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...
The G7 Cyber Expert Group recently completed a cross-border coordination exercise in the financial sector, aimed at enhancing crisis management capabilities in response to cyber incidents. Deputy Secretary Wally Adeyemo emphasized the importance of such exercises, stating, “This exercise is another critical opportunity for us to work with our G7 partners in our ongoing effort to combat cyberattacks.”The exercise involved 23 financial authorities from G7 jurisdictions, including ministries of finance, central banks, bank supervisors, and market authorities, as well as...
WASHINGTON – Yesterday, Deputy Secretary of the Treasury Wally Adeyemo met with Turkish Minister of Treasury and Finance Mehmet Şimşek to discuss important economic matters."They exchanged views on the global economic outlook, as well as the American and Turkish economies."During the meeting, both officials also explored ways to enhance the relationship between the United States and Türkiye."They also discussed ways in which the United States and Türkiye can strengthen the bilateral relationship by deepening trade and investment, and boosting anti-money laundering,...
WASHINGTON – Yesterday, U.S. Deputy Secretary of the Treasury Wally Adeyemo met with South African Minister of Finance Enoch Godongwana on the sidelines of the IMF-World Bank Spring meetings, after having recently met during the Deputy Secretary’s trip to South Africa.During the meeting, Deputy Secretary Adeyemo and Minister Godongwana discussed South Africa’s next steps in the Just Energy Transition Partnership (JETP). Adeyemo also acknowledged South Africa’s efforts to combat illicit finance, offering cooperation and assistance with ongoing efforts in this area.In...
U.S. Deputy Secretary of the Treasury Wally Adeyemo addressed the Treasury Advisory Committee for Racial Equity in Philadelphia, thanking members for their dedication to advancing economic and racial equity. He expressed gratitude to former Philadelphia Mayor Michael Nutter and current Mayor Cherelle Parker for their contributions to the committee.Acknowledging the progress made in the American economy over the past four years, Adeyemo emphasized the importance of addressing economic disparities by race and ensuring that Treasury programs increase economic opportunity for...
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against the Jama’at Nusrat al-Islam wal-Muslimin (JNIM) terrorist group for their involvement in the hostage-taking of U.S. persons in West Africa.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson expressed the severity of JNIM's actions, stating that they "rely on hostage-taking and wrongful detention of civilians in order to gain leverage and instill fear, creating anguish and misery for the victims and their families." Nelson also...
WASHINGTON – Ministers representing the 40 members of the Financial Action Task Force (FATF) convened in Washington today to discuss crucial matters concerning global financial security and combatting illicit activities. Secretary of the Treasury Janet L. Yellen commended the FATF for its commitment to protecting the financial system and addressing pressing issues. Yellen highlighted the importance of combating terrorist financing, preventing sanctions evasion, enhancing financial transparency, and recovering assets to combat corruption.Yellen also emphasized the...
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions on multiple entities, individuals, and vessels involved in facilitating the clandestine sale of Iranian unmanned aerial vehicles (UAVs) for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL). These actions are part of efforts to combat those financing Iran's destabilizing activities.Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson stated, “Iran’s Ministry of Defense continues to destabilize the region and world with its...
Yesterday, U.S. Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable discussion hosted by the Corporate Council on Africa (CCA) focused on U.S.-Africa Trade and Investment. The event took place on the sidelines of the IMF-World Bank Spring Meetings and brought together finance ministers from several African countries, including Cote d’Ivoire, Democratic Republic of the Congo, Ghana, Nigeria, and Zambia, along with a deputy finance minister from South Africa.During the roundtable, participants delved into various crucial topics. They discussed the...
Secretary of the Treasury Janet L. Yellen has commended the United States Senate and House of Representatives for passing the National Security Supplemental, providing crucial military, economic, and humanitarian support to Ukraine in its ongoing conflict with Russia. Yellen emphasized the significance of this assistance, stating, "This vital – and long overdue – assistance will bolster Ukraine’s capabilities on the battlefield."In addition to military aid, Yellen highlighted the importance of economic support to prevent Ukraine's collapse on the homefront and ensure the...
Stanford neurologist Sharon Sha, MD, sheds light on the misconceptions surrounding memory and aging. Refuting the common belief that memory loss dramatically worsens with age, Sha explains that the effects of healthy aging on cognitive functions are subtle. She emphasizes, "Although dementia is linked to age, it's not an inevitable part of getting older."In a discussion on distinguishing between normal aging and dementia, Sha highlights that cognitive impairment indicating dementia involves functional decline, where individuals struggle to carry out daily tasks...
On March 21 at 1 p.m. ET, the U.S. Small Business Administration (SBA) and the White House’s Office of the National Cyber Director will host a virtual session entitled “Fortifying Your Business: Strategies for Resilience in the Digital Age.” The event is free and open to all who sign up.The session will feature speakers including Mark Madrid, Associate Administrator of the SBA’s Office of Entrepreneurial Development; Jacob (“Jake”) Braun, Acting Principal Deputy, National Cyber Director in the White House; and Seeyew Mo, Assistant National Cyber Director for Cyber...
On a recent trip to Southeastern Virginia, the Richmond Fed President Tom Barkin, along with Regional Executive Renee Haltom and Community Development Manager Jarrod Elwell, delved into the complexities of the region's economic landscape, particularly in the area known as Peanut Country.The team's visit unveiled contrasting narratives within Peanut Country, showcasing the delicate balance between preserving rural traditions and embracing urban developments. In Greensville County and Emporia, the team discovered a community striving to reverse historic disinvestment and...
Stanford University has a rich history of female trailblazers who have made significant contributions in various fields. From astronauts to mathematicians, the legacy of these remarkable women continues to inspire generations. In the realm of space exploration, Stanford alumnae have left an indelible mark. Sally Ride, the first American woman in space, Mae Jemison, the first Black woman in space, and Ellen Ochoa, the first Hispanic woman in space, all have Stanford connections. Reflecting on her journey, Ochoa shared, "I had to speak up about what I thought I was capable...
Federal Reserve Bank of Boston President Susan M. Collins recently visited various locations in New Hampshire to share her economic outlook and engage with local leaders. During her visit to Dartmouth College, Collins discussed economic disparities and the importance of inclusivity in local economies. She emphasized the need for collaborative efforts across different sectors to provide opportunities for all individuals. Collins highlighted the significance of understanding diverse experiences and achieving an inclusive economy to address challenges effectively.Collins...
Jed Finn, Head of Morgan Stanley Wealth Management, emphasized the growing importance of alternative investments like private market shares, stating, “Alternative investments like private market shares are only growing in importance as investors seek deeper portfolio diversification.”Michael Gaviser, Head of Private Markets at Morgan Stanley Wealth Management, expressed the company's commitment to working with clients to create lasting value in the private markets, saying, “As a larger percentage of capital formation and economic growth is occurring in the private...
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken action against the Los Pochos Drug Trafficking Organization (DTO) based in Guatemala. The DTO, primarily engaged in cocaine trafficking from Guatemala through Mexico to the United States, has been a target of sanctions since 2019. According to Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson, the Los Pochos DTO has continued to facilitate the flow of illicit drugs using corrupt officials.The Los Pochos DTO, associated with Mexico's Sinaloa...
The Federal Reserve Bank of New York has recently published a case study shedding light on pension fund investments in affordable apartments. Titled “Alternative Investments in Community Development: A Case Study of Pension Fund Investments in Multifamily Affordable Housing,” the study examined the investment patterns of seven pension funds over a five and a half-year period, ending in June 2023. The findings indicate a preference for preserving existing affordable housing over constructing new developments.According to Jonathan Kivell, director of community investments...
