News and reports from the Department of the Treasury.

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.

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.

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.

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.

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.

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.

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...

Remarks by Assistant Secretary for Financial Markets Joshua Frost on Recent Progress by the Inter-Agency Working Group on Treasury Market Surveillance at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting, May 3, 2024.

The U.S. Department of the Treasury, in collaboration with various government agencies, has recently unveiled the annual Social Security and Medicare Trustees Reports. These reports shed light on the current state and future outlook of the crucial social welfare programs.Treasury Secretary Janet L. Yellen emphasized the importance of Social Security and Medicare, stating, “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program.”Acting Secretary of Labor Julie Su highlighted...

Remarks by Secretary of the Treasury Janet L. Yellen at Asian American, Native Hawaiian, and Pacific Islander Economic Summit

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson is set to embark on a trip to Singapore and Malaysia from May 6th to May 9th. The visit aims to further Treasury's efforts in countering terrorist financing and revenue generation by Iran and its proxies, as well as to discuss the implementation of sanctions and export controls against Russia.During the trip, Nelson, along with Treasury General Counsel Neil MacBride, will engage in discussions with officials in both countries. In Malaysia, they will address disrupting terrorist...

Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced final rules on clean vehicle provisions, as part of the Inflation Reduction Act (IRA), aimed at reducing consumer costs, boosting U.S. manufacturing, and enhancing energy security. Janet L. Yellen, Secretary of the Treasury, highlighted the impact of the Inflation Reduction Act, stating, “President Biden’s Inflation Reduction Act has unleashed an investment and manufacturing boom in the United States." She emphasized the benefits of clean vehicle credits, saving consumers money and...

The United States reveals the identity of and imposes sanctions on Dmitry Khoroshev, a senior leader of the LockBit ransomware group

WASHINGTON – The U.S. Department of the Treasury and Internal Revenue Service (IRS) have detailed the accomplishments made in the initial year of implementing the Strategic Operating Plan aimed at transforming the IRS with resources from the Inflation Reduction Act.Secretary of the Treasury Janet L. Yellen commended the progress made, stating, “Thanks to resources from President Biden’s Inflation Reduction Act, the IRS has made major progress in the first year of implementation of its plan to ensure the agency is delivering for American taxpayers.”The IRS significantly...

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the designation of five individuals for their involvement in aiding U.S.-designated Hizballah money exchanger Hassan Moukalled and his company, CTEX Exchange, in evading sanctions and facilitating illicit activities in support of Hizballah.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson emphasized the significance of the actions taken, stating, "Hizballah continues to rely on seemingly legitimate business investments and key facilitators...