Thank you to Code for America for inviting me to speak at today's conference about IRS Direct File, our new option for Americans to file their taxes for free.
Today, U.S. Secretary of the Treasury Janet L. Yellen met with Vietnam Deputy Prime Minister Le Minh Khai to discuss the strengthening economic ties and the Comprehensive Strategic Partnership between the two nations.
The Financial Stability Oversight Council (FSOC), in collaboration with the Brookings Institution, commenced a conference on Artificial Intelligence (AI) and Financial Stability today. The event, held in Washington, D.C., gathered participants from both public and private sectors to discuss AI's evolving role in the financial system and its potential implications for U.S. financial stability.
Secretary of the Treasury Janet L. Yellen met with Prime Minister Alexander De Croo of Belgium to discuss key policy priorities during Belgium’s six-month presidency of the Council of the European Union.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Direct File will become a permanent, free tax filing option. All 50 states and the District of Columbia have been invited to join this initiative for the 2025 filing season. This decision follows a successful pilot program where 140,000 taxpayers claimed over $90 million in refunds and saved an estimated $5.6 million in filing costs.
Thank you, Julia, for the kind introduction and thank you to Atlantik Brücke and TBI for hosting me here today. I have visited Germany more often than any other country during the Biden Administration. This speaks not only to the depth but also the breadth of the U.S.-German partnership on economic, climate, and national security issues. But as you all know, the foundation of our partnership is deeper than our shared interests. Our people share the same values, including a deep and abiding commitment to promoting democratic values at home and abroad.
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.
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.
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.
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.
