been responsible for over 70 percent of net new jobs since 2019, with an average of 430,000 new business applications per month in 2024, marking a 50 percent increase from 2019.
Treasury
Treasury report highlights $3.5 billion investment in clean energy for low-income communities
The U.S. Department of the Treasury has released a report detailing the impact of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program for the 2023 program year. The report highlights $3.5 billion in investments aimed at reducing energy costs for low-income communities and promoting clean energy.
Treasury
Treasury proposes expanded clean energy investments targeting underserved communities
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) for the Clean Electricity Low-Income Communities Bonus Credit Program, known as 48E(h), created by the Inflation Reduction Act. The program aims to promote cost-saving clean energy investments in low-income communities, Indian lands, affordable housing, or directly benefiting low-income households.
Treasury
U.S holds approximately \$15 Trillion in foreign securities at year-end 2023
Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2023 were released today and posted on the Treasury website. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2024.
Treasury
Treasurer Chief Malerba makes first official visit to an Alaska Native Tribe
U.S. Treasurer Chief Lynn Malerba visited Alaska this week to meet with Alaska Native Tribal leaders, marking her first official visit to an Alaska Native Tribe.
Treasury
Maine joins IRS direct file program starting in Filing Season 2025
The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that Maine will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to improve customer service and ensure taxpayers claim eligible benefits and deductions.
Treasury
Wisconsin joins IRS direct file program for Filing Season 2025
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Wisconsin will join IRS Direct File for Filing Season 2025. This development, enabled by President Biden’s Inflation Reduction Act, will allow more than 600,000 Wisconsinites to utilize a free online tax filing tool next year.
Treasury
U.S Treasury sanctions former Haitian president Michel Joseph Martelly
WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned former Haitian President Michel Joseph Martelly under Executive Order 14059, "Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade."
Treasury
Deputy Secretary Adeyemo reaffirms U.S. support in call with Ukrainian Finance Minister
U.S. Deputy Secretary of the Treasury Wally Adeyemo engaged in a virtual call with Ukrainian Minister of Finance Sergii Marchenko on August 20, 2024. During the discussion, Deputy Secretary Adeyemo reaffirmed the Administration’s unwavering support for Ukraine amid its defense against Russia's ongoing conflict. He praised Ukraine’s efforts to boost domestic revenues and assured that the international community would continue its support.
Treasury
United States-China Financial Working Group holds fifth meeting in Shanghai
The United States and the People’s Republic of China convened the fifth meeting of the Financial Working Group (FWG) in Shanghai on August 15-16, 2024. Senior officials from the U.S. Department of the Treasury and the People’s Bank of China led the two-day discussions, which included participants from various agencies.
Treasury
North Carolina joins IRS direct file program for tax season 2025
North Carolina to offer free tax filing option next year made possible by President Biden’s Inflation Reduction Act
Treasury
Treasury imposes further sanctions targeting Houthi and Hizballah trade networks
On August 15, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several companies, individuals, and vessels for their involvement in the shipment of Iranian commodities to Yemen and the United Arab Emirates (UAE). These actions are linked to Iran-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial official Sa’id al-Jamal. The Specially Designated Nationals and Blocked Persons List (SDN List) entry for the vessel ARTURA has been updated to reflect its new name, OHAR.
Treasury
Treasury releases international capital data for June 2024
Washington – The U.S. Department of the Treasury released Treasury International Capital (TIC) data for June 2024 today. The next release, which will report on data for July 2024, is scheduled for September 18, 2024.
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