Federal Reserve Bank of Cleveland President Loretta Mester discussed current economic conditions and monetary policy during an interview with Bloomberg Television on May 20, 2024. Mester emphasized the role of the Federal Reserve in producing indicators and datasets to inform the public, policymakers, and researchers about various economic factors such as inflation, employment, and financial system risks.
A recent working paper from the Federal Reserve has examined how financial institutions manage potential risks in their credit card portfolios. The study, titled “Managing Risk in Cards Portfolios: Risk Appetite and Limits,” finds that firms typically employ a consistent approach to risk assessment, constantly monitoring potential risks against predetermined limits or thresholds.
STRESA – Secretary of the Treasury Janet L. Yellen met with France’s Minister of Economy and Finance Bruno Le Maire today on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
FRANKFURT – Secretary of the Treasury Janet L. Yellen today convened a roundtable with German financial executives to discuss global macroeconomic trends and financial sector risks, including illicit finance and Russian sanctions evasion.
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.
Global investment firm Carlyle (NASDAQ: CG) has announced a $450 million forward flow agreement to purchase newly issued residential solar loans from Sungage Financial, a leading provider of solar financing. Alongside this, Carlyle has made a strategic investment into Sungage Financial. This partnership is expected to enhance Sungage Financial's origination capacity and drive future growth.
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.
STRESA – Yesterday, Secretary of the Treasury Janet L. Yellen met with European Commissioner for the Economy Paolo Gentiloni on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy. During their meeting, Secretary Yellen commended the European Union’s economic growth in the first quarter, alongside falling inflation and continued strength in the labor market.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released proposed guidance on the Clean Electricity Production Credit and Clean Electricity Investment Credit, established under President Biden’s Inflation Reduction Act. This move aims to provide clarity to developers of clean electricity projects, furthering President Biden’s Investing in America Agenda, supporting American jobs, and enhancing energy production and security while reducing energy costs for consumers.
STRESA – Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on May 15, 2024, during the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
On May 16, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and three entities associated with the malicious botnet tied to the residential proxy service known as 911 S5. The individuals sanctioned are Yunhe Wang, Jingping Liu, and Yanni Zheng. The entities include Spicy Code Company Limited, Tulip Biz Pattaya Group Company Limited, and Lily Suites Company Limited.
WASHINGTON – The United States has commended the productive Annual Meetings of the European Bank for Reconstruction and Development (EBRD) and acknowledged the re-election of President Odile Renaud-Basso to a second term. The U.S., as EBRD’s largest shareholder, also welcomed Iraq's membership and Benin as EBRD’s 75th member and first sub-Saharan African member, indicating progress toward EBRD’s limited expansion into sub-Saharan Africa.
KYIV – Deputy Secretary of the Treasury Wally Adeyemo met with Iryna Mudra, Deputy Head of the Presidential Office of Ukraine, during his visit to Kyiv. During the meeting, Deputy Secretary Adeyemo praised Mudra for her efforts in developing an international compensation mechanism aimed at holding Russia accountable for its actions against Ukraine. They discussed ongoing initiatives to unlock the value of immobilized Russian sovereign assets (RSA) to support Ukraine.
The Federal Reserve Bank of New York has published a white paper examining the financial impact of flooding on low- and moderate-income households in New York City. The study, titled "Flooding Impacts on Household Finances: Insights from Focus Groups in New York City," is based on focus groups conducted by the New York Fed’s Community Development team in 2023 with 31 residents whose homes have been affected by floods.
Secretary of the Treasury Janet L. Yellen met with European Central Bank President Christine Lagarde yesterday on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.
On May 16, 2024, U.S. Secretary of the Treasury Janet Yellen, alongside Department of Agriculture Secretary Tom Vilsack, Department of Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi announced the release of a Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). These markets have the potential to channel private capital towards decarbonization efforts.
In April, President Tom Barkin, Regional Executive Matt Martin, and Regional Economist Laura Ullrich from the Federal Reserve Bank met with local community and business leaders in North Carolina’s Surry and Yadkin counties. This visit was part of the Bank’s Community Conversations program aimed at understanding the economic strengths and opportunities facing the region.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has amended the Cuban Assets Control Regulations (CACR) to further support the Cuban people and independent private sector entrepreneurs. This move aligns with the policy announced by the Biden-Harris Administration on May 16, 2022. The regulatory amendments will take effect upon publication in the Federal Register on May 28, 2024.
