The latest economic statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee, highlights the current state of the U.S. economy as of April 29, 2024.Van Nostrand noted that despite a slowdown in real GDP growth to 1.6 percent in the first quarter of 2024, the underlying demand from households and businesses remained strong. He emphasized that personal consumption and business fixed investment played crucial roles in supporting GDP growth, with residential investment showing significant...
Secretary of the Treasury Janet L. Yellen addressed the Committee on Ways & Means of the U.S. House of Representatives, highlighting the significant strides made in the economic landscape under the Biden Administration. Yellen expressed gratitude for the opportunity to testify and stated, "The Biden Administration has driven a historic economic recovery over the past three years."Yellen emphasized the administration's focus on reducing household expenses and enhancing economic opportunities, stating, "President Biden and I are taking additional actions to bring down the...
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have issued guidance on the Sustainable Aviation Fuel (SAF) Credit established by the Inflation Reduction Act (IRA) to promote innovation in the aviation industry and reduce emissions. This initiative is part of President Biden's agenda to create jobs and combat climate change.U.S. Treasury Secretary Janet L. Yellen emphasized the importance of the Inflation Reduction Act in driving American innovation and job creation, stating, "Incentives in the law are helping to scale production of low-carbon...
WASHINGTON – The U.S. Department of the Treasury has disclosed its borrowing estimates for the upcoming quarters of 2024. According to the announcement, for the April – June 2024 quarter, the Treasury plans to borrow $243 billion in privately-held net marketable debt, with an end-of-June cash balance of $750 billion. The borrowing estimate is $41 billion higher than previously anticipated, primarily due to decreased cash receipts, partially offset by a higher beginning of the quarter cash balance.Looking ahead to the July – September 2024 quarter, the Treasury projects a...
The U.S. Department of the Treasury and the Department of Energy have announced new guidance on the Inflation Reduction Act programs aimed at boosting manufacturing and clean energy investments in coal communities. The Biden-Harris Administration revealed plans for a $6 billion tax credit allocation round to support clean energy supply chains and advanced energy projects, with a significant portion earmarked for historic energy communities impacted by coal-related closures.Deputy Secretary of the Treasury Wally Adeyemo emphasized the importance of driving investments in...
The final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2023 were released today, as reported by the Treasury website. The survey, conducted jointly by Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System, revealed some insightful data.According to the survey, the value of foreign portfolio holdings of U.S. securities as of June 30, 2023, was $26,872 billion. This amount was broken down into $13,719 billion held in U.S. equities, $11,967 billion in U.S. long-term debt...
WASHINGTON – In a recent development, the U.S. Department of the Treasury and the White House came together to facilitate a discussion aimed at enhancing access to affordable, high-quality child care. The focus of the convening was on fostering collaboration between small childcare businesses, Community Development Financial Institutions (CDFIs), and key stakeholders.The event witnessed the participation of various notable figures, including Director of the Gender Policy Council Jennifer Klein and Domestic Policy Advisor Neera Tanden. Deputy Assistant Secretary for...
Under Secretary Brian Nelson addressed attendees at ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance, expressing gratitude for the invitation and highlighting the importance of the practitioners' work in advising on sensitive sanctions matters. Nelson acknowledged the Treasury's efforts to enhance the rigor and effectiveness of sanctions enforcement and compliance. He emphasized the need for a modernized approach to sanctions in response to evolving global challenges.Nelson praised the successful multilateral partnerships in response to...
The U.S. Department of the Treasury and Internal Revenue Service (IRS) have reported that the Direct File pilot program surpassed expectations, with 140,803 taxpayers filing their taxes directly with the IRS for free, resulting in substantial savings for taxpayers. Users of the program claimed over $90 million in refunds and saved an estimated $5.6 million in tax preparation fees on federal returns alone.Deputy Secretary of the Treasury Wally Adeyemo praised the success of the program, stating, “The IRS’s Direct File pilot enabled more than 140,000 taxpayers to file their...
WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has announced a new partnership with the National Science Foundation (NSF) aimed at enhancing the insurance sector's capabilities in handling terrorism and catastrophic cyber risks. This collaboration was unveiled during the 2024 International Forum of Terrorism Risk (Re)Insurance Pools Annual Conference, where FIO also assumed the role of the chair of IFTRIP.The establishment of a new Industry-University Cooperative Research Center (IUCRC) is at the core of this partnership. Through the...
WASHINGTON – The U.S. Department of the Treasury has released new data showing the success of the Homeowner Assistance Fund (HAF) in keeping over 500,000 families in their homes through the distribution of $6.6 billion to homeowners at risk of foreclosure. Deputy Secretary of the Treasury Wally Adeyemo highlighted the impact, stating, “The Biden-Harris Administration helped to prevent foreclosures and increased housing stability nationwide by keeping half a million families in their homes.”The Treasury Department's efforts have been focused on reaching homeowners most in...
U.S. Deputy Secretary of the Treasury Wally Adeyemo highlighted the significance of the Inflation Reduction Act in providing easier access to tax incentives for clean energy projects, stating, “Before the Inflation Reduction Act, it was more challenging for companies to access tax incentives to finance projects and deploy new clean power."The IRS introduced the Energy Credits Online (ECO) portal to facilitate taxpayers in receiving elective payments, transferring clean energy credits, or claiming a CHIPS credit. According to the announcement, as of March 8, 2024, around...
As Prepared for DeliveryThank you all for coming together today for this important discussion. These were the opening remarks of Brian Nelson, the U.S. Treasury’s Under Secretary for Terrorism and Financial Intelligence, at a Banking Roundtable in San Juan, Puerto Rico.Nelson emphasized the importance of combatting financial crimes, stating, "You are on the front lines of combatting financial crimes, so I hope this will be a frank and open discussion and exchange of perspectives on how we can collectively mitigate these threats."During the roundtable, Nelson...
WASHINGTON – On Friday, U.S. Deputy Secretary of the Treasury Wally Adeyemo met with Nigerian Minister of Finance Wale Edun on the sidelines of the IMF-World Bank Spring meetings. During the meeting, Deputy Secretary Adeyemo commended Minister Edun for Nigeria’s important reforms to advance market-oriented economic policies and address inflation.In addition, the Deputy Secretary welcomed Nigeria’s engagement with the World Bank, including support for social safety nets and fiscal reforms. Adeyemo also sought an update from Minister Edun on Nigeria’s efforts to combat...
WASHINGTON - Today, Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank.During their meeting, Secretary Yellen and Minister Giorgetti exchanged views on shared G7 priorities amid Italy's presidency. Secretary Yellen also discussed ways to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resistance and long-term reconstruction, and ways to constrain Russia’s access to the goods it needs...
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against two companies and four individuals involved in cyber attacks on behalf of the Iranian Islamic Revolutionary Guard Corps Cyber Electronic Command (IRGC-CEC). These actors targeted multiple U.S. companies and government entities through cyber operations, including spear phishing and malware attacks.Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E. Nelson, expressed concern over the ongoing cyber threats, stating,...
Under Secretary for International Affairs Jay Shambaugh recently held a meeting with Argentina’s Minister of Economy Luis Caputo and Chief of Cabinet Nicolas Posse on the sidelines of the IMF-World Bank Spring Meetings. The meeting focused on the progress made by Argentina in various economic aspects.During the meeting, it was highlighted that "impressive progress" had been made towards reducing inflation and foreign exchange accumulation. Moreover, there was an emphasis on the importance of continuing efforts to protect the most vulnerable segments of society during what...
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced the release of final rules on a key provision aimed at broadening access and boosting returns on clean energy tax credits as part of President Biden's Investing in America agenda. The provision, known as transferability, is already proving to be instrumental in advancing the clean energy transition in the United States.Secretary of the Treasury Janet L. Yellen highlighted the significance of the Inflation Reduction Act's new tools in expanding access to clean energy tax credits,...
WASHINGTON – Today, Secretary of the Treasury Janet L. Yellen met with United Kingdom Chancellor of the Exchequer Jeremy Hunt on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC.During the meeting, Secretary Yellen discussed ways to continue providing near-term financial assistance to Ukraine, as well as ways to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resistance and long-term reconstruction.In addition, Secretary Yellen addressed the issue of constraining Russia’s access to goods necessary for building...
WASHINGTON — In response to Iran's recent attack on Israel, the Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions targeting various individuals and entities connected to Iran's UAV program, steel industry, and automobile companies.The actions taken by OFAC aim to disrupt Iran's activities and revenue streams that support terrorism. Secretary of the Treasury, Janet L. Yellen, emphasized the importance of these sanctions, stating, "We are taking swift and decisive action to respond to Iran's unprecedented attack on Israel."The...
