News and reports from the Department of the Treasury.

It is an honor to represent the United States of America at the 60th Annual Meeting of the African Development Bank in Nairobi, Kenya. Kenya has been an exemplary host and it is always a great pleasure to visit this dynamic country that represents the vibrancy and beauty of the continent, especially on the heels of the successful State Visit of H.E. President William Ruto to Washington, DC.

As Prepared for Delivery

WASHINGTON – The United States has expressed its approval of the successful Annual Meetings of the African Development Bank (AfDB) and joins all shareholders in endorsing a general callable capital increase (GCCI) of up to $117 billion. The AfDB is recognized as a key partner for the United States and its African counterparts in fostering prosperous, inclusive, resilient, and integrated development.

As Prepared for Delivery

In a speech delivered in Minneapolis, U.S. Secretary of the Treasury Janet L. Yellen announced new funding sources for housing production and urged further action by Congress, states, and localities. This initiative is part of the Biden Administration’s broader effort to reduce housing costs.

WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on nearly 50 entities and individuals connected to a "shadow banking" network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020.

Thank you all for coming today.

The U.S. Department of the Treasury has released its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. The report, covering the four quarters through December 2023, reviewed and assessed the policies of major U.S. trading partners, which account for approximately 78 percent of U.S. foreign trade in goods and services.

WASHINGTON – Secretary of the Treasury Janet L. Yellen called Mexican Finance Secretary Rogelio Ramírez de la O today to congratulate him on his re-appointment by Mexico’s President-elect Claudia Sheinbaum and to discuss Mexico’s economic policy options.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned eight individuals linked to Mexico's La Nueva Familia Michoacana drug cartel, as announced by Secretary Janet L. Yellen in Atlanta, Georgia. These sanctions target those involved in trafficking fentanyl, cocaine, and methamphetamine into the United States.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated twelve individuals in executive and senior leadership roles at AO Kaspersky Lab. This action aims to address continued cybersecurity risks associated with the organization.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on prevailing wage and registered apprenticeship (PWA) requirements under the Inflation Reduction Act. As part of the Biden-Harris Administration's Investing in America agenda, these rules aim to build a skilled workforce for the clean energy economy while ensuring that jobs in this sector are well-paying.

The U.S. Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) today to implement Executive Order 14105, titled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” This NPRM follows an Advance Notice of Proposed Rulemaking (ANPRM) from last August and includes draft regulations and explanatory discussions, inviting public comment.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network comprising two individuals and seven entities that provide significant revenue sources for Republika Srpska (RS) President Milorad Dodik and his family. The action targets companies linked to Dodik and his son, Igor Dodik, which have allegedly manipulated government contracts to benefit their business interests.

Oregon Becomes First State to Offer New Free Tax Filing Option Next Year Made Possible by President Biden’s Inflation Reduction Act