Secretary of the Treasury, Department of the Treasury
Recent News About Secretary of the Treasury, Department of the Treasury
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Under Secretary Brian Nelson Addresses ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance
Under Secretary Brian Nelson addressed attendees at ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance, expressing gratitude for the invitation and highlighting the importance of the practitioners' work in advising on sensitive sanctions matters. Nelson acknowledged the Treasury's efforts to enhance the rigor and effectiveness of sanctions enforcement and compliance. He emphasized the need for a modernized approach to sanctions in response to evolving global challenges.Nelson praised the successful multilateral partnerships in response to...
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U.S. Department of the Treasury and White House Host Convening to Improve Access to Affordable Child Care
WASHINGTON – In a recent development, the U.S. Department of the Treasury and the White House came together to facilitate a discussion aimed at enhancing access to affordable, high-quality child care. The focus of the convening was on fostering collaboration between small childcare businesses, Community Development Financial Institutions (CDFIs), and key stakeholders.The event witnessed the participation of various notable figures, including Director of the Gender Policy Council Jennifer Klein and Domestic Policy Advisor Neera Tanden. Deputy Assistant Secretary for...
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Economy Statement Points to Strong Growth and Inflation Concerns
The latest economic statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee, highlights the current state of the U.S. economy as of April 29, 2024.Van Nostrand noted that despite a slowdown in real GDP growth to 1.6 percent in the first quarter of 2024, the underlying demand from households and businesses remained strong. He emphasized that personal consumption and business fixed investment played crucial roles in supporting GDP growth, with residential investment showing significant...
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U.S. Departments of the Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities
The U.S. Department of the Treasury and the Department of Energy have announced new guidance on the Inflation Reduction Act programs aimed at boosting manufacturing and clean energy investments in coal communities. The Biden-Harris Administration revealed plans for a $6 billion tax credit allocation round to support clean energy supply chains and advanced energy projects, with a significant portion earmarked for historic energy communities impacted by coal-related closures.Deputy Secretary of the Treasury Wally Adeyemo emphasized the importance of driving investments in...
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U.S. Government Releases Guidance to Drive American Innovation and Cut Aviation Sector Emissions
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued guidance on the Sustainable Aviation Fuel (SAF) Credit established by the Inflation Reduction Act (IRA) to promote innovation in the aviation industry and reduce emissions. This initiative is part of President Biden's agenda to create jobs and combat climate change.U.S. Treasury Secretary Janet L. Yellen emphasized the importance of the Inflation Reduction Act in driving American innovation and job creation, stating, "Incentives in the law are helping to scale production of low-carbon...
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Secretary Yellen Testifies Before House Committee on Economic Recovery and Fiscal Policies
Secretary of the Treasury Janet L. Yellen addressed the Committee on Ways & Means of the U.S. House of Representatives, highlighting the significant strides made in the economic landscape under the Biden Administration. Yellen expressed gratitude for the opportunity to testify and stated, "The Biden Administration has driven a historic economic recovery over the past three years."Yellen emphasized the administration's focus on reducing household expenses and enhancing economic opportunities, stating, "President Biden and I are taking additional actions to bring down the...
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Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2023
The final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2023 were released today, as reported by the Treasury website. The survey, conducted jointly by Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System, revealed some insightful data.According to the survey, the value of foreign portfolio holdings of U.S. securities as of June 30, 2023, was $26,872 billion. This amount was broken down into $13,719 billion held in U.S. equities, $11,967 billion in U.S. long-term debt...
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Treasury Announces Estimates for Market Borrowing in 2024 Quarters
WASHINGTON – The U.S. Department of the Treasury has disclosed its borrowing estimates for the upcoming quarters of 2024. According to the announcement, for the April – June 2024 quarter, the Treasury plans to borrow $243 billion in privately-held net marketable debt, with an end-of-June cash balance of $750 billion. The borrowing estimate is $41 billion higher than previously anticipated, primarily due to decreased cash receipts, partially offset by a higher beginning of the quarter cash balance.Looking ahead to the July – September 2024 quarter, the Treasury projects a...
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IRS Direct File Pilot Exceeds Usage Goal, Receiving Positive User Ratings and Saving Taxpayers Money
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have reported that the Direct File pilot program surpassed expectations, with 140,803 taxpayers filing their taxes directly with the IRS for free, resulting in substantial savings for taxpayers. Users of the program claimed over $90 million in refunds and saved an estimated $5.6 million in tax preparation fees on federal returns alone.Deputy Secretary of the Treasury Wally Adeyemo praised the success of the program, stating, “The IRS’s Direct File pilot enabled more than 140,000 taxpayers to file their...
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U.S. Department of the Treasury’s Federal Insurance Office Partners with National Science Foundation to Address Terrorism and Cyber Risks
WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has announced a new partnership with the National Science Foundation (NSF) aimed at enhancing the insurance sector's capabilities in handling terrorism and catastrophic cyber risks. This collaboration was unveiled during the 2024 International Forum of Terrorism Risk (Re)Insurance Pools Annual Conference, where FIO also assumed the role of the chair of IFTRIP.The establishment of a new Industry-University Cooperative Research Center (IUCRC) is at the core of this partnership. Through the...
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Deputy Secretary of the Treasury Wally Adeyemo Leads U.S.-Africa Trade and Investment Roundtable
Yesterday, U.S. Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable discussion hosted by the Corporate Council on Africa (CCA) focused on U.S.-Africa Trade and Investment. The event took place on the sidelines of the IMF-World Bank Spring Meetings and brought together finance ministers from several African countries, including Cote d’Ivoire, Democratic Republic of the Congo, Ghana, Nigeria, and Zambia, along with a deputy finance minister from South Africa.During the roundtable, participants delved into various crucial topics. They discussed the...
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Treasury Targets Iranian UAV Program, Steel Industry, and Automobile Companies in Response to Unprecedented Attack on Israel
WASHINGTON — In response to Iran's recent attack on Israel, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting various individuals and entities connected to Iran's UAV program, steel industry, and automobile companies.The actions taken by OFAC aim to disrupt Iran's activities and revenue streams that support terrorism. Secretary of the Treasury, Janet L. Yellen, emphasized the importance of these sanctions, stating, "We are taking swift and decisive action to respond to Iran's unprecedented attack on Israel."The...
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G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector
The G7 Cyber Expert Group recently completed a cross-border coordination exercise in the financial sector, aimed at enhancing crisis management capabilities in response to cyber incidents. Deputy Secretary Wally Adeyemo emphasized the importance of such exercises, stating, “This exercise is another critical opportunity for us to work with our G7 partners in our ongoing effort to combat cyberattacks.”The exercise involved 23 financial authorities from G7 jurisdictions, including ministries of finance, central banks, bank supervisors, and market authorities, as well as...
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Statement from Secretary of the Treasury Janet L. Yellen on Passage of the National Security Supplemental
Secretary of the Treasury Janet L. Yellen has commended the United States Senate and House of Representatives for passing the National Security Supplemental, providing crucial military, economic, and humanitarian support to Ukraine in its ongoing conflict with Russia. Yellen emphasized the significance of this assistance, stating, "This vital – and long overdue – assistance will bolster Ukraine’s capabilities on the battlefield."In addition to military aid, Yellen highlighted the importance of economic support to prevent Ukraine's collapse on the homefront and ensure the...
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U.S. Department of the Treasury, IRS Release Final Rules on Provision to Expand Reach of Clean Energy Tax Credits Through President Biden’s Investing in America Agenda
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced the release of final rules on a key provision aimed at broadening access and boosting returns on clean energy tax credits as part of President Biden's Investing in America agenda. The provision, known as transferability, is already proving to be instrumental in advancing the clean energy transition in the United States.Secretary of the Treasury Janet L. Yellen highlighted the significance of the Inflation Reduction Act's new tools in expanding access to clean energy tax credits,...
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Remarks by Secretary of the Treasury Janet L. Yellen at the 2024 Financial Action Task Force Ministerial
WASHINGTON – Ministers representing the 40 members of the Financial Action Task Force (FATF) convened in Washington today to discuss crucial matters concerning global financial security and combatting illicit activities. Secretary of the Treasury Janet L. Yellen commended the FATF for its commitment to protecting the financial system and addressing pressing issues. Yellen highlighted the importance of combating terrorist financing, preventing sanctions evasion, enhancing financial transparency, and recovering assets to combat corruption.Yellen also emphasized the...
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U.S. Targets West African Hostage Takers
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against the Jama’at Nusrat al-Islam wal-Muslimin (JNIM) terrorist group for their involvement in the hostage-taking of U.S. persons in West Africa.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson expressed the severity of JNIM's actions, stating that they "rely on hostage-taking and wrongful detention of civilians in order to gain leverage and instill fear, creating anguish and misery for the victims and their families." Nelson also...
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Deputy Secretary of the Treasury Wally Adeyemo Meets with South African Minister of Finance Enoch Godongwana
WASHINGTON – Yesterday, U.S. Deputy Secretary of the Treasury Wally Adeyemo met with South African Minister of Finance Enoch Godongwana on the sidelines of the IMF-World Bank Spring meetings, after having recently met during the Deputy Secretary’s trip to South Africa.During the meeting, Deputy Secretary Adeyemo and Minister Godongwana discussed South Africa’s next steps in the Just Energy Transition Partnership (JETP). Adeyemo also acknowledged South Africa’s efforts to combat illicit finance, offering cooperation and assistance with ongoing efforts in this area.In...
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Secretary Yellen Meets with Italian Minister Giorgetti at IMF and World Bank Spring Meetings
WASHINGTON - Today, Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank.During their meeting, Secretary Yellen and Minister Giorgetti exchanged views on shared G7 priorities amid Italy's presidency. Secretary Yellen also discussed ways to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resistance and long-term reconstruction, and ways to constrain Russia’s access to the goods it needs...
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Under Secretary for Terrorism and Financial Intelligence Addresses Banking Roundtable in Puerto Rico
As Prepared for DeliveryThank you all for coming together today for this important discussion. These were the opening remarks of Brian Nelson, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, at a Banking Roundtable in San Juan, Puerto Rico.Nelson emphasized the importance of combatting financial crimes, stating, "You are on the front lines of combatting financial crimes, so I hope this will be a frank and open discussion and exchange of perspectives on how we can collectively mitigate these threats."During the roundtable, Nelson...