The A'Lelia Bundles Community Scholars program at Columbia University has announced a new partnership with Incite Institute to offer enhanced funding, mentorship, skill-building, and networking opportunities for program participants. This collaboration aims to provide additional resources for scholars to make meaningful contributions to their communities and beyond.Interim Provost Dennis Mitchell expressed his excitement about the partnership, stating, "The new partnership with Incite will allow the program to grow and reflects the university’s commitment to bringing...
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...
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...
