Global investment firm Carlyle (NASDAQ: CG) has announced a $450 million forward flow agreement to purchase newly issued residential solar loans from Sungage Financial, a leading provider of solar financing. Alongside this, Carlyle has made a strategic investment into Sungage Financial. This partnership is expected to enhance Sungage Financial's origination capacity and drive future growth.
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.
The Federal Reserve Bank of New York has published a white paper examining the financial impact of flooding on low- and moderate-income households in New York City. The study, titled "Flooding Impacts on Household Finances: Insights from Focus Groups in New York City," is based on focus groups conducted by the New York Fed’s Community Development team in 2023 with 31 residents whose homes have been affected by floods.
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.
In April, President Tom Barkin, Regional Executive Matt Martin, and Regional Economist Laura Ullrich from the Federal Reserve Bank met with local community and business leaders in North Carolina’s Surry and Yadkin counties. This visit was part of the Bank’s Community Conversations program aimed at understanding the economic strengths and opportunities facing the region.
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.
The Federal Reserve Bank of New York has announced the results of the High School Fed Challenge, an academic competition where student teams research and analyze an economic theme, subsequently crafting podcast scripts that encapsulate their findings. The selected scripts will be published in this year's Journal of Future Economists, set for release this summer.
Deputy Secretary of the Treasury Wally Adeyemo recently delivered remarks at the Vice President’s Economic Opportunity Tour Event in Milwaukee, Wisconsin. He began by expressing his gratitude for the warm introduction and acknowledging the presence of Acting Secretary Adrianne Todman and Vice President Kamala Harris.
KYIV – Deputy Secretary Adeyemo met today with faculty and students from the Kyiv School of Economics, along with select non-governmental organizations. The group engaged in a discussion focused on supporting Ukraine’s economic recovery. Key topics included unlocking the value of immobilized Russian sovereign assets, Russia’s transition to a wartime economy, and measures to restrict Russia's revenue and disrupt its procurement of priority goods.
The Wayne Economic Development Council recently hosted a discussion on the economy and monetary policy as part of its Briefings for Business series. The event was attended by key members of the Federal Reserve Bank of Cleveland, including Eddie Steiner, who chairs the Board's Audit Committee, and Steve Matthew, an active member of the Northeast Ohio Business Advisory Council.
The U.S. Department of the Treasury has issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), a comprehensive plan outlining the government's goals, objectives, and priorities to disrupt and prevent illicit financial activities. The strategy addresses key risks identified in the 2024 National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessments (2024 National Risk Assessments) and lays out how the United States plans to build on recent efforts to modernize its anti-money laundering/countering the...
