WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions today on nearly 50 entities and individuals connected to a "shadow banking" network used by Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and Islamic Revolutionary Guard Corps (IRGC). This network has facilitated illicit access to the international financial system, processing billions of dollars since 2020.
It is an honor to represent the United States of America at the 60th Annual Meeting of the African Development Bank in Nairobi, Kenya. Kenya has been an exemplary host and it is always a great pleasure to visit this dynamic country that represents the vibrancy and beauty of the continent, especially on the heels of the successful State Visit of H.E. President William Ruto to Washington, DC.
A decade ago, Lawrence became one of New England’s first “Working Cities,” joining several small Massachusetts cities with rich but faded industrial pasts in a new community development initiative. On Tuesday, Federal Reserve Bank of Boston President Susan M. Collins visited Lawrence, where the Bank has been involved since the Working Cities Challenge began in 2014. Some say the program sparked significant changes in the former mill city.
Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire a portfolio of gas-weighted exploration and production (E&P) assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean. The transaction is subject to customary regulatory approvals.
Richmond Fed President Tom Barkin is scheduled to speak at a Global Interdependence Center conference at the Banque de France on June 28, 2024, in Paris. The event is part of the Global Interdependence Center’s Central Banking Series.
U.S. companies are increasingly prioritizing automation and artificial intelligence (AI) amid persistent inflation, according to The CFO Survey, a collaboration between Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated a network comprising two individuals and seven entities that provide significant revenue sources for Republika Srpska (RS) President Milorad Dodik and his family. The action targets companies linked to Dodik and his son, Igor Dodik, which have allegedly manipulated government contracts to benefit their business interests.
Carlyle Aviation Partners has announced the closure of its fifteenth aircraft portfolio transaction, AASET 2024-1 Trust. The trust issued $428 million in Secured Notes to purchase a portfolio of twelve aircraft, comprising ten narrowbody and two widebody models. This marks the first commercial aircraft asset-backed securitization (ABS) issuance in two years.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned eight individuals linked to Mexico's La Nueva Familia Michoacana drug cartel, as announced by Secretary Janet L. Yellen in Atlanta, Georgia. These sanctions target those involved in trafficking fentanyl, cocaine, and methamphetamine into the United States.
The U.S. Department of the Treasury announced today that taxpayers received $556,685,001 from a series of auctions held from June 3 to 13, 2024. These auctions were conducted to sell warrants for common stock of 11 publicly traded airlines. The airlines issued these warrants to the Treasury in 2020 and 2021 as partial compensation for financial assistance and loans provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, and the American Rescue Plan Act of 2021.
On June 18, 2024, Secretary of the Treasury Janet L. Yellen addressed a press conference in Atlanta, Georgia, alongside representatives from the Drug Enforcement Administration and the U.S. Attorney’s Office to announce new measures against the opioid crisis.
When the post-pandemic economy entered uncharted territory, economic models based on historical data struggled to make accurate forecasts, highlighting the need for flexibility during abnormal times. This observation comes from a new report by the Federal Reserve Bank of Cleveland.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated twelve individuals in executive and senior leadership roles at AO Kaspersky Lab. This action aims to address continued cybersecurity risks associated with the organization.
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.
