U.S. Department of the Treasure releases Committee on Foreign Investment in the United States Enforcement and Penalty Guidelines | site |
Information contained in U.S. Department of the Treasury press release dated: October 20, 2022
Washington - - The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), today released the first-ever CFIUS Enforcement and Penalty Guidelines.
CFIUS’s mandate of identifying and mitigating certain national security risks while maintaining the U.S. openness to foreign investment often requires the Committee to enter into agreements or impose conditions on transaction parties to mitigate risks to national security that arise from a transaction. These Guidelines provide the public with information about how the Committee assesses violations of the laws and regulations that govern transaction parties, including potential breaches of C...
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U.S. Department of the Treasury Releases CFIUS Enforcement and Penalty Guidelines
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U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports
U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports | site |
Information contained in U.S. Department of the Treasury press release dated: June 2, 2022 Washington - - Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration—released the annual Social Security and Medicare Trustees Reports. “The Biden-Harris Administration is committed to protecting and strengthening Social Security and Medicare which represent promises to America’s seniors and play a vital role in our economy,” Secretary of the Treasury Janet L. Yellen said. “This latest report shows an improvement in the financial position of Social Security and Medicare, reflecting the strong economic recovery and growth in the last year. However, in the c... -
Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries
U.S. Department of the Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries | site |
Information contained in U.S. Department of the Treasury press release dated: May 19, 2022 Washington - - Today, the U.S. Department of the Treasury announced the first group of plans approved under the new round of the State Small Business Credit Initiative (SSBCI). The American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities... -
Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany
Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany | site |
Information contained in U.S. Department of the Treasury press release dated: May 18, 2022
Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany
May 18, 2022 Thank you for being here. This has been a very productive week already, and I am looking forward to the G7 Ministerial here in Bonn this week. First, I’d like to thank Minister Lindner for his leadership. I have spent the week in Warsaw and Brussels before arriving here in Bonn. The backdrop against this trip is, of course, Russia’s illegal and unprovoked war against Ukraine. My thoughts continue to be with the people of Ukraine as they fight back against Putin’s brutal invasion into their homeland. I was honored to join and hear from refugees that have been welcomed to Poland who we... -
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Atlantic Council’s Distinguished Leadership Awards
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Atlantic Council’s Distinguished Leadership Awards | site |
Information contained in U.S. Department of the Treasury press release dated: May 11, 2022
Remarks by Secretary of the Treasury Janet L. Yellen at the Atlantic Council’s Distinguished Leadership Awards
May 11, 2022
As Prepared for Delivery I am deeply honored to present the Distinguished Leadership Award to my friend and long-time colleague, a gifted economist and a tireless civil servant—the Prime Minister of Italy, Mario Draghi. I really got to know Mario over dozens of dinners at the Bank for International Settlements during the time that he served as the Governor of the Bank of Italy and then as President of the European Central Bank. This was no easy time in the world of central banking. The global economy was shaken by a financial crisis and the ensuing Great Recess... -
Testimony of U.S. Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
Testimony of U.S. Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate | site |
Information contained in U.S. Department of the Treasury press release dated: May 10, 2022
Testimony of Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
May 10, 2022
As Prepared for Delivery Thank you, Chairman Brown, Ranking Member Toomey, and Members of the Committee. I am pleased to speak with you today about the Financial Stability Oversight Council’s (Council) 2021 annual report. The report is a collaborative effort of the Council member agencies. It is a vehicle for providing Congress and the public with the Council’s collective assessments of potential risks to U.S. financial stability. Today, I will highlight a few topics in the report and provide an update o... -
Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 3, 2022
Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 3, 2022 | site |
Information contained in U.S. Department of the Treasury press release dated: May 4, 2022 May 4, 2022 The Committee convened in a closed session at the Department of the Treasury at 9:00 a.m. All members were present. Under Secretary for Domestic Finance Nellie Liang, Fiscal Assistant Secretary David Lebryk, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Chris Cameron, Dave Chung, Alexander Demyanets, Joshua Frost, Tom Katzenbach, Chris Kubeluis, Kyle Lee, Brett Solimine, Renee Tang, and Brandon Taylor. Federal Reserve Bank of New York staff members Susan McLaughlin, Monica Scheid, and Nathaniel Wuerffel were also present. Under Secretary Liang began the me... -
U.S. Secretary of the Treasury Janet L. Yellen’s Meeting with Jamaican Prime Minister Andrew Holness
U.S. Secretary of the Treasury Janet L. Yellen’s Meeting with Jamaican Prime Minister Andrew Holness | site |
Information contained in U.S. Department of the Treasury release dated: April 1, 2022 U.S. Secretary of the Treasury Janet L. Yellen met yesterday with Jamaican Prime Minister Andrew Holness, Finance Minister Nigel Clarke, and Foreign Affairs Minister Kamina Johnson Smith to underscore our countries’ close partnership and shared priorities for building climate resilience, strengthening sustainable infrastructure development, and promoting digitalization, all of which the Build Back Better World initiative advances. The Secretary welcomed Jamaica’s commitment to sustainable public finances, investment climate strengthening, and targeted social investments. The Secretary discussed the impact on Jamaica of the commodity shock triggered by Russia’s brutal invasion of Ukraine, including the President’s decision to tap the ... -
U.S. Treasury Targets Democratic People’s Republic of Korea Weapons of Mass Destruction Organization and Subsidiaries
U.S. Treasury Targets Democratic People’s Republic of Korea (DPRK) Weapons of Mass Destruction Organization and Subsidiaries | site |
Information contained in U.S. Department of the Treasury news release dated: April 1, 2022 Washington - - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned five entities for providing support to the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted a series of escalatory ballistic missile launches in the past several months, including most recently the DPRK’s February 26, March 4, and March 24 intercontinental ballistic missile launches (ICBM), which demonstrate the DPRK’s clear determination to continue developing its unlawful WMD and ballistic missile programs. These ballistic missile tests are brazen violations of multiple... -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release dated: November 19, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt issuance suspension period (DISP).
The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: On October 18, I informed you that I had determined that a debt issuance suspension period (DISP) would continue through December 3, 2021 with respect to the Civil Service Retirement and Disability Fund (CSRDF). I am writing to notify you, pursuant to 5 U.S.C. § 8348(l)(2), of my determination that, by reason of the statutory debt limit, I will be unable to fully invest the portion of the CSR... -
A Coordinated Strategy to Advance Racial Equity at Treasury
A Coordinated Strategy to Advance Racial Equity at Treasury | site |
(Information contained in U.S. Department of the Treasury press release dated: October 25, 2021)
A Coordinated Strategy to Advance Racial Equity at Treasury
October 25, 2021
By Deputy Secretary of the Treasury Wally Adeyemo
President Biden has made clear since Day One that advancing racial equity is not just a moral priority for our country—it is also critical to our economic success. Taking steps to unlock the unrealized potential of underserved communities makes our economy stronger and benefits all Americans. This is one reason why the Department of the Treasury is focused on advancing racial equity. This informed our decision to create a dedicated Office of Recovery Programs and has flowed through the policy and operational decisions we’ve made to implement the historic American... -
Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Countdown Summit | site |
(Information contained in U.S. Department of the Treasury press release remarks dated: October 12, 2021)
Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit
October 12, 2021
As prepared for delivery: Hello, everyone. I’m Janet Yellen, the United States Treasury Secretary. I want to thank Vice President Gore for the invitation and for his many years of leadership on this issue. We’re now three weeks out on the road to Glasgow, and it’s a road crowded with many different travelers. A generation ago, the road, so to speak, was a much lonelier place, deserted by comparison. There was a cohort of environmental activists and government officials, like Vice President Gore, who cared deeply about climate change, but it was nothing like the broad cross-se... -
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release remarks dated: October 6, 2021)
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit
October 6, 2021
As prepared for delivery I want to thank business and community leaders for joining us here today. I wish we could be meeting to discuss another topic, like finding solutions to climate change or how to better invest in the future of our economy. But the urgency of the debt limit situation demands immediate attention. I want to be clear about my position. First, this is an urgent matter which must be resolved immediately. Treasury is on the cusp of exhausting its extraordinary measures if Congress has not acted to raise or suspe... -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release dated: September 8, 2021)
September 8, 2021 - -Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.
The full text of the letter and also available below.
The Honorable Nancy Pelosi
Speaker
U.S. House of Representatives
Washington, DC 20515
Dear Madam Speaker:
I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the government in the absence of Congressional action to address the debt limit. After th... -
U.S. Treasury Department Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance
U.S. Treasury Department Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance | site |
Latest Treasury Data Shows Continued Progress; About 1 Million Payments Made by State and Localities as of July 31
(Information contained in U.S. Department of the Treasury press release dated: August 25, 2021) New data on program performance demonstrates steady improvement in delivering Emergency Rental Assistance (ERA) to eligible households – particularly among state and local agencies that adopted the recommendations in Treasury’s prior guidance. Even with these improvements, many grantees need to do more to urgently accelerate efforts to prevent harmful evictions of vulnerable families. To help grantees continue to expedite assistance, today Treasury is announcing additional policies – including measures to reduce processing delays by providing even more explic...
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U.S. Department of the Treasure releases Committee on Foreign Investment in the United States Enforcement and Penalty Guidelines | site |
Information contained in U.S. Department of the Treasury press release dated: October 20, 2022 Washington - - The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), today released the first-ever CFIUS Enforcement and Penalty Guidelines. CFIUS’s mandate of identifying and mitigating certain national security risks while maintaining the U.S. openness to foreign investment often requires the Committee to enter into agreements or impose conditions on transaction parties to mitigate risks to national security that arise from a transaction. These Guidelines provide the public with information about how the Committee assesses violations of the laws and regulations that govern transaction parties, including potential breaches of C...10-22-2022, 10:28 PM -
U.S. Department of the Treasury Releases Social Security and Medicare Trustees Reports | site |
Information contained in U.S. Department of the Treasury press release dated: June 2, 2022 Washington - - Following a meeting of the Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration—released the annual Social Security and Medicare Trustees Reports. “The Biden-Harris Administration is committed to protecting and strengthening Social Security and Medicare which represent promises to America’s seniors and play a vital role in our economy,” Secretary of the Treasury Janet L. Yellen said. “This latest report shows an improvement in the financial position of Social Security and Medicare, reflecting the strong economic recovery and growth in the last year. However, in the c...06-02-2022, 11:52 PM -
U.S. Department of the Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries | site |
Information contained in U.S. Department of the Treasury press release dated: May 19, 2022 Washington - - Today, the U.S. Department of the Treasury announced the first group of plans approved under the new round of the State Small Business Credit Initiative (SSBCI). The American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities...05-23-2022, 06:21 PM -
Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany | site |
Information contained in U.S. Department of the Treasury press release dated: May 18, 2022
Transcript of Press Conference from Secretary of the Treasury Janet L. Yellen in Bonn, Germany
May 18, 2022 Thank you for being here. This has been a very productive week already, and I am looking forward to the G7 Ministerial here in Bonn this week. First, I’d like to thank Minister Lindner for his leadership. I have spent the week in Warsaw and Brussels before arriving here in Bonn. The backdrop against this trip is, of course, Russia’s illegal and unprovoked war against Ukraine. My thoughts continue to be with the people of Ukraine as they fight back against Putin’s brutal invasion into their homeland. I was honored to join and hear from refugees that have been welcomed to Poland who we...05-19-2022, 06:52 AM -
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Atlantic Council’s Distinguished Leadership Awards | site |
Information contained in U.S. Department of the Treasury press release dated: May 11, 2022
Remarks by Secretary of the Treasury Janet L. Yellen at the Atlantic Council’s Distinguished Leadership Awards
May 11, 2022
As Prepared for Delivery I am deeply honored to present the Distinguished Leadership Award to my friend and long-time colleague, a gifted economist and a tireless civil servant—the Prime Minister of Italy, Mario Draghi. I really got to know Mario over dozens of dinners at the Bank for International Settlements during the time that he served as the Governor of the Bank of Italy and then as President of the European Central Bank. This was no easy time in the world of central banking. The global economy was shaken by a financial crisis and the ensuing Great Recess...05-13-2022, 05:41 PM -
Testimony of U.S. Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate | site |
Information contained in U.S. Department of the Treasury press release dated: May 10, 2022
Testimony of Secretary of the Treasury Janet L. Yellen before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate
May 10, 2022
As Prepared for Delivery Thank you, Chairman Brown, Ranking Member Toomey, and Members of the Committee. I am pleased to speak with you today about the Financial Stability Oversight Council’s (Council) 2021 annual report. The report is a collaborative effort of the Council member agencies. It is a vehicle for providing Congress and the public with the Council’s collective assessments of potential risks to U.S. financial stability. Today, I will highlight a few topics in the report and provide an update o...05-11-2022, 05:15 AM -
Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 3, 2022 | site |
Information contained in U.S. Department of the Treasury press release dated: May 4, 2022 May 4, 2022 The Committee convened in a closed session at the Department of the Treasury at 9:00 a.m. All members were present. Under Secretary for Domestic Finance Nellie Liang, Fiscal Assistant Secretary David Lebryk, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Chris Cameron, Dave Chung, Alexander Demyanets, Joshua Frost, Tom Katzenbach, Chris Kubeluis, Kyle Lee, Brett Solimine, Renee Tang, and Brandon Taylor. Federal Reserve Bank of New York staff members Susan McLaughlin, Monica Scheid, and Nathaniel Wuerffel were also present. Under Secretary Liang began the me...05-06-2022, 03:59 AM -
U.S. Secretary of the Treasury Janet L. Yellen’s Meeting with Jamaican Prime Minister Andrew HolnessU.S. Secretary of the Treasury Janet L. Yellen’s Meeting with Jamaican Prime Minister Andrew Holness | site |
Information contained in U.S. Department of the Treasury release dated: April 1, 2022 U.S. Secretary of the Treasury Janet L. Yellen met yesterday with Jamaican Prime Minister Andrew Holness, Finance Minister Nigel Clarke, and Foreign Affairs Minister Kamina Johnson Smith to underscore our countries’ close partnership and shared priorities for building climate resilience, strengthening sustainable infrastructure development, and promoting digitalization, all of which the Build Back Better World initiative advances. The Secretary welcomed Jamaica’s commitment to sustainable public finances, investment climate strengthening, and targeted social investments. The Secretary discussed the impact on Jamaica of the commodity shock triggered by Russia’s brutal invasion of Ukraine, including the President’s decision to tap the ...04-05-2022, 01:37 AM -
U.S. Treasury Targets Democratic People’s Republic of Korea (DPRK) Weapons of Mass Destruction Organization and Subsidiaries | site |
Information contained in U.S. Department of the Treasury news release dated: April 1, 2022 Washington - - The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today sanctioned five entities for providing support to the DPRK’s development of weapons of mass destruction (WMD) and ballistic missile programs in violation of multiple United Nations Security Council resolutions (UNSCRs). The DPRK has conducted a series of escalatory ballistic missile launches in the past several months, including most recently the DPRK’s February 26, March 4, and March 24 intercontinental ballistic missile launches (ICBM), which demonstrate the DPRK’s clear determination to continue developing its unlawful WMD and ballistic missile programs. These ballistic missile tests are brazen violations of multiple...04-02-2022, 09:23 PM -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release dated: November 19, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt issuance suspension period (DISP).
The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: On October 18, I informed you that I had determined that a debt issuance suspension period (DISP) would continue through December 3, 2021 with respect to the Civil Service Retirement and Disability Fund (CSRDF). I am writing to notify you, pursuant to 5 U.S.C. § 8348(l)(2), of my determination that, by reason of the statutory debt limit, I will be unable to fully invest the portion of the CSR...11-24-2021, 11:18 PM -
A Coordinated Strategy to Advance Racial Equity at Treasury | site |
(Information contained in U.S. Department of the Treasury press release dated: October 25, 2021)
A Coordinated Strategy to Advance Racial Equity at Treasury
October 25, 2021
By Deputy Secretary of the Treasury Wally Adeyemo
President Biden has made clear since Day One that advancing racial equity is not just a moral priority for our country—it is also critical to our economic success. Taking steps to unlock the unrealized potential of underserved communities makes our economy stronger and benefits all Americans. This is one reason why the Department of the Treasury is focused on advancing racial equity. This informed our decision to create a dedicated Office of Recovery Programs and has flowed through the policy and operational decisions we’ve made to implement the historic American...11-08-2021, 04:33 AM -
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the Countdown Summit | site |
(Information contained in U.S. Department of the Treasury press release remarks dated: October 12, 2021)
Remarks by Secretary of the Treasury Janet L. Yellen at the Countdown Summit
October 12, 2021
As prepared for delivery: Hello, everyone. I’m Janet Yellen, the United States Treasury Secretary. I want to thank Vice President Gore for the invitation and for his many years of leadership on this issue. We’re now three weeks out on the road to Glasgow, and it’s a road crowded with many different travelers. A generation ago, the road, so to speak, was a much lonelier place, deserted by comparison. There was a cohort of environmental activists and government officials, like Vice President Gore, who cared deeply about climate change, but it was nothing like the broad cross-se...10-13-2021, 01:30 PM -
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release remarks dated: October 6, 2021)
Remarks by Secretary of the Treasury Janet L. Yellen to CEOs and Business Leaders at the White House on Debt Limit
October 6, 2021
As prepared for delivery I want to thank business and community leaders for joining us here today. I wish we could be meeting to discuss another topic, like finding solutions to climate change or how to better invest in the future of our economy. But the urgency of the debt limit situation demands immediate attention. I want to be clear about my position. First, this is an urgent matter which must be resolved immediately. Treasury is on the cusp of exhausting its extraordinary measures if Congress has not acted to raise or suspe...10-11-2021, 09:36 PM -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit | site |
(Information contained in U.S. Department of the Treasury press release dated: September 8, 2021)
September 8, 2021 - -Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to Congressional leadership regarding the debt limit.
The full text of the letter and also available below.
The Honorable Nancy Pelosi
Speaker
U.S. House of Representatives
Washington, DC 20515
Dear Madam Speaker:
I am writing to follow up on my previous letters regarding the debt limit and to provide additional information regarding the Treasury Department’s ability to continue to finance the government in the absence of Congressional action to address the debt limit. After th...09-18-2021, 04:07 PM -
U.S. Treasury Department Announces Seven Additional Policies to Encourage State and Local Governments to Expedite Emergency Rental Assistance | site |
Latest Treasury Data Shows Continued Progress; About 1 Million Payments Made by State and Localities as of July 31
(Information contained in U.S. Department of the Treasury press release dated: August 25, 2021) New data on program performance demonstrates steady improvement in delivering Emergency Rental Assistance (ERA) to eligible households – particularly among state and local agencies that adopted the recommendations in Treasury’s prior guidance. Even with these improvements, many grantees need to do more to urgently accelerate efforts to prevent harmful evictions of vulnerable families. To help grantees continue to expedite assistance, today Treasury is announcing additional policies – including measures to reduce processing delays by providing even more explic...09-04-2021, 06:56 PM -
U.S. Treasury Department Releases Letter to Nonfinancial Corporate Stakeholders on LIBOR Transition | site |
(Information contained in U.S. Department of the Treasury press release dated: August 23, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell, Chair of the Securities and Exchange Commission Gary Gensler, President and Chief Executive Officer of the Federal Reserve Bank of New York John C. Williams, and Acting Chairman of the Commodity Futures Trading Commission Rostin Behnam released a letter to nonfinancial corporate stakeholders following a discussion of the experiences and concerns of nonfinancial corporations as they prepare to transition from U.S. dollar (USD) LIBOR.
The full text of the letter is below and can be found here...08-30-2021, 07:29 PM -
The United States Department of the Treasury and the Monetary Authority of Singapore Finalize a Memorandum of Understanding on Cybersecurity Cooperation | site |
(Information contained in U.S. Department of the Treasury press release dated: August 23, 2021) Washington - - On August 23, 2021, the United States Department of the Treasury (“Treasury”) and the Monetary Authority of Singapore (“MAS”) announced the finalization of a bilateral Memorandum of Understanding (“MoU”) on Cybersecurity Cooperation. This announcement was made during Vice President Kamala Harris’ visit to Singapore, where both the US and Singapore recognized the importance of deepening cooperation in new domains to deal with the challenges of the 21st century. Treasury and MAS have had ongoing exchange of cyber threat information since 2018. The MoU formalizes and strengthens what has already been a strong cybersecurity partnership between both agencies. ...08-24-2021, 05:27 AM -
U.S. Secretary of the Treasury Janet L. Yellen Sends Letter with Secretary of the Department of Labor Martin J. Walsh to Congressional Leaders on Unemployment Insurance | site |
(Information contained in U.S. Department of the Treasury press release dated: August 19, 2021)
Washington - - Today, U.S. Secretary of the Treasury Janet L. Yellen and Secretary of the Department of Labor Martin J. Walsh sent a letter to Senate Finance Committee Chairman Wyden and House Ways and Means Committee Chairman Neal on the expiration of emergency unemployment insurance.
The full text of the letter is available here and below. Dear Chairman Wyden and Chairman Neal: We write on behalf of President Biden with an update on the steps our Departments are taking in advance of the expiration of emergency unemployment insurance (UI) programs on September 6, 2021. As you know, these programs were first enacted in the CARES Act, and were extended...08-20-2021, 06:40 AM -
U.S. Department of the Treasury Announces Fossil Fuel Energy Guidance for Multilateral Development Banks | site |
(Information contained in U.S. Department of the Treasury press release dated: August 16, 2021)
Washington - - Today, the U.S. Department of the Treasury issued Fossil Fuel Energy Guidance for Multilateral Development Banks (MDBs), which is key Guidance in response to President Biden’s Executive Order 14008 on Tackling the Climate Crisis At Home and Abroad announced earlier this year. In its Guidance, Treasury advocates for MDB investments prioritizing clean energy, innovation, and energy efficiency, which will help achieve a clean and sustainable future consistent with the development goals of the Paris Agreement. U.S. Secretary of the Treasury Janet L. Yellen previewed Treasury’s MDB Guidance at the April 2021 G7 Leaders Summit on Climate and more recently discussed this with Heads of the MDBs in...08-18-2021, 01:20 PM -
Treasury and IRS Disburse Second Month of Advance Child Tax Credit Payments | site |
Treasury Plans Permanent Mobile-Friendly and Multi-Lingual Sign-up Tool for Non-Filers, Announces New Sign-up Tool Created by Code for America
(Information contained in U.S. Department of the Treasury press release dated: August 13, 2021) Washington - - The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion were paid to families that include roughly 61 million eligible children in the second monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan passed in March. The number of payments this month increased and cover an additional 1.6 million children. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17. This tax relief is having a real impact on the live...08-14-2021, 01:46 AM -
U.S. Treasury Reiterates Call for State and Local Governments to Follow Treasury Guidance on Eliminating Undue Documentation Burdens to Speed the Delivery Emergency Rental Assistance | site |
Treasury publishes examples of simplified eligibility forms, shares with all Emergency Rental Assistance program grantees
(Information contained in U.S. Department of the Treasury press release date: August 4, 2021)
Washington - - Today, the U.S. Department of the Treasury reiterated its call for state and local governments operating Emergency Rental Assistance (ERA) programs to speed the delivery of assistance to those in need by eliminating undue documentation burdens. To help states and other jurisdictions quickly implement impactful programs, Treasury has published examples of simplified eligibility forms that are being used effectively by emergency rental assistance programs around the country. In addition to posting these...08-07-2021, 11:16 PM -
Secretaries of USDA, HUD, VA, Treasury, and FHFA Acting Director Release Joint Statement on Agency Actions to Prevent Evictions | site |
(Information contained in U.S. Department of Housing and Urban Development [HUD] press release dated: July 30, 2021) The Centers for Disease Control and Prevention’s (CDC) eviction moratorium is in place until July 31st, but the Supreme Court’s ruling made clear that CDC cannot extend the moratorium past its current expiration date. In light of that decision, the Biden-Harris Administration is taking steps to protect renters at risk of eviction. Today, at the President’s request, the U.S. Department of Agriculture (USDA), U.S. Department of Housing and Urban Development (HUD), U.S. Department of Veterans Affairs (VA) and the Federal Housing Finance Agency (FHFA) have extended their foreclosure-related eviction moratoria until September 30, 2021. The President further asked our agencies, which play a significan...08-02-2021, 02:17 PM -
U.S. Department of the Treasury Releases Guidance to Speed the Provision of Emergency Rental Assistance Relief and Support Housing Stability for Renters at Risk of Eviction | site |
(Information contained in U.S. Department of the Treasury press release dated: June 24, 2021)
Washington - - Today, the U.S. Department of the Treasury released guidance in the form of updated frequently asked questions (FAQs) and fact sheet to continue supporting the rapid deployment of Emergency Rental Assistance by states, territories, localities, and tribal governments. The FAQs build on prior actions to provide state and local governments with the tools they need to deliver relief to renters in need by helping grantees with implementation and best practices.
The fact sheet is below and available here .
The FAQs are available here .
Emergency Rental Assistance Fact Sheet: Treasury Announces Further Action to Support Housing...06-25-2021, 09:25 PM -
U.S. Treasury Secretary Janet L. Yellen to Travel to G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy | site |
Will Also Travel to Brussels, Belgium To Advance U.S. Policy Priorities
(Information contained in U.S. Department of the Treasury press release dated: June 24, 2021) Washington - - The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Finance Ministers and Central Bank Governors meeting in Venice, Italy from July 9-10, 2021. While in Venice, Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, an inclusive economic recovery, and global health. She will also hold bilateral meetings with G20 counterparts. On July 11, the Secretary will attend the Venice International Conference on Climate with G20 counterparts, thought leaders, privat...06-25-2021, 07:58 AM -
Testimony of Secretary of the Treasury Janet L. Yellen to the Committee on Ways and Means, U.S. House of Representatives | site |
(Information contained in U.S. Department of the Treasury press release dated: June 17, 2021)
Testimony of Secretary of the Treasury Janet L. Yellen to the Committee on Ways and Means, U.S. House of Representatives
Chairman Neal, Ranking Member Brady, it’s a pleasure to be with you. When I took office back in January, the first – and most urgent – problem confronting our economy was obviously the pandemic: helping people make it to the other side of the crisis and ensuring they were met there by a robust recovery. Thanks to this Congress – and its passage of the American Rescue Plan – I believe we are well on our way towards that goal. But we have to be clear-eyed about something: The pandemic was not our only economic problem. Long before a single American was infected w...06-18-2021, 04:55 AM -
U.S. Department of the Treasury Issues Additional COVID-19-related Sanctions Authorizations and Guidance | site |
(Information contained in U.S. Department of the Treasury press release dated: June 17, 2021) Washington - - Today, in order to further aid the global fight against COVID-19, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued three general licenses (referred to as the COVID-19-related GLs) to build upon Treasury’s existing authorizations for COVID-19-related transactions and activities. The new COVID-19-related GLs expand upon longstanding humanitarian exemptions, exceptions, and authorizations to cover additional COVID-19-related transactions and activities. These include transactions and activities involving the delivery of face masks, ventilators and oxygen tanks, vaccines and the production of vaccines, COVID-19 tests, air filtration systems, and COVID-19-related field hospitals, ...06-17-2021, 10:33 PM -
Testimony of Secretary of the Treasury Janet L. Yellen to the Committee on Finance, U.S. Senate | site |
(Information contained in U.S. Department of the Treasury press release dated: June 16, 2021) Chairman Wyden, Ranking Member Crapo, it’s a pleasure to be with you. When I took office back in January, the first – and most urgent – problem confronting our economy was obviously the pandemic: helping people make it to the other side of the crisis and ensuring they were met there by a robust recovery. Thanks to this Congress – and its passage of the American Rescue Plan – I believe we are well on our way towards that goal. But we have to be clear-eyed about something: The pandemic was not our only economic problem. Long before a single American was infected with COVID-19, millions of people in this country were running up against a series of long-term, structural economic challenges that undermined their ability to make a good living. For instanc...06-17-2021, 03:40 AM -
U.S. Treasury Awards $1.25 Billion to Community Development Financial Institutions to Support Economic Relief in Underserved Communities Affected by COVID-19 | site |
Announcement Made by Vice President Harris Alongside Treasury Secretary Janet Yellen, U.S. Senator Mark Warner, and U.S. Representative Maxine Waters
(Information contained in U.S. Department of the Treasury press release dated: June 15, 2021)
Washington - - The U.S. Department of the Treasury today awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The awards were announced today by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in...06-16-2021, 03:50 AM -
U.S. Department of the Treasury Announces Key Staff Appointments | site |
(Information contained in U.S. Department of the Treasury press release dated: June 14, 2021)
Washington - - Today, the United States Department of the Treasury announced three key additions to Treasury staff. These distinguished and diverse individuals join Treasury prepared to deliver results for the American people.
Biographies of the appointees are listed below in alphabetical order:
Kayla Arslanian, Deputy Executive Secretary, Office of the Executive Secretary
Kayla Arslanian joins the Treasury Department from the New York City Mayor's Office, where she most recently served as Deputy Chief of Staff to Mayor Bill de Blasio. As a member of the senior leadership team responding to New York City’s COVID-19 crisis, Arslanian was responsible for increasing the city’s testing capacity and led planning efforts...06-15-2021, 10:01 PM -
Testimony of Secretary of the Treasury Janet L. Yellen to the Subcommittee on State, Foreign Operations, and Related Programs, U.S. House of Representatives | site |
(Information contained in U.S. Department of the Treasury press release dated: June 10, 2021)
Testimony of Secretary of the Treasury Janet L. Yellen to the Subcommittee on State, Foreign Operations, and Related Programs, U.S. House of Representatives
Chairwoman Lee, Ranking Member Rogers, and members of the Subcommittee, it’s a pleasure to join you today. When I took office, one of my greatest concerns was a K-shaped recovery from the pandemic; a recovery where high-income households rebounded quickly – or even emerged better-off – while low- and middle-income families suffered for a very long time. We can be confident now that’s not going to happen, thanks in part to your support of the fiscal stimulus in the American Rescue Plan. The same, tho...06-11-2021, 04:44 AM -
Remarks by U.S. Secretary of the Treasury Janet L. Yellen at the SelectUSA Investment Summit | site |
(Information contained in U.S. Department of the Treasury Statements and Remarks press release dated: June 7, 2021)
As prepared for pre-recorded video Hello. It’s wonderful to join you to today. I want to thank the Secretary Raimondo and the Commerce Department for inviting me to say a few words about the US economy – and where our administration would like to guide it in the coming years. As you’re likely aware, our economy is in the midst of a rapid transition. With more and more Americans vaccinated, and more businesses resuming normal operations every day, our economy is returning to its pre-pandemic state. Increasingly, the question we are asking is not: What will the economy look like in 2022? By next year, I expect our economy to be back at full employment, in large part because we’ve provided an historic amount...06-10-2021, 04:00 AM -
U.S. Treasury Secretary Janet L. Yellen to Attend G7 Finance Ministers Meeting in London, England | site |
(Information contained in U.S. Department of the Treasury press release dated: May 24, 2021) Washington - - The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G7 finance ministers meeting in London, England from June 4-5, 2021. While in London, Secretary Yellen will reinforce the U.S. commitment to policy priorities to promote the global recovery from the COVID-19 pandemic including supportive fiscal policies, vaccine access, and distribution. She will also discuss with her G7 partners the importance of improving public health to prevent future pandemics and building greener and more resilient economies to meet the challenges of climate change. Ahead of this trip, Secretary Yellen will also take part in a virtual meeting of G7 finance ministers and central bank governors. This will be the first overs...05-27-2021, 09:52 AM -
Remarks by Secretary of the Treasury Janet L. Yellen on A Better Deal for Americans to The U.S. Chamber of Commerce | site |
(Information contained in U.S. Department of the Treasury Statement and Remarks press release dated: May 18, 2021)
Remarks by Secretary of the Treasury Janet L. Yellen on A Better Deal for Americans to The U.S. Chamber of Commerce
May 18, 2021
As prepared for delivery.
Thank you, Suzanne, for the introduction and for hosting this important forum. The Chamber of Commerce has been a leader in responding to the pandemic and promoting a global recovery. I look forward to continuing to work with you and the private sector to realize the Biden Administration’s vision for a better American economy.
INTRODUCTION
Anyone observing the United States in recent years would see striking contrasts across our economic landscape. We have bee...05-20-2021, 03:27 AM -
Secretary of the U.S. Treasury Janet L. Yellen’s Meeting with the American Bankers Association Board of Directors | site |
(Information contained in U.S. Department of the Treasury press release dated: May 18, 2021) Earlier today, Secretary of the Treasury Janet L. Yellen met with members of the American Bankers Association (ABA) Board of Directors to discuss ways the Treasury Department and the ABA can work together to facilitate a strong recovery over the short-term and a robust economic expansion over the longer-term. The Secretary highlighted the role of banks as a necessary source of strength due to their critical role channeling emergency government support to households and businesses through the Paycheck Protection Program and Economic Impact Payments. The Secretary also noted the crucial role banks can play as part of the Biden Administration’s historic investments in both infrastructure and the essential services for families -like childcare- ...05-20-2021, 12:18 AM -
Secretary of the Treasury Janet L. Yellen to Chair Meeting of the Financial Literacy and Education Commission | site |
(Information contained in U.S. Department of the Treasury press release dated: May 18, 2021)
Washington - - Secretary of the Treasury Janet L. Yellen will chair a meeting of the Financial Literacy and Education Commission (FLEC) on May 26, 2021. The meeting will focus on the role of financial education in reducing economic inequity.
The Commission’s vision is of sustained financial well-being for all individuals and families in the U.S. In furtherance of this vision, the Commission sets strategic direction for policy, education, practice, research, and coordination so that all Americans make informed financial decisions. Deputy Secretary of the Treasury Wally Adeyemo will moderate a discussion among experts in the field including:- John Hope Bryant, Founder, Chairman, and CEO of Operation Hope,
- Marc
05-19-2021, 12:02 AM -
Treasury and IRS Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit | site |
First Payments to Be Made on July 15
(Information contained in U.S. Department of the Treasury press release dated: May 17, 2021) Washington - - The U.S. Department of the Treasury and the Internal Revenue Service announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88 percent of children in the United States — are slated to begin receiving monthly payments without any further action required. Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month, unless the 15th falls on a weekend or holiday, allowing families who receive the credit by direct deposit to plan their budgets a...05-17-2021, 11:17 PM -
Remarks by U.S. Department of the Treasury Secretary Janet L. Yellen at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better Restart | site |
(Information contained in U.S. Department of the Treasury Statements and Remarks press release dated: May 14, 2021)
Remarks by U.S. Department of the Treasury Secretary Janet L. Yellen at the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences Event Dreaming of a Better RestartThe COVID-19 pandemic has had a devastating effect on human life and our economies. It has also exacerbated global inequality, potentially undoing years of gains in reducing poverty and international economic convergence. Low-income countries are in a particularly difficult situation. Not only are they are facing rising poverty levels, but also increasing debt burdens, and little policy space. Many low-income countries lack the resourc...
05-15-2021, 04:19 PM -
U.S. Department of the Treasury Distributes $742 Million to States and Territories through Homeowner Assistance Fund | site |
(Information contained in U.S. Department of the Treasury press release dated: May 13, 2021) Washington - - Today, the U.S. Department of the Treasury announced that it has distributed $742 million to 42 states and 3 territories through the Homeowner Assistance Fund (HAF). A part of the Biden-Harris Administration’s American Rescue Plan, HAF was designed to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship due to the COVID-19 public health crisis. “Today there are over 3 million homeowners behind on mortgage payments, and the pandemic has exacerbated the country’s already severe housing affordability crisis,” said Deputy Secretary of the Treasury Wally Adeyemo. “Treasury is focused on ensuring the American economy re...05-14-2021, 02:25 AM -
Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Board of Directors of the Opportunity Finance Network | site |
(Information contained in U.S. Department of the Treasury press release dated: May 12, 2021)
Washington - - Earlier today, Deputy Secretary of the Treasury Wally Adeyemo met with the Board of Directors of the Opportunity Finance Network (OFN), led by President and CEO Lisa Mensah. Deputy Secretary Adeyemo shared President Biden and Secretary Yellen’s vision for an equitable and sustainable recovery, including tapping into the unrealized potential of small businesses across the country by supporting Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI) through policies like the $3 billion CDFI Rapid Response Program. Deputy Secretary Adeyemo asked for the Board’s advice on how Treasury can better utilize its tools to serve underrepresented communities and how to ensure the...05-13-2021, 11:21 PM -
U.S. Treasury says nearly 1 Million additional Economic Impact Payments disbursed under the American Rescue Plan | site |
Treasury says total payments reach nearly 165 million
(Information contained in U.S. Department of the Treasury press release dated: May 12, 2021)
Washington - - Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan.
Today’s announcement brings the total disbursed so far to approximately 165 million payments, with a total value of approximately $388 billion, since these payments began rolling out to Americans in batches as announced on March 12. The ninth batch of payments began processing on Friday, May 7, with an official payment date of May 12, with some people receiving direct payments in...05-13-2021, 12:46 AM -
U.S. Department of the Treasury Launches Coronavirus State and Local Fiscal Recovery Funds to Deliver $350 Billion | site |
Aid to state, local, territorial, and Tribal governments will help bring back jobs, address pandemic’s economic fallout, and lay the foundation for a strong, equitable recovery
(Information contained in U.S. Department of the Treasury press release dated: May 10, 2021)
Washington - - Today, the U.S. Department of the Treasury announced the launch of the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments. Treasury also released details on the ways funds can be used to respond to acute pandemic-response needs, fill revenue shortfalls among state and local governments, and support the communities and populations hardest-hit by the COVID-19 crisis. Eligible state,...05-10-2021, 08:10 PM -
U.S. Department of the Treasury Announces Additional $21.6 Billion in Emergency Rental Assistance Allocation | site |
Treasury says today’s announcement includes strengthened guidance to expedite resources and prevent evictions due to the affordable housing challenges exacerbated by Covid-19
(Information contained in U.S. Department of the Treasury press release dated: May 7, 2021)
Washington - - Today, the U.S. Department of the Treasury, in coordination with the White House American Rescue Plan Implementation Team and the U.S. Department of Housing and Urban Development, announced the allocation of an additional $21.6 billion under the American Rescue Plan for Emergency Rental Assistance, which will help prevent evictions and ensure basic housing security for millions of Americans impacted by the affordable housing challenges exacerbated by COVID-19. In addition to this financial support, Treasury issued updated, st...05-08-2021, 11:12 PM -
Statement by U.S. Secretary of the Treasury Yellen on the President’s FY22 Discretionary Funding Request | site |
President Outlines Proposals to Support Fairness and Equity in Our Tax System, Invest in Communities and Small Businesses, and Safeguard the U.S. Financial System from Illicit Actors
(Information contained in U.S. Department of the Treasury press release dated: April 9, 2021)
Washington - - The Biden-Harris Administration today submitted to Congress the President’s priorities for fiscal year 2022 discretionary spending. The funding request invests in the core foundations of our country’s strength and advances key Treasury Department priorities, including ensuring that all Americans are treated fairly by our tax system, expanding programs that offer loans to start-ups and small businesses to promote affordable housing and community revitalization projects, and closing loopholes that allow illicit actors to...04-13-2021, 05:28 PM -
Treasury, IRS Disburse 25 Million more Economic Impact Payments under the American Rescue Plan | site |
Social Security and other beneficiaries bring total to more than 156 million payments; VA beneficiaries payments to be disbursed on April 14
(Information contained in U.S. Department of the Treasury press release dated: April 7, 2021)
Washington - - Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments from the American Rescue Plan.
Today’s announcement brings the total disbursed so far to more than 156 million payments, with a total value of approximately $372 billion, since these payments began rolling out to Americans in batches, as announced on March 12. The fourth batch of payments began processing on Friday, April 2, with an official payment dat...04-08-2021, 12:18 AM -
Treasury Department Begins Sending Economic Impact Payments from the American Rescue Plan to Americans | site |
(Information contained in U.S. Department of the Treasury press release dated: March 12, 2021)
Washington - - Today, the United States Department of the Treasury announced that Economic Impact Payments from the American Rescue Plan will begin rolling out in tranches to millions of Americans in the coming weeks. Following passage of the American Rescue Plan, which President Biden signed into law yesterday, the Treasury Department – through the Internal Revenue Service and the Bureau of the Fiscal Service – enacted an operational plan to begin processing the first batch of these payments today, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional large batches of payments, which will be automatic and require no action by taxpayers, will be sent in the coming...03-15-2021, 10:33 PM -
Statement from Secretary of the Treasury Janet L. Yellen on the U.S Senate’s Vote on the American Rescue Plan | site |
(Information contained in U.S. Department of the Treasury press released dated: March 6, 2021)
Statement from Secretary of the Treasury Janet L. Yellen on the U.S Senate’s Vote on the American Rescue Plan
The Senate took a critical step today. With the economy down 9.5 million jobs since February 2020, it could be two years before the labor market simply reaches its pre-pandemic level. These high rates of job loss threaten the wellbeing of workers and their families. They may create economic scars that last well beyond the end of the pandemic. This is why our country is in need of an ambitious relief bill to help Americans endure the final months of this crisis; to put food on the table, checks in the mail, and vaccine shots in the arm. With the Senate’s vote on the American Rescue Pla...03-08-2021, 05:30 AM -
U.S. Department of the Treasury Sanctions Russian Officials in Response to the Novichok Poisoning of Aleksey Navalny | site |
(Information contained in U.S. Department of the Treasury press release dated: March 2, 2021) Washington - - Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) joined the U.S. Departments of State and Commerce in imposing sanctions in response to Russia’s poisoning and subsequent imprisonment of Russian opposition figure Aleksey Navalny. Specifically, OFAC designated seven Russian government officials: Federal Security Service (FSB) Director Aleksandr Bortnikov (Bortnikov), Chief of the Presidential Policy Directorate Andrei Yarin (Yarin), First Deputy Chief of Staff of the Presidential Executive Office Sergei Kiriyenko (Kiriyenko), Deputy Minister of Defense Aleksey Krivoruchko (Krivoruchko), Deputy Minister of Defense Pavel Popov (Popov), Federal Penitentiary Service (FSIN) dire...03-05-2021, 06:38 PM -
U.S. Department of the Treasury Announces Key Staff Appointments | site |
(Information contained in U.S. Department of the Treasury press release dated: March 2, 2021)
Washington - - Today, the United States Department of the Treasury announced several key additions to Treasury staff. These distinguished and diverse individuals join Treasury prepared to deliver results for the American people by addressing the public health crisis and resulting economic crisis, as well as inequality, racism, and climate change.
Biographies of the appointees are listed below in alphabetical order:
Bill Doerrer, White House Liaison
Bill Doerrer joins the Treasury Department after serving on the Legal Policy and Personnel teams of the Biden-Harris Transition. Prior to the transition, Doerrer was a member of the Biden-Harris General Election campaign serving as Director of Post-Election Operations. During the primary,...03-05-2021, 02:32 PM -
Letter from Treasury Secretary Janet L. Yellen to G20 Colleagues | site |
(Information contained in U.S. Department of the Treasury press release dated: February 25, 2021) Washington - - Today, Treasury Secretary Janet L. Yellen sent a letter to her G20 colleagues. The text of the letter is below: Dear Colleagues: For more than a year the global community has faced a historic challenge from the dual health and economic crises caused by the pandemic. COVID-19 does not have a nationality nor respect borders, and we continue to see its devastating impact on the health and well-being of our people, our economies, and the social fabric of our societies. No one nation alone can declare victory over these crises. Indeed, our cooperation has never mattered more. This is a moment made for action and for multilateralism. Our first task must be stopping the virus. Containing the pandemic across the globe is paramount to a robust economic recovery. The United States ...02-25-2021, 07:20 PM -
Secretary of the Treasury Janet L. Yellen’s Call with European Central Bank President Christine Lagarde | site |
(Information contained in U.S. Department of the Treasury press released dated: February 16, 2021)
Earlier today, Secretary of the Treasury Janet L. Yellen spoke with European Central Bank (ECB) President Christine Lagarde. Secretary Yellen emphasized their shared priorities, including ending the pandemic, supporting a strong global economic recovery, maintaining financial stability, and forcefully addressing the threat of climate change. The Secretary commended the ECB’s swift and decisive policy response to the pandemic and discussed policy tools to foster growth and job creation in both Europe and the United States. The Secretary emphasized the importance of deepening transatlantic cooperation on economic and financial issues of mutual interest....02-22-2021, 10:03 PM -
U.S. Treasury Department Holds Financial Sector Innovation Policy Roundtable | site |
Public-Private Forum Focused on Technology Solutions to Protect the Integrity of the U.S. Financial System
(Information contained in U.S. Department of the Treasury press release dated: February 10, 2021) Washington - - The United States Department of the Treasury hosted its inaugural U.S. Financial Sector Innovation Policy Roundtable on February 9 and 10. The Roundtable brought together policymakers and regulators with experts from the private sector to exchange views for collaborating on policy issues and innovative technologies that support global financial integrity, while fostering economic recovery, competitiveness, and financial inclusion. At the event, participants focused on how innovations like interoperable, privacy-preserving digital identity solutions, and more effective anti-money laundering and anti-fraud mechanisms, can provide...02-11-2021, 01:15 PM -
Statement by Secretary of the Treasury Janet L. Yellen on the Historic Impact of Economic Crises on People of Color | site |
Information contained in U.S. Department of the Treasury statement release dated: February 5, 2021)
Today, Secretary Yellen spoke at a virtual roundtable with Vice President Kamala D Harris and participants from local Black Chambers of Commerce from across the country to discuss the importance of passing the American Rescue Plan.
(Remarks as prepared)
Thank you all for joining us. I know the members of the Black Chambers of Commerce have been very engaged in helping us respond to this economic crisis, and I am looking forward to our conversation. I’ve been an economist for a long time, and one of the areas where I’ve focused my attention is on the racial disparity in economic outcomes. It was probably because I started studying economics during the Civil Rights Moveme...02-08-2021, 08:18 AM -
U.S. Department of the Treasury Announces Appointment of Several Members of Staff | site |
(Information contained in U.S. Department of the Treasury press release dated: February 3, 2021)
Washington - - Today, the United States Department of the Treasury announced the appointment of new members of key staff. This diverse and deeply experienced team is prepared to deliver results for the American people by getting the economy back on track, strengthening the financial system, and restoring jobs.
Biographies of the appointees are listed below in alphabetical order:
Clement Abonyi Jr., Special Assistant, Legislative Affairs
Clement Abonyi, Jr. is a legislative policy and process professional who specializes in financial services matters. Most recently, he served as Director of Member Services to Chairwoman Maxine Waters of the House Committee on Financial Services. In that capacity, Abonyi led the Committee’s member...02-03-2021, 04:23 PM -
Janet L. Yellen Sworn In As 78th Secretary of the United States Department of the Treasury | site |
(Information contained in U.S. Department of the Treasury press release dated: January 26, 2021)
Washington - - Earlier today, Vice President Kamala D. Harris administered the oath of office to Janet L. Yellen. Secretary Yellen is the first woman to lead the U.S. Department of the Treasury in its 231-year history, and the first person to have served as Treasury Secretary, Chair of the Council of Economic Advisers, and Chair of the Federal Reserve. She has previously been confirmed by the Senate on four separate occasions....01-26-2021, 10:30 PM -
WHAT THEY ARE SAYING: Secretary of the Treasury Janet Yellen Confirmed in a Historic, Bi-Partisan Senate Vote | site |
(Information contained in U.S. Department of the Treasury press release dated: January 26, 2021)
Washington - - Secretary Janet Yellen was confirmed in a historic vote by the United States Senate as Secretary of the Treasury Department, gaining broad bi-partisan support. The Senate confirmation came days after Secretary Yellen won unanimous backing from both Democrats and Republicans on the Senate Finance Committee. Secretary Yellen has the deep experience to meet this moment and get the economy back on track, strengthen the financial system, and restore jobs. As the first woman to lead the Treasury Department - and the first person to have ever served as Treasury Secretary, Chair of the Council of Economic Advisors and Chair of the Federal Reserve - Secretary Yellen is a strong, crisis-tested leader prepared to...01-26-2021, 04:23 PM -
U.S. Department of the Treasury Announces Appointment of Key Members of Staff | site |
(Information contained U.S. Department of the Treasury press release dated: January 25, 2021)
Washington - - Today, the United States Department of the Treasury announced new members of staff who will serve in key roles. These qualified, tested, and skilled leaders will join a team prepared to deliver results by getting the economy back on track, strengthening the financial system, and restoring jobs. These appointees represent diverse and varied communities and will put service to the American people at the forefront of their work. They also reflect the Biden-Harris Administration’s commitment to assembling a team of experts with diverse backgrounds
Biographies of the appointees are listed below in alphabetical order:
NATALIE WYETH EARNEST, COUNSELOR TO THE SECRETARY FOR STRATEGIC COMMUNICATIONS
Natalie Wyeth Earnest...01-25-2021, 09:01 PM -
U.S. Department of the Treasury FACT SHEET - - - Treasury to Work to Ensure Families Get Access to Economic Impact Payments | site |
(Information contained in U.S. Department of the Treasury press release dated: January 22, 2021) In response to President Biden’s COVID-19 Economic Relief Executive Order launching an all-of-government effort to provide economic relief, the U.S. Department of the Treasury will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief. As many as 8 million households may be eligible for but have not yet received payments from the CARES Act signed in March; many of these households could be legally entitled to as much as $1,200 per adult. As the Treasury Department works to secure a full $2,000 in direct payments for adults as part of the American Rescue Plan, it will take steps designed to reach as many of these missed households as possible – providi...01-22-2021, 08:48 PM -
U.S. Department of the Treasury Announces the Appointment of Members of Senior Staff | site |
(Information contained in U.S. Department of the Treasury press release dated: January 20, 2021)
Washington - - Today, the United States Department of the Treasury announced new members of staff who will serve in senior roles. As the country faces a deep economic downturn triggered by a global pandemic, these crisis-tested and experienced leaders are prepared to address the urgent economic and financial policy decisions facing the nation. These choices reflect the Administration’s commitment to building a team of foremost experts with diverse backgrounds and lived experiences.
Biographies of the appointees are listed below in alphabetical order:
Marti Adams, Executive Secretary
Marti Adams is returning to the Treasury Department from the global advisory firm Brunswick Group where she counseled clients on reputational...01-20-2021, 09:45 PM -
U.S. Department of the Treasury Finalizes Payroll Support to Aid Airline Industry Employees | site |
(Information contained in U.S. Department of the Treasury press release: January 15, 2021) Washington - - Today, U.S. Treasury Secretary Steven T. Mnuchin announced that the U.S. Department of the Treasury approved more than $12 billion in payroll support for major passenger air carriers to support airline industry workers. Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (the PSP Extension Law) provides for up to $16 billion in payroll support for American workers employed by passenger air carriers and contractors (PSP2). Treasury concluded PSP2 agreements with Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Republic Airways, SkyWest Airlines, Southwest Airlines, Spirit Airlines, and United Airlines. Together, these airlines represen...01-15-2021, 06:59 PM -
Treasury Department and FHFA Amend Terms of Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac | site |
(Information contained in U.S. Department of the Treasury press release dated: January 14, 2021)
Washington - - The U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) today announced an agreement to amend the Preferred Stock Purchase Agreements (PSPAs) between Treasury and each of Fannie Mae and Freddie Mac (the GSEs) to move the GSEs toward capitalization levels consistent with their size, risk, and importance to the U.S. economy, and to codify several existing FHFA conservatorship practices, including providing small lender protections and limiting future increases in certain higher risk lending practices. The agreement also outlines a plan for Treasury, in consultation with FHFA, to develop a proposal for continued GSE reform.
“Today’s agreement to extend capital retention...01-15-2021, 03:04 PM -
Treasury Takes Further Action Against Russian-linked Actors| site |
(Information contained in U.S. Department of the Treasury press release: January 11, 2021)
Washington - - Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took additional action against seven individuals and four entities that are part of a Russia-linked foreign influence network associated with Andrii Derkach. Russian agent Derkach was designated on September 10, 2020, pursuant to Executive Order (E.O.) 13848, for his attempt to influence the 2020 U.S. presidential election.
“Russian disinformation campaigns targeting American citizens are a threat to our democracy,” said Secretary Steven T. Mnuchin. “The United States will continue to aggressively defend the integrity of our election systems and processes.”
TREASURY TARGETS DERKACH’S INNER CIRCLE
Since at least 2019, Derkach and his associates...01-11-2021, 04:49 PM -
Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2020 | site |
(Information contained in Board of Governors of the Federal Reserve System press release: January 11, 2021) The Federal Reserve Board on Monday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $88.5 billion of their estimated 2020 net income to the U.S. Treasury. The 2020 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks' 2020 estimated net income of $88.8 billion represents an increase of $33.3 billion from 2019, primarily attributable to a $27.1 billion decrease in interest expense associated with reserve balances held by depository institutions and a $5.3 billion decrease in interest expense associated with securities sold under agreements to resell. Net income f...01-11-2021, 01:47 PM -
Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 6, 2021)
Washington - - Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.
The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two carbon capture credit amounts, which are:- Up to $50 per metric ton of qualified carbon oxide for permanent sequestration; and
- Up to $35 per metric ton of qualified carbon oxide for Enhanced Oil or Natural Gas Recovery purposes.
01-09-2021, 05:38 PM -
U.S. Department of the Treasury says SBA and Treasury Announce PPP Re-Opening; Issue New Guidance | site |
(Information contained in U.S. Department of the Treasury press release: January 8, 2021)
Washington - - The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
This round of the PPP...01-08-2021, 05:56 PM -
U.S. Department of the Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card | site |
(Information contained in U.S. Department of the Treasury press release dated: January 7, 2021)
Washington - - This week, Treasury and the IRS started to send approximately 8 million Economic Impact Payments (EIPs) by prepaid debit card. The distribution of EIP Cards follows the millions of payments already made by direct deposit and the ongoing mailing of paper checks and are part of Treasury’s and is IRS’s plan to deliver Economic Impact Payments as rapidly as possible. EIP Cards are safe, convenient, and secure. Cardholders can make purchases online or in-stores anywhere Visa® Debit Cards are accepted, get cash from domestic in-network ATMs, transfer funds to a personal bank account, and obtain a replacement EIP Card if needed without incurring any fees. They can also check their card balance online, through a mobile ap...01-07-2021, 05:23 PM -
U.S. Department of the Treasury Launches $25 Billion Emergency Rental Assistance Program | site |
Opens Portal to Begin Disbursement of Funding to State, Local, and Tribal Governments
Washington - - On January 5, 2021, the U.S. Department of the Treasury launched the $25 billion Emergency Rental Assistance Program (ERAP) established by the Consolidated Appropriations Act, 2021. The ERAP assists households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds are provided directly to States (including the District of Columbia), U.S. Territories, local governments with more than 200,000 residents, the Department of Hawaiian Home Lands, and Indian tribes (defined to include certain Alaska native corporations) or the tribally designated housing entity of an Indian tribe (collectively, “eligible grantees”). Eligible grantees must use the funds to provide assistance to eligible households through existing or newly...01-07-2021, 01:36 PM -
U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations | site |
(Information contained in U.S. Department of the Treasury press release dated: January 6, 2021)
Washington - - Today, the Treasury Department and Internal Revenue Service (IRS) issued final regulations regarding the section 45Q credit for qualified carbon oxide sequestration using carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018. “These final regulations provide taxpayers and the American energy sector with needed clarity on utilizing the section 45Q credit,” said Treasury Secretary Steven T. Mnuchin. “These regulations are an essential step toward harnessing the entrepreneurial spirit of Americans to further modernize the American energy sector, while ensuring American energy producers maintain their competitive edge around the world.” These final r...01-07-2021, 02:19 AM -
Treasury, IRS provide Relief for those developing Renewable Energy Projects Offshore or on Federal Land | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 31, 2020)
Washington - - The Treasury Department and the Internal Revenue Service today issued guidance providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land. Renewable energy projects constructed offshore or on federal land are ordinarily subject to significant delays that can result in project completion times of up to twice as long as other renewable energy projects. These delays threaten taxpayers’ ability to satisfy requirements to claim the production tax credit and the investment tax credit. To address this hurdle, the Treasury Department and the IRS have determined that it is necessary to extend the safe harbor period to up to 10 calendar years after the year in...01-01-2021, 05:46 PM -
U.S. Department of the Treasury says Treasury and IRS Begin Delivering the Second Round of Economic Impact Payments to Millions of Americans | site |
(Information contained in U.S. Department of the Treasury press release dated: December 29, 2020)
"Treasury and IRS Begin Delivering the Second Round of Economic Impact Payments to Millions of Americans"
Washington - - Today, the Treasury Department and the Internal Revenue Service will begin delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, December 30. This second round of payments will provide critical economic support to those who, through...12-29-2020, 08:21 PM -
IRS says Treasury and IRS begin delivering Second Round of Economic Impact Payments to Millions of Americans | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 29, 2020)
"Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans"
Washington - - Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, December 30. The IRS emphasizes that there is no action required by eligible individuals to receive this second ...12-29-2020, 07:48 PM -
U.S. Department of the Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States | site |
(Information contained in U.S. Department of the Treasury press release: December 16, 2010) Washington - - The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of 20 major U.S. trading partners during the four quarters ending June 2020. The Report concluded that both Vietnam and Switzerland met all three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act) during the period under review. Treasury consequently conducted enhanced analysis of Vietnam and Switzerland in the Report and will also commence enhanced bilateral engagement with each country in accordance with the ...12-16-2020, 05:22 PM -
U.S. Department of the Treasury releases Treasury International Capital Data for October | site |
(Information contained in U.S. Department of the Treasury press release: December 15, 2020) Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2020. The next release, which will report on data for November 2020, is scheduled for January 19, 2021. The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $10.4 billion. Of this, net foreign private outflows were $28.9 billion, and net foreign official inflows were $18.6 billion. Foreign residents increased their holdings of long-term U.S. securities in October; net purchases were $31.4 billion. Net sales by private foreign investors were $5.4 billion, while net purchases by foreign official institutions were $36.8 billion. U.S. residents decreased their holdin...12-16-2020, 02:15 AM -
Treasury and IRS issue Final Regulations on the Deduction for Qualified Transportation Fringe and Commuting Expenses | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 9, 2020)
WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally disallows deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee's residence and place of employment. These final regulations address the disallowance of the deduction for expenses related to QTFs provided to an employee of the taxpayer, including providing guidance and methodologies to determine the amount of QTF parking expenses that is nondeductible. The final regulations a...12-15-2020, 07:46 AM -
Statement of Secretary Steven T. Mnuchin Department of the Treasury Before the Congressional Oversight Commission U.S. Congress December 10, 2020 | site |
(Information contained in U.S. Department of the Treasury press release: December 10, 2020)
December 10, 2020
Statement of Secretary Steven T. Mnuchin Department of the Treasury Before the Congressional Oversight Commission U.S. Congress December 10, 2020
Senator Toomey, Representative Hill, Representative Shalala, and Commissioner Ramamurti, I am pleased to join you today to discuss the Department of the Treasury’s work to execute the National Security Loan Program established in the CARES Act. Treasury has worked diligently to implement every piece of the CARES Act, including the National Security Loan Program, efficiently and transparently.
NATIONAL SECURITY LOAN PROGRAM The CARES Act provides funding for up to $17 billion in loans to...12-14-2020, 01:46 AM -
Readout from a Treasury Spokesperson on Secretary Mnuchin’s Discussion with G7 Finance Ministers and Central Bank Governors | site |
(Information contained in U.S. Department of the Treasury press release readout: December 7, 2020) Washington - - Today, U.S. Treasury Secretary Steven T. Mnuchin hosted a discussion with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup. The heads of the IMF, World Bank, and Financial Stability Board also joined the discussion. This is the 12th G7 meeting that the Secretary has chaired this year related to the pandemic response. The G7 Finance Ministries and Central Banks remain in regular contact and continue to coordinate on timely and effective actions in response to the COVID-19 pandemic. The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throu...12-07-2020, 05:49 PM -
Treasury and Federal Reserve Board Announce Extension of Four Lending Facilities Until March 31, 2021 | site |
(Information contained in U.S. Department of the Treasury press release: November 30, 2020)
Treasury and Federal Reserve Board Announce Extension of Four Lending Facilities Until March 31, 2021
Washington - - U.S. Treasury Secretary Steven T. Mnuchin sent a letter to Chairman of the Federal Reserve Board of Governors Jerome Powell approving the extension of four of its credit facilities until March 31, 2021. The extensions apply to the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity Facility, to which Treasury has provided funding drawn from the pre-existing Exchange Stabilization Fund balance, and the Primary Dealer Credit Facility and Paycheck Protection Program Liquidity Facility, which did not require Treasury funding. “The emergency lending facilities established to provide liquidity to...12-01-2020, 08:28 AM -
The Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020)
WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchange...11-24-2020, 01:55 PM -
Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan | site |
(Information contained in U.S. Department of the Treasury press release: November 18, 2020) WASHINGTON – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket. If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses to file for forgiveness as soon as possible. In the case where a PPP loan was expe...11-19-2020, 11:26 PM -
U.S. Department of the Treasury publishes Treasury International Capital Data for September | site |
(November 17, 2020) - - Today the U.S. Department of the Treasury published the following information: Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for September 2020. The next release, which will report on data for October 2020, is scheduled for December 15, 2020. The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $79.9 billion. Of this, net foreign private outflows were $40.3 billion, and net foreign official outflows were $39.6 billion. Foreign residents increased their holdings of long-term U.S. securities in September; net purchases were $78.2 billion. Net purchases by private foreign investors were $58.6 billion, while net purchases by foreign official institutions were $19.6 billion. U...11-17-2020, 05:39 PM -
Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020 | site |
(November 4, 2020) - - On November 4, 2020 the U.S. Department of the Treasury published the following information:
Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association November 3, 2020
The Committee convened in a closed session via teleconference at 9:30 a.m. All members were present, except for Bob Miller, Ajay Rajadhyaksha, and Irene Tse. Principal Deputy Assistant Secretary for Financial Markets Kipp Kranbuhl, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Ayeh Bandeh-Ahmadi,...11-06-2020, 12:51 PM -
Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association | site |
(November 2, 2020) - - On November 2, 2020, the U.S. Department of the Treasury published the following information:
Assistant Secretary Michael Faulkender Economy Statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association
The United States was in an historically strong economic position before the SARS-CoV-2 pandemic. Real GDP rose 2.3 percent in 2019 on a Q4/Q4 basis and was poised to maintain a solid pace of growth until the pandemic. In January and February, nonfarm payroll employment rose an average of 232,500 per month, the unemployment rate hovered near the five-decade low of 3.5 percent, and the labor force participation rate reached a six-year high of 63.4 percent. In March, however, th...11-06-2020, 01:40 AM -
U.S. Department of the Treasury announces Marketable Borrowing Estimates| site |
(November 2, 2020) - - Today, November 2, 2020, the U.S. Department of the Treasury published the following information:
WASHINGTON -- The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing [1] for the October - December 2020 and January - March 2021 quarters [2].- During the October – December 2020 quarter, Treasury expects to borrow $617 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $800 billion. The borrowing estimate is $599 billion lower than announced in August 2020. The decrease in privately-held net marketable borrowing is primarily driven by a high beginning-of-October cash balance, [3] partially offset by assumptions for higher expenditures in new legislation.
- During the January – March 2021
11-05-2020, 02:43 PM -
Statement from Treasury Secretary Steven T. Mnuchin | site |
(October 29, 2020) - - Today, October 29, 2020, the U.S. Department of the Treasury published the following information:
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement regarding offsets applied by the Centers for Medicare and Medicaid Services (CMS) to payments due to the Fire Department of New York (FDNY): “For over a decade, the FDNY has been forced to shoulder the burden of debts owed by the NYC government. Since this issue was brought to my attention, I have been personally engaged in ensuring that New York’s Bravest receive everything that they are due from the U.S. government. “The firefighters who answered the call of duty in response to the terrorist attacks of September 11, 2001 deserve the nation’s total support. I am delighted that CMS has wired payments to the FDNY refunding the past offsets applied to cover unpaid NYC debts. I am ...10-31-2020, 01:01 AM -
U.S. Department of the Treasury says United States and Thailand Partner to Strengthen Infrastructure Finance | site |
(October 26, 2020) - - Today, October 26, 2020, the U.S. Department of the Treasury published the following information: WASHINGTON – U.S. Ambassador to Thailand Michael George DeSombre and Minister of Finance Arkom Termpittayapaisith met today to discuss and exchange signed copies of the Framework to Strengthen Infrastructure Finance and Market Building Cooperation, signed by U.S. Treasury Assistant Secretary Mitchell Silk and Permanent Secretary of Finance Prasong Poontaneat of the Government of Thailand on September 22, 2020. This cooperative initiative is designed to achieve the mutual goals of the United States and Thailand to support infrastructure development through market-oriented, private sector investment. Under this cooperative framework, the United States and Thailand will address regulatory, market, and legal barri...10-27-2020, 06:21 PM -
U.S. Department of the Treasury Prohibits Cuban Military from Processing Remittance-Related Transactions| site |
(October 26, 2020) - - The U.S. Department of the Treasury published today, October 26, 2020, the following information: WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to remove Cuba’s military-run entities from the remittance process. Specifically, OFAC is amending the CACR to remove from the scope of certain remittance-related general authorizations any transactions relating to the collection, forwarding, or receipt of remittances involving entities or subentities identified on the State Department’s Cuba Restricted List (CRL). The CRL, as maintained by the State Department, is a list of entities and subentities under the control of, or acting for or on behalf of, the Cuban military, intelligence, or security services or personnel with which ...10-27-2020, 12:40 AM -
U.S. Treasury Department Issues Ransomware Advisories to Increase Awareness and Thwart Attacks | site |
Advisories provide guidance and tools to recognize, resist, and report attacks
(October 1, 2020) - - Today, October 1, 2020, the U.S. Department of the Treasury published the following information: WASHNGTON—The U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence today issued a pair of advisories to assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope. Anti-money laundering and sanctions regulations implemented and enforced by Treasury’s Office of Terrorism and Financial Intelligence may have implications for persons involved in facilitating ransomware payments. Efforts to detect and report ransomware payments are vital to prevent and deter cyber actors from deploying malicious software to extort individuals and busines...10-05-2020, 05:05 PM -
Treasury, IRS release Latest State-by-State Economic Impact Payment Figures for May 22, 2020 | site |
(May 22, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program. "Economic Impact Payments have continued going out at a rapid rate to Americans across the country," said IRS Commissioner Chuck Rettig. "We remind people to visit IRS.gov for the latest information, including answers to the most common questions we see surrounding the payments. We also continue to urge those who don't normally have a filing requirement, including those with little or no income, that they can quickly register for the payments on IRS.gov." Millions of people who do not typically file a tax return are eligible to receive these payments. Payments are automa...05-23-2020, 01:11 AM -
Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses | site |
(March 23, 2020) - - Today (March 23, 2020), the U.S. Department of the Treasury published the following information:
WASHINGTON – The spread of coronavirus has disrupted economic activity and put significant liquidity pressure on U.S. businesses. To immediately enhance liquidity and support American workers, households, and businesses through this challenging period, U.S. Treasury Secretary Steven T. Mnuchin today authorized the expansion of two recently launched facilities and the establishment of three new facilities to provide liquidity to the financial system pursuant to section 13(3) of the Federal Reserve Act.
Expansion of the Money Market Mutual Fund Liquidity Facility (MMLF) and Commercial Paper Funding Facility (CPFF)
Secretary Mnuchin today approved the expansion...03-24-2020, 01:09 AM -
Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak | site |
(March 21, 2020) - - Today (March 21, 2020), the U.S. Department of the Treasury published the following information: Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) yesterday announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020. “At President Trump’s direction, we are moving Tax Day from April 15 to July 15,” said Secretary Steven T. Mnuchin. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. I encourage all taxpayers who may have tax refunds to file now to receive those funds as quickly as possible.” Taxpayers are not required t...03-23-2020, 06:32 AM -
Tax Day now July 15: Treasury, IRS Extend Filing Deadline and Federal Tax Payments Regardless of Amount Owed | site |
(March 21, 2020) - - In a press release dated March 21, 2020 the U.S. Internal Revenue Service provided the following information: WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file be...03-23-2020, 04:13 AM -
Treasury, IRS and Labor announce Plan to implement Coronavirus-related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to swiftly Recover the Cost of providing Coronavirus-related Leave | site |
(March 20, 2020) - - In a press release dated March 20, 2020 the U.S. Internal Revenue Service (IRS) provided the following information:
WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and ...03-23-2020, 03:38 AM -
U.S. Department of the Treasury publishes Treasury International Capital Data for December| site |
(February 18, 2020) - - Today, the U.S. Department of the Treasury published the following information: Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2019. The next release, which will report on data for January 2020, is scheduled for March 16, 2020. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $78.2 billion. Of this, net foreign private inflows were $134.2 billion, and net foreign official outflows were $56.0 billion. Foreign residents increased their holdings of long-term U.S. securities in December; net purchases were $60.7 billion. Net purchases by private foreign investors were $66.8 billion, while net sales by foreign official institutions were $6.1 billion. U.S. residents ...02-19-2020, 12:22 AM -
U.S. Internal Revenue Service and the Department of the Treasury issue Proposed Regulations updating Income Tax Withholding Rules| site |
(February 11, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation.
In general, the proposed regulations, available now in the Federal Register, are designed to accommodate the redesigned Form W-4, Employee's Withholding Certificate, to be used starting in 2020, and the related tables and computational procedures in Publication 15-T, Federal Income Tax Withholding Methods. The proposed regulations and related guidance do not require employees to furnish a new Form W-4 solely because of the redesign of the Form...02-11-2020, 11:46 PM -
IRS and Treasury issue Guidance for Students with Discharged Student Loans and their Creditors| site |
(January 15, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.
Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any indebtedness within the scope of this revenue procedure.
The Treasury Department and the IRS have determined that it is appropriate to extend the relief provided in Rev. Proc. 2015-57, Rev. Proc. 2017-24 and Rev. Proc. 2018-39 to taxpayers who took out federal and private student...01-16-2020, 04:17 AM -
Federal Reserve Board announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2019| site |
(January 10, 2020) - - Today (January 10, 2020), the Board of Governors of the Federal Reserve Board published the following information: The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. The Federal Reserve Banks' 2019 estimated net income of $55.5 billion represents a decrease of $7.6 billion from 2018. The decline in net income was primarily attributable to a decrease of $9.5 billion in interest income on securities acquired through open market operations and a $1.5 billion increase in interest expense on securities sold under agreement to repurchase. A $3.5 bill...01-15-2020, 01:46 AM -
IRS, Treasury issue Proposed Regulations on Compensation Deductions for Publicly Held Corporations | site |
(December 17, 2019) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Treasury Department and Internal Revenue Service issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers' compensation by publicly held corporations.
On Aug. 21, 2018, the Treasury Department and IRS released Notice 2018-68. This notice provided initial guidance on this deduction limitation.
Section 162(m) disallows the deduction by any publicly held corporation for compensation paid in any taxable year to a covered employee that exceeds $1 million. The proposed regulations update the definitions of covered employee, publicly held corporation and applicable employee compensation. The TCJA also provided a transition, or "grandfa...12-21-2019, 02:46 PM -
Statement on Chair Powell's meeting with the President and the Treasury Secretary| site |
(November 18, 2019) - - Today, the Board of Governors of the Federal Reserve System published the following information: At the President's invitation, Chair Powell met with the President and the Treasury Secretary Monday morning at the White House to discuss the economy, growth, employment and inflation. Chair Powell's comments were consistent with his remarks at his congressional hearings last week. He did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming information that bears on the outlook for the economy. Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis....11-18-2019, 04:26 PM -
U.S. Treasury International Capital Data for July| site |
(September 17, 2019) - - Today (September 17, 2019), the U.S. Department of the Treasury published the following information: Washington – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2019. The next release, which will report on data for August 2019, is scheduled for October 16, 2019. The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $43.8 billion. Of this, net foreign private inflows were $59.8 billion, and net foreign official outflows were $16.0 billion. Foreign residents increased their holdings of long-term U.S. securities in July; net purchases were $72.3 billion. Net purchases by private foreign investors were $83.8 billion, while net sales by foreign official institutions were $11.5 billion. U.S. residents decreased their holdings of long-term...09-30-2019, 05:16 AM -
U.S. Treasury and IRS issue Proposed Regulations and Provide Relief for certain Tax-exempt Organizations| site |
(September 6, 2019) - - Today (September 6, 2019), the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today issued proposed regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. The proposed regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to help many tax-exempt organizations generally find the reporting requirements in one place. Among other provisions, the proposed regulations incorporate the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less, which is found in Revenue Procedure 2011-15. The regulations also incorporate relief from requirements to re...09-12-2019, 03:01 PM -
Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association October 30
(October 31, 2018) - - The Committee convened in a closed session at the Hay-Adams Hotel at 9:00 a.m. All members, with the exception of Terrence Belton and Irene Tse, were present. Counselor to the Secretary Craig Phillips, Deputy Assistant Secretary for Federal Finance Brian Smith, Director of the Office of Debt Management Fred Pietrangeli, and Deputy Director of the Office of Debt Management Nick Steele welcomed the Committee. Other members of Treasury staff present were Ayeh Bandeh-Ahmadi, Chris Cameron, Dave Chung, Tom Katzenbach, Devin O’Malley, Peter Phelan, Renee Tang, and Brandon Taylor. Federal Reserve Bank of New York staff members Lorie Logan, Nathaniel Wuerffel, Susan McLaughlin and Jake Schurmeier were also present. Director Pi...11-03-2018, 12:37 AM