On September 26, 2024, Laurie Schaffer, Acting Assistant Secretary for Financial Institutions at the Department of the Treasury, delivered remarks at the Electronic Transaction Association’s Annual Fintech Policy Forum. Schaffer addressed the role of artificial intelligence (AI) in financial services and highlighted both its potential benefits and risks.
Thank you to Bloomberg Philanthropies for hosting this second Partnership for Global Infrastructure and Investment (PGII) Investor Forum. I’m glad to be here with World Bank President Ajay Banga, my colleagues Jake Sullivan and Amos Hochstein, and with the business leaders who have helped drive progress on this partnership.
The G7 Cyber Expert Group (CEG), chaired by the U.S. Department of the Treasury and the Bank of England, has issued a statement addressing cybersecurity risks posed by quantum computing. The group highlighted the need for financial authorities and institutions to take proactive steps to mitigate these risks.
The U.S. Department of the Treasury has released new data showing that 3.3 million small business owners and self-employed workers were covered by Affordable Care Act (ACA) Marketplaces in 2022. This group accounted for 28% of all Marketplace enrollment for individuals aged 21-64.
On September 25, 2024, Under Secretary for Domestic Finance Nellie Liang addressed the Integrity Council for the Voluntary Carbon Market (IC-VCM), the Global Carbon Market Utility (GCMU), and the Voluntary Carbon Markets Integrity Initiative (VCMI) on the topic of voluntary carbon market integrity. In her remarks, she emphasized the importance of delivering high-integrity carbon markets to meet climate goals.
The U.S. Department of the Treasury convened a roundtable today in Washington, D.C., bringing together representatives from various sectors to discuss support for small businesses. Attendees included financial institutions, technology providers, financial technology firms, small business associations, consumer advocacy groups, government agencies, Federal Reserve banks, and other stakeholders.
Deputy Secretary of the Treasury Wally Adeyemo recently spoke on the topic of Voluntary Carbon Markets (VCMs) at an event hosted by the Global Carbon Market Utility, the Integrity Council for the Voluntary Carbon Market (IC-VCM), and the Voluntary Carbon Markets Integrity Initiative. In his remarks, Adeyemo highlighted the Biden-Harris Administration's efforts in addressing climate change over the past three and a half years.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Prophane Victor, a former member of Haiti’s parliament, and Luckson Elan, the current leader of the Gran Grif gang, for their involvement in serious human rights abuses in Haiti.
The Federal Reserve Bank of Philadelphia will host its Eighth Annual Fintech Conference on October 22 and 23, 2024. The event will be held both virtually and in person, continuing a tradition that began in 2017. The conference serves as a platform for experts in financial technology to discuss emerging issues, their impact, and appropriate policy responses.
CFOs remain largely optimistic about their economic trajectory as they plan for the last quarter of 2024, according to The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
The U.S. Department of the Treasury, the Internal Revenue Service (IRS), and the Department of Energy (DOE) have announced significant progress in the 2024 Program Year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The program has received over 50,000 applications requesting more than 6 gigawatts of capacity for clean energy projects across the nation.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against five Colombian nationals and two Mexico-based businesses under Executive Order 14059, “Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade.” The sanctioned individuals are leaders within Colombia's Clan del Golfo (CDG), also known as Los Urabeños, a major drug trafficking organization. The sanctioned businesses are owned by designated Sinaloa Cartel fentanyl traffickers.
The Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion today with representatives from the insurance industry, consumer groups, state insurance regulators, academics, and other stakeholders to discuss artificial intelligence (AI) in the insurance sector.
Acting Director for the Office of Foreign Assets Control (OFAC) Lisa Palluconi will travel to Colombia and Mexico from September 23 to September 27. This visit aims to strengthen Treasury's ties with the sanctions compliance communities in these countries.
The U.S. Department of the Treasury has announced a $9 million award to the Michigan Economic Development Corporation. This funding is aimed at supporting small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).
Today, Deputy Secretary of the Treasury Wally Adeyemo met with His Majesty King Abdullah II of Jordan in New York. During the meeting, Deputy Secretary Adeyemo emphasized the strong and strategic partnership between the United States and Jordan. He highlighted Jordan's role as a stabilizing force in the region despite facing economic and humanitarian challenges due to the war in Gaza.
Deputy Secretary of the Treasury Wally Adeyemo met with Bank of Israel Governor Amir Yaron in New York today. During their discussion, Deputy Secretary Adeyemo emphasized the importance of preventing terrorists and violent extremists from raising, using, and moving funds. He shared the Treasury’s efforts to strengthen counter-terrorism financing globally with partners and allies.
The Federal Reserve Banks of Philadelphia and Cleveland have updated an online tool designed to help users explore how they can transfer their skills to higher-paying jobs. The enhanced Occupational Mobility Explorer, first launched in 2020, now includes more than 600 job titles across 500 regions in the United States with wage data as of 2023.
Deputy Secretary of the Treasury Wally Adeyemo and Iraqi Prime Minister Mohammed Shiaa’ al Sudani met today on the sidelines of the UN General Assembly. The meeting focused on Iraqi banking sector reform, financial relations with the United States, and combatting illicit finance.
U.S. Secretary of the Treasury Janet L. Yellen issued a statement today to mark the 30th anniversary of the Community Development Financial Institution (CDFI) Fund.
