News and reports from the Department of the Treasury.

On June 12, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced a new regulatory initiative aimed at closing a significant tax loophole used by large, complex partnerships. This measure is part of ongoing efforts to ensure wealthy individuals, complex partnerships, and large corporations pay their owed taxes.

The U.S. Department of the Treasury announced today that the United States has formally notified the Russian Federation to confirm the suspension of specific provisions of the 1992 Tax Convention between the two nations. The affected sections include Paragraph 4 of Article 1 and Articles 5-21 and 23, as well as the operation of its accompanying Protocol.

WASHINGTON – Secretary of the Treasury Janet L. Yellen today released a statement at the conclusion of the G7 Summit:

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated two individuals and five entities for facilitating weapons procurement for Ansarallah, commonly known as the Houthis. Additionally, OFAC has designated one individual and one company, and identified one vessel involved in commodity shipments that fund Houthi weaponry.

WASHINGTON — The U.S. Department of the Treasury’s Office of Economic Policy released an analysis today indicating that American businesses are not only achieving high earnings but are also investing those earnings productively. The Biden Administration has prioritized creating favorable conditions for business investment as a key component of the post-COVID economic agenda. Legislative measures such as the CHIPS & Science Act and the Inflation Reduction Act explicitly encourage private investment, while other efforts by the Administration aim to increase competition and...

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on ten individuals, entities, and vessels involved in the illicit transport of oil and other commodities for the Houthi network facilitated by Sa’id al-Jamal. The action targets maritime shipping and financial facilitators, vessel managers, owners, and a company involved in forging shipping documents.

WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned members of one of Guyana’s wealthiest families, Nazar Mohamed and his son, Azruddin Mohamed, along with their company, Mohamed’s Enterprise, and a Guyanese government official, Mae Thomas. These sanctions were imposed due to their involvement in public corruption in Guyana. Additionally, OFAC designated two other entities, Hadi’s World and Team Mohamed’s Racing Team, for being owned or controlled by Mohamed’s Enterprise and Azruddin.

On May 30, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ecuador-based Los Lobos Drug Trafficking Organization and its leader Wilmer Geovanny Chavarria Barre, also known as “Pipo.” With thousands of members, Los Lobos is currently Ecuador’s largest drug trafficking organization and has significantly contributed to the violence in the country. This action follows Treasury’s February designation of Los Choneros—a prominent Ecuadorian drug gang—and comes amid increasing violence and instability driven by criminal organizations...

On May 30, 2024, Deputy Assistant Secretary for the Financial Stability Oversight Council (FSOC), Sandra Lee, delivered remarks at the Conference on Artificial Intelligence and Financial Stability. The event was hosted by FSOC in partnership with the Brookings Institution at the Treasury Department and was also accessible via webcast.

Secretary of the Treasury Janet L. Yellen addressed attendees at the Financial Stability Oversight Council’s (FSOC) Conference on Artificial Intelligence and Financial Stability, emphasizing the importance of AI in financial services and its associated risks.

The U.S. Department of the Treasury has issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. This initiative builds on Treasury's recent work concerning cybersecurity and fraud in AI, as well as initiatives by other federal agencies. The department is seeking public input on how AI is being utilized within the financial services industry and the potential benefits and risks associated with its development and application.

On May 30, 2024, Secretary of the Treasury Janet L. Yellen testified before the Senate Appropriations Subcommittee on Financial Services and General Government regarding the President’s Fiscal Year 2025 Budget Request.

Secretary of the Treasury Janet L. Yellen met with Prime Minister Alexander De Croo of Belgium to discuss key policy priorities during Belgium’s six-month presidency of the Council of the European Union.

Thank you, Julia, for the kind introduction and thank you to Atlantik Brücke and TBI for hosting me here today. I have visited Germany more often than any other country during the Biden Administration. This speaks not only to the depth but also the breadth of the U.S.-German partnership on economic, climate, and national security issues. But as you all know, the foundation of our partnership is deeper than our shared interests. Our people share the same values, including a deep and abiding commitment to promoting democratic values at home and abroad.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Direct File will become a permanent, free tax filing option. All 50 states and the District of Columbia have been invited to join this initiative for the 2025 filing season. This decision follows a successful pilot program where 140,000 taxpayers claimed over $90 million in refunds and saved an estimated $5.6 million in filing costs.