Treasury News
Treasury
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have released additional guidance on the Inflation Reduction Act’s (IRA) domestic content bonus, a key component of President Biden’s economic strategy to stimulate American manufacturing and iron and steel production, thereby fortifying the clean energy economy.
Treasury
US Treasury imposes sanctions on Russian entities over DPRK arms transfers
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Russian individuals and three Russia-based entities for facilitating weapons transfers between Russia and the Democratic People’s Republic of Korea (DPRK). This action aligns with U.S. government objectives to disrupt and expose arms transfers between the DPRK and Russia, building upon previous sanctions imposed by the Department of the Treasury and the Department of State related to DPRK-Russia arms transfers.
Treasury
Treasury unveils 2024 strategy against terrorist and illicit financing
The U.S. Department of the Treasury has issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), a comprehensive plan outlining the government's goals, objectives, and priorities to disrupt and prevent illicit financial activities. The strategy addresses key risks identified in the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments (2024 National Risk Assessments) and lays out how the United States plans to build on recent efforts to modernize its anti-money laundering/countering the...
Treasury
Treasury releases first-ever NFT illicit finance risk assessment
On May 16, 2024, the U.S. Department of the Treasury released its first Non-fungible Token (NFT) Illicit Finance Risk Assessment. The report examines how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing.
Treasury
Financial Stability Oversight Council convenes meeting on May 10, 2024
U.S. Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council) in both executive and public sessions at the U.S. Department of the Treasury (Treasury) on May 10, 2024.
Treasury
US applauds Asian Development Bank's annual meetings, fund replenishment
The United States has expressed its approval of the productive Annual Meetings of the Asian Development Bank (ADB) and the successful replenishment of the Asian Development Fund (ADF-14) and the Technical Assistance Special Fund (TASF-8). The ADF is a crucial support for the poorest and most vulnerable countries in Asia and the Pacific, including small island developing states in the Pacific, as well as Afghanistan and Myanmar.
Treasury
US Treasury exposes attempted $1.5 billion sanctions evasion scheme linked to Russian oligarch
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has identified an attempted sanctions evasion scheme involving a Russian individual and three Russia-based companies. The intricate scheme could have potentially unfrozen over $1.5 billion worth of shares belonging to U.S.-designated Russian oligarch Oleg Vladimirovich Deripaska.
Treasury
Secretary Yellen emphasizes broadband investment in Stafford County speech
Secretary of the Treasury Janet L. Yellen delivered remarks in Stafford County, Virginia on May 10, 2024. She expressed gratitude to those present and began by reflecting on the American Rescue Plan enacted by President Biden in March 2021 during the height of the COVID pandemic. The plan offered critical support to states, cities, and counties which enabled them to address urgent needs such as expanding public health services and ensuring housing and business continuity.
Treasury
Secretary Yellen's statement on conclusion of Section 301 review
Secretary of the Treasury Janet L. Yellen issued a statement following the conclusion of the Section 301 review. She emphasized that President Biden and she have consistently pledged to take necessary actions to further the interests of American workers and firms. The results of the Section 301 review, announced today, outline strategic steps required to address specific long-standing unfair trade practices by the People's Republic of China.
Treasury
Treasury announces plan to auction airline stock warrants
The U.S. Department of the Treasury has announced plans to conduct a series of auctions, selling its warrants to purchase the common stock of certain publicly traded airlines. The intended buyers are qualified institutional investors, institutional accredited investors, or the issuing airlines themselves. The proceeds from these sales will provide additional returns to American taxpayers following the financial assistance and liquidity that the Treasury provided to these airlines during the pandemic.
Treasury
Deputy Secretary of Treasury addresses Treasury Tribal Advisory Committee on key initiatives
Deputy Secretary of the Treasury Wally Adeyemo addressed the Treasury Tribal Advisory Committee (TTAC) on May 10, 2024, emphasizing the importance of government-to-government engagement and outlining ongoing initiatives aimed at supporting Tribal governments.
Treasury
Treasury imposes sanctions on Nicaragua-based Russian institution and gold companies
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on three Nicaragua-based entities: the Training Center of the Russian Ministry of Internal Affairs in Managua (RTC); Compania Minera Internacional, Sociedad Anónima (COMINTSA); and Capital Mining Investment Nicaragua, Sociedad Anónima (Capital Mining). These actions are taken pursuant to Executive Order (E.O.) 13851, as amended.
Treasury
U.S. Treasury releases international capital data for March 2024
The U.S. Department of the Treasury has released the Treasury International Capital (TIC) data for March 2024. The subsequent release, which will report on data for April 2024, is slated for June 18, 2024.
Treasury
US Treasury sanctions Sudanese military leaders over Darfur conflict
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today that it has sanctioned Ali Yagoub Gibril and Osman Mohamed Hamid Mohamed, leaders of the Rapid Support Forces’ (RSF) war campaign in Sudan. The sanctions were imposed under Executive Order (E.O.) 14098 due to the RSF's recent attacks in North Darfur, which have resulted in numerous civilian casualties, including children.
Treasury
President Biden prohibits Chinese-owned cryptocurrency mining near U.S. Air Force base
President Biden has issued an order prohibiting the acquisition and requiring the divestment of certain real estate operated as a cryptocurrency mining facility within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB). The property, owned by MineOne Partners Limited, which is majority owned by nationals of the People’s Republic of China, MineOne Cloud Computing Investment I L.P., MineOne Data Center LLC, and MineOne Wyoming Data Center LLC (collectively MineOne), along with their affiliates, was purchased in June 2022.
Treasury
Treasury Department discusses Inflation Reduction Act’s impact on utility costs
The U.S. Treasury Department recently co-hosted a meeting with the White House to discuss the implementation of the Inflation Reduction Act's provisions aimed at reducing household utility costs. The act is designed to extend and strengthen tax credits that reduce the costs of energy-efficient appliances, energy-saving home improvement projects, and residential clean energy installations.
Treasury
Yellen addresses risks, recommends actions for nonbank mortgage servicing sector
In a recent meeting of the Financial Stability Oversight Council, Secretary of the Treasury Janet L. Yellen highlighted the importance of addressing risks associated with nonbank mortgage servicing. The Council is set to vote on publishing a report that provides a comprehensive analysis of these risks and offers concrete recommendations for mitigating them.
Treasury
Financial Stability Oversight Council releases report on nonbank mortgage servicing
The Financial Stability Oversight Council (Council) has released its Report on Nonbank Mortgage Servicing, detailing the growth of the nonbank mortgage servicing sector and its critical roles in the mortgage market. The report identifies key vulnerabilities that could impair servicers' ability to perform these critical functions and explains how these vulnerabilities could amplify shocks to the mortgage market and pose risks to financial stability.
Treasury
Treasury and IRS announce application opening for clean energy investment program
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced that applications for the 2024 Program Year of the Low-Income Communities Bonus Credit Program will open at 9:00 a.m. ET on May 28, 2024. The program, created under President Biden’s Inflation Reduction Act, offers up to a 20-percentage point credit boost for projects in low-income and Tribal communities.
Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at East Valley American Job Center in Mesa, Arizona
Secretary of the Treasury Janet L. Yellen delivered a speech at the East Valley American Job Center in Mesa, Arizona, highlighting the economic progress made under the Biden Administration. Yellen emphasized the importance of equipping Americans with the necessary skills to secure good jobs and support growth in key industries.Yellen acknowledged the impact of the American Rescue Plan in aiding the economic recovery from the pandemic and emphasized the administration's commitment to supporting workers in the long term. She mentioned the importance of investing in new...
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