On September 19, 2024, Secretary of the Treasury Janet L. Yellen addressed the Community Development Advisory Board Meeting to commemorate the 30th anniversary of the Community Development Financial Institutions (CDFI) Fund.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network comprising five entities and one individual, based in Russia and the Russia-occupied Georgian region of South Ossetia, for enabling illicit payment mechanisms between Russia and the Democratic People’s Republic of Korea (DPRK). This action targets parties that have assisted in sanctions evasion, supporting DPRK's weapons programs and Russia's war against Ukraine.
The U.S. Department of the Treasury released the Treasury International Capital (TIC) data for July 2024. The next release, covering August 2024, is scheduled for October 17, 2024.
Today, Secretary of the Treasury Janet L. Yellen met with the families of Americans taken hostage by Hamas as part of the October 7th terrorist attacks. The Secretary conveyed her unwavering support for the families and expressed her condolences to those whose loved ones have been killed.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking and additional guidance on the Alternative Fuel Vehicle Refueling Property Credit, as expanded by the Biden-Harris Administration’s Inflation Reduction Act.
On September 18, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 12 individuals linked to the Iranian regime's violent repression of its people, both domestically and internationally. These designations target members of the Islamic Revolutionary Guard Corps (IRGC), officials from Iran’s Prisons Organization, and those responsible for lethal operations overseas. This action was coordinated with Canada and Australia, which have also announced new sanctions against those connected to human rights abuses in Iran.
The U.S. Department of the Treasury has announced an award of $7.9 million to the Arizona Commerce Authority (ACA) to support small business growth under the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).
MEXICO CITY – Assistant Secretary for Investment Security Paul Rosen traveled to Mexico City, Mexico, for meetings with the Government of Mexico and business and investment community leaders. He also provided remarks at the International Bar Association Annual Conference.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned five individuals and one entity associated with the Intellexa Consortium for their involvement in developing, operating, and distributing commercial spyware technology. This action is part of broader U.S. government efforts to counter commercial spyware vendors.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned four individuals in Georgia for actions undermining fundamental freedoms, including freedom of expression. The sanctions target two Georgian government officials and two private citizens involved in violently suppressing peaceful protests and political opposition.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued a Notice of Proposed Rulemaking (NPRM) to implement section 139E of the Internal Revenue Code, established by the Tribal General Welfare Exclusion Act of 2014. This Act allows Tribal governments to provide non-taxable assistance and benefits to Tribal members, which are excluded from their gross income for federal income tax purposes.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned 16 officials aligned with Venezuelan President Nicolas Maduro, citing their roles in obstructing a competitive and inclusive presidential election process and violating civil and human rights. These actions are pursuant to Executive Order (E.O.) 13692, as amended.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued a Notice of Proposed Rulemaking (NPRM) aimed at increasing tax fairness and addressing significant corporate tax avoidance by some of the largest and most profitable U.S. corporations. This move seeks to implement the Corporate Alternative Minimum Tax (CAMT), a key component of the Inflation Reduction Act.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Cambodian businessman Ly Yong Phat, his conglomerate L.Y.P. Group Co., LTD, and O-Smach Resort for their involvement in serious human rights abuses linked to the treatment of trafficked workers subjected to forced labor in online scam centers. OFAC has also designated Cambodia-based Garden City Hotel, Koh Kong Resort, and Phnom Penh Hotel for being owned or controlled by Ly.
The Economic Opportunity Coalition (EOC), launched by Vice President Kamala Harris in July 2022, comprises over two dozen companies committed to investing in small businesses within underserved communities. These efforts aim to address economic disparities and stimulate local economic activity. To date, the EOC has announced $1 billion in deposits with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) through partnerships with private companies.
Today, Deputy Secretary Wally Adeyemo and Deputy Assistant Secretary Todd Conklin met with Bank Policy Institute leaders and Chief Executive Officers to discuss cybersecurity and the operational resilience of the broader financial sector. The group discussed opportunities to continue to scale Treasury’s Project Fortress to leverage the support of larger institutions and federal government assets to provide support to smaller financial institutions. The group also discussed ongoing public/private partnership work specific to bolstering the resilience of critical federal...
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned three individuals, five companies, and two vessels involved in smuggling oil and liquified petroleum gas (LPG) to generate revenue for Hizballah. This network, comprising Lebanese businessmen and companies overseen by a senior leader of Hizballah’s finance team, has facilitated numerous LPG shipments to the Government of Syria, channeling profits to Hizballah. These operations generate significant revenue for Hizballah and support its terrorist activities.
The U.S. Department of the Treasury has awarded over $4 million to the Nevada Governor’s Office of Economic Development under the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). The funding aims to support small businesses in key economic sectors, including rural and Tribal businesses, healthcare enterprises, and advanced manufacturers within the clean energy sector.
The tenth official meeting of the U.S.-UK Financial Regulatory Working Group convened in Washington, D.C., on September 3, 2024. The session included officials and senior staff from HM Treasury and the U.S. Department of the Treasury, alongside representatives from various independent regulatory agencies such as the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network benefiting the Cartel Jalisco Nueva Generacion (CJNG). This cartel is responsible for trafficking significant amounts of fentanyl and other deadly drugs into the United States. The action, coordinated with the Drug Enforcement Administration and the Government of Mexico, aims to disrupt CJNG's operations.
