On May 3, 2024, the Federal Reserve Bank of Richmond made significant officer appointments within the organization.Chris Andrews has been promoted to vice president of Audit with responsibility for comprehensive audit coverage of various Richmond Fed operations. Andrews, who joined the Richmond Fed in 1993 as a bank examiner, has steadily progressed within the organization, holding management roles before his recent promotion.David McClenney has also been promoted to vice president of Audit. McClenney, who joined the Richmond Fed in 2011, has served in management roles...
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...
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...
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...
Federal Reserve Bank President Tom Barkin is scheduled to address the Columbia Rotary Club on May 6, 2024, in Columbia, South Carolina. The event, set to take place at Seawell's Catering, will commence at 12:50 p.m. ET and will feature a speech by Barkin, followed by an audience question and answer session.In a statement, the Federal Reserve Bank emphasized their commitment to supporting a healthy economy, stating, "We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American...
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...
The Basel Committee on Banking Supervision (BCBS) has issued a discussion paper outlining the objectives of climate scenario analysis within the Basel framework. According to the paper, climate scenario analysis is described as a forward-looking tool to assess the resilience of business models and strategies of banks.In the discussion paper, the BCBS has identified key features that are crucial for the effectiveness of climate scenario analysis exercises conducted by banks or supervisors. These features include clear objectives, comprehensiveness, plausibility, coherence,...
A vision for the future financial system, outlined in a recent BIS paper, envisions a transformative shift towards a user-centric and unified financial ecosystem. The paper describes the concept of "Finternet" as a digital-era financial system that is inclusive, innovative, participatory, accessible, and affordable for all. It emphasizes leveraging innovative technologies like tokenization and unified ledgers to enhance financial services for users.The authors of the paper highlight three essential components for Finternet: an efficient economic and financial...
Assistant Secretary for Financial Markets Josh Frost presented the Quarterly Refunding Statement on April 29, 2024, outlining the U.S. Department of the Treasury's plans for upcoming Treasury securities offerings. Frost announced, "The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $107.8 billion of privately-held Treasury notes maturing on May 15, 2024." The issuance aims to raise new cash from private investors amounting to approximately $17.2 billion.The upcoming securities offerings include a 3-year note of $58...
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...
In a recent report released by the NGFS, options for the supervisory review of transition plans were outlined, focusing on micro-prudential perspectives. The report builds on previous work and emphasizes the importance of credible transition planning and plans, as well as the role of supervisory authorities in assessing their credibility.The report suggests three potential ways to operationalize the transition plan review process by supervisory authorities. This includes direct monitoring by Micro-Prudential Authorities, reliance on Third-Party Evaluations, and a...
The Federal Reserve Bank of Richmond recently hosted a Community Bank Credit Forum, bringing together representatives from various banks to discuss crucial topics related to credit and risk management."We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you," stated a representative from the Federal Reserve Bank.The event saw over 40 attendees from banks across the Fifth Federal Reserve District convene to engage in discussions on credit risk...
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...
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...
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...
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...
The recent meeting of the Treasury Borrowing Advisory Committee held on April 30, 2024, saw various discussions and recommendations put forth by key stakeholders in the financial sector.Under Secretary Liang expressed gratitude to outgoing Vice Chair Colin Teichholtz for his service to the committee at the beginning of the meeting. This set the tone for a series of discussions on debt management and Treasury priorities.During the meeting, it was noted that primary dealer estimates for the next three fiscal years were slightly lower than previous estimates, with a...
