Secretary of the Treasury Janet L. Yellen issued a statement following the conclusion of the Section 301 review. She emphasized that President Biden and she have consistently pledged to take necessary actions to further the interests of American workers and firms. The results of the Section 301 review, announced today, outline strategic steps required to address specific long-standing unfair trade practices by the People's Republic of China.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on three Nicaragua-based entities: the Training Center of the Russian Ministry of Internal Affairs in Managua (RTC); Compania Minera Internacional, Sociedad Anónima (COMINTSA); and Capital Mining Investment Nicaragua, Sociedad Anónima (Capital Mining). These actions are taken pursuant to Executive Order (E.O.) 13851, as amended.
Deputy Secretary of the Treasury Wally Adeyemo addressed the Treasury Tribal Advisory Committee (TTAC) on May 10, 2024, emphasizing the importance of government-to-government engagement and outlining ongoing initiatives aimed at supporting Tribal governments.
Secretary of the Treasury Janet L. Yellen delivered remarks in Stafford County, Virginia on May 10, 2024. She expressed gratitude to those present and began by reflecting on the American Rescue Plan enacted by President Biden in March 2021 during the height of the COVID pandemic. The plan offered critical support to states, cities, and counties which enabled them to address urgent needs such as expanding public health services and ensuring housing and business continuity.
President Biden has issued an order prohibiting the acquisition and requiring the divestment of certain real estate operated as a cryptocurrency mining facility within one mile of Francis E. Warren Air Force Base (F.E. Warren AFB). The property, owned by MineOne Partners Limited, which is majority owned by nationals of the People’s Republic of China, MineOne Cloud Computing Investment I L.P., MineOne Data Center LLC, and MineOne Wyoming Data Center LLC (collectively MineOne), along with their affiliates, was purchased in June 2022.
The Financial Stability Oversight Council (Council) has released its Report on Nonbank Mortgage Servicing, detailing the growth of the nonbank mortgage servicing sector and its critical roles in the mortgage market. The report identifies key vulnerabilities that could impair servicers' ability to perform these critical functions and explains how these vulnerabilities could amplify shocks to the mortgage market and pose risks to financial stability.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today that it has sanctioned Ali Yagoub Gibril and Osman Mohamed Hamid Mohamed, leaders of the Rapid Support Forces’ (RSF) war campaign in Sudan. The sanctions were imposed under Executive Order (E.O.) 14098 due to the RSF's recent attacks in North Darfur, which have resulted in numerous civilian casualties, including children.
The U.S. Treasury Department recently co-hosted a meeting with the White House to discuss the implementation of the Inflation Reduction Act's provisions aimed at reducing household utility costs. The act is designed to extend and strengthen tax credits that reduce the costs of energy-efficient appliances, energy-saving home improvement projects, and residential clean energy installations.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have announced that applications for the 2024 Program Year of the Low-Income Communities Bonus Credit Program will open at 9:00 a.m. ET on May 28, 2024. The program, created under President Biden’s Inflation Reduction Act, offers up to a 20-percentage point credit boost for projects in low-income and Tribal communities.
The U.S. Department of the Treasury has announced plans to conduct a series of auctions, selling its warrants to purchase the common stock of certain publicly traded airlines. The intended buyers are qualified institutional investors, institutional accredited investors, or the issuing airlines themselves. The proceeds from these sales will provide additional returns to American taxpayers following the financial assistance and liquidity that the Treasury provided to these airlines during the pandemic.
The U.S. Department of the Treasury, in collaboration with various government agencies, has recently unveiled the annual Social Security and Medicare Trustees Reports. These reports shed light on the current state and future outlook of the crucial social welfare programs.Treasury Secretary Janet L. Yellen emphasized the importance of Social Security and Medicare, stating, “Seniors spent a lifetime working to earn the benefits they receive, and the Biden-Harris Administration will continue to oppose cuts to either program.”Acting Secretary of Labor Julie Su highlighted...
Remarks by Assistant Secretary for Financial Markets Joshua Frost on Recent Progress by the Inter-Agency Working Group on Treasury Market Surveillance at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting, May 3, 2024.
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...
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...
