The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on prevailing wage and registered apprenticeship (PWA) requirements under the Inflation Reduction Act. As part of the Biden-Harris Administration's Investing in America agenda, these rules aim to build a skilled workforce for the clean energy economy while ensuring that jobs in this sector are well-paying.
WASHINGTON – Secretary of the Treasury Janet L. Yellen called Mexican Finance Secretary Rogelio Ramírez de la O today to congratulate him on his re-appointment by Mexico’s President-elect Claudia Sheinbaum and to discuss Mexico’s economic policy options.
The U.S. Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) today to implement Executive Order 14105, titled “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.” This NPRM follows an Advance Notice of Proposed Rulemaking (ANPRM) from last August and includes draft regulations and explanatory discussions, inviting public comment.
The U.S. Department of the Treasury has released its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. The report, covering the four quarters through December 2023, reviewed and assessed the policies of major U.S. trading partners, which account for approximately 78 percent of U.S. foreign trade in goods and services.
Washington – The U.S. Department of the Treasury released Treasury International Capital (TIC) data for April 2024 today. The next release, which will report on data for May 2024, is scheduled for July 18, 2024.
On June 12, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced a new regulatory initiative aimed at closing a significant tax loophole used by large, complex partnerships. This measure is part of ongoing efforts to ensure wealthy individuals, complex partnerships, and large corporations pay their owed taxes.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated two individuals and five entities for facilitating weapons procurement for Ansarallah, commonly known as the Houthis. Additionally, OFAC has designated one individual and one company, and identified one vessel involved in commodity shipments that fund Houthi weaponry.
The U.S. Department of the Treasury and IRS have announced that consumers have saved over $1 billion in upfront costs on more than 150,000 clean vehicle purchases since January 1, 2024. This milestone is part of the Biden-Harris Administration's efforts to reduce transportation costs for Americans.
WASHINGTON — The United States has imposed sanctions on four individuals linked to the Islamic State of Iraq and Syria (ISIS), including members of an ISIS-associated human smuggling network. These actions were taken in close coordination with the Government of Türkiye, which is also taking domestic action against this network.
The U.S. Department of the Treasury announced today that the United States has formally notified the Russian Federation to confirm the suspension of specific provisions of the 1992 Tax Convention between the two nations. The affected sections include Paragraph 4 of Article 1 and Articles 5-21 and 23, as well as the operation of its accompanying Protocol.
WASHINGTON — The U.S. Department of the Treasury’s Office of Economic Policy released an analysis today indicating that American businesses are not only achieving high earnings but are also investing those earnings productively. The Biden Administration has prioritized creating favorable conditions for business investment as a key component of the post-COVID economic agenda. Legislative measures such as the CHIPS & Science Act and the Inflation Reduction Act explicitly encourage private investment, while other efforts by the Administration aim to increase competition and...
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on ten individuals, entities, and vessels involved in the illicit transport of oil and other commodities for the Houthi network facilitated by Sa’id al-Jamal. The action targets maritime shipping and financial facilitators, vessel managers, owners, and a company involved in forging shipping documents.
WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned members of one of Guyana’s wealthiest families, Nazar Mohamed and his son, Azruddin Mohamed, along with their company, Mohamed’s Enterprise, and a Guyanese government official, Mae Thomas. These sanctions were imposed due to their involvement in public corruption in Guyana. Additionally, OFAC designated two other entities, Hadi’s World and Team Mohamed’s Racing Team, for being owned or controlled by Mohamed’s Enterprise and Azruddin.
On May 30, 2024, Secretary of the Treasury Janet L. Yellen testified before the Senate Appropriations Subcommittee on Financial Services and General Government regarding the President’s Fiscal Year 2025 Budget Request.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned two companies linked to the Wagner Group in the Central African Republic (CAR). Mining Industries SARLU and Logistique Economique Etrangere SARLU have been designated under Executive Order 14024 for their involvement in supporting Wagner Group security operations and illicit mining activities.
On May 30, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Ecuador-based Los Lobos Drug Trafficking Organization and its leader Wilmer Geovanny Chavarria Barre, also known as “Pipo.” With thousands of members, Los Lobos is currently Ecuador’s largest drug trafficking organization and has significantly contributed to the violence in the country. This action follows Treasury’s February designation of Los Choneros—a prominent Ecuadorian drug gang—and comes amid increasing violence and instability driven by criminal organizations...
On May 30, 2024, Deputy Assistant Secretary for the Financial Stability Oversight Council (FSOC), Sandra Lee, delivered remarks at the Conference on Artificial Intelligence and Financial Stability. The event was hosted by FSOC in partnership with the Brookings Institution at the Treasury Department and was also accessible via webcast.
Secretary of the Treasury Janet L. Yellen addressed attendees at the Financial Stability Oversight Council’s (FSOC) Conference on Artificial Intelligence and Financial Stability, emphasizing the importance of AI in financial services and its associated risks.
The U.S. Department of the Treasury has issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. This initiative builds on Treasury's recent work concerning cybersecurity and fraud in AI, as well as initiatives by other federal agencies. The department is seeking public input on how AI is being utilized within the financial services industry and the potential benefits and risks associated with its development and application.
