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    Mark Wilson/Getty Images. Former Treasury Secretary Lawrence Summers published a warning for Democrats on Monday, urging them not to dismiss inflation as “transitory.” Noting that Federal Reserve Chairman Jerome Powell had enumerated a view in August that inflation was temporary, Summers wrote in an op-ed for The Washington Post that Powell’s arguments were “wobbly at best.” citing, among other factors, that prices for goods outside food and energy were up 12 percent for the year, and the fact that job vacancy rates were at record highs. “Powell and his colleagues have rightly emphasized the need for close economic monitoring and attentiveness to inflation risks,” Summers wrote. “Now the Fed should signal that the primary risk is overheating and accelerate tapering of its asset purchases. Given the house-price boom, mortgage-related purchases should stop immediately. Because of inflation, real interest rates are lower, as money is easier than a year ago. The Fed should signal that this is unacceptable and will be reversed.” Unlike conservative critics and some economists, he took a less pessimistic view of President Joe Biden’s proposal for $1.75 trillion in new...
    WASHINGTON (AP) — The U.S. Treasury Department plans to start scaling back the size of some of its government debt auctions, a sign that the government’s huge pandemic-driven borrowing needs are starting to ease. The government began selling debt at accelerated levels to fund the trillion-dollar-plus support bills Congress started passing the the spring of 2020 after the pandemic-triggered shutdowns forced millions of people out of work. Treasury on Wednesday released a schedule for auction sizes of securities ranging from two-year notes to 30-year bonds. The reductions announced Wednesday would result in an $84 billion reduction in Treasury auctions from November through January 2022,. Over the next three months, the Treasury anticipates reducing the size of the two-year, three-year and five-year note auctions by $2 billion each on a monthly basis through the end of January. Reductions in auction sizes were also announced for other government debt including 10-year notes and 30-year bonds. In some cases, Treasury said some of these security auctions were “increased significantly more than others in response to the increase borrowing needs driven by the...
    Washington (CNN)The Biden administration on Friday sanctioned a number of companies and individuals connected to Iran's military drone program as well as the commander of the Islamic Revolutionary Guard Corps (IRGC) Aerospace Force Umanned Aerial Vehicle Command (UAV) under whose leadership the US says Iran conducted a deadly attack on a shipping vessel earlier this year.According to the US Treasury Department, "IRGC Brigadier General Saeed Aghajani, who oversees the IRGC ASF UAV Command, directs the planning, equipment, and training for IRGC ASF UAV operations.""Under his leadership, the IRGC ASF UAV Command orchestrated the July 29, 2021 attack on the commercial shipping vessel Mercer Street off the coast of Oman, which resulted in the deaths of two crewmen," it said.A US Defense Department expert team concluded in August that the drone behind that deadly attack was produced in Iran. The assault on the Mercer Street, which left two crewmembers dead, ratcheted up tensions in the region and prompted unified outcry from the G7 coalition of nations, whose foreign ministers placed the blame squarely on Iran and condemned the attack as "a...
    Treasury Secretary Janet YellenJanet Louise YellenSunday shows preview: Senate votes to raise debt ceiling; Facebook whistleblower blasts company during testimony Growing number of Democrats endorse abolishing debt limit altogether 136 countries agree to deal on global minimum tax MORE said on Sunday that the U.S. should never be in a position in which officials need to consider invoking the 14th Amendment to ignore the debt limit. "How about invoking the 14th Amendment as justification for continued borrowing? The text is pretty clear, 'the validity of the public debt of the United States should not be questioned.' Why not invoke that?" host George StephanopoulosGeorge Robert StephanopoulosGrisham says decision to not hold press briefings was a directive from Trump Grisham says it was 'mistake' to work for Trump The Memo: Generals' testimony on Afghanistan hurts Biden's credibility MORE asked Yellen on ABC 's "This Week." “We shouldn't be in a position where we need to consider whether or not the 14th Amendment applies. That's a disastrous situation that the country shouldn't be in," Yellen said. She also said she would not "want to see the...
                        The U.S. Treasury Department on Tuesday blocked Arizona Governor Doug Ducey from utilizing federal COVID-19 aide toward grants for school systems in the state that do not have mask mandates. Deputy Treasury Secretary Wally Adeyemo penned a letter to Ducey, informing the Republican governor that the grants were “not a permissible use” of the relief aide. “Here in Arizona, we trust families to make decisions that are best for their children. It’s clear that President Biden doesn’t feel the same. He’s focused on taking power away from American families by issuing restrictive and dictatorial mandates for his own political gain,” Ducey said in response to the decision. After the many challenges of last year, it should be our top priority to get our kids caught up. That’s exactly what this program does — it gives families in need the opportunity to access critical educational resources. Why is the president against that? 2/2 — Doug Ducey (@dougducey) October 5, 2021 “After the many challenges of last year, it...
    (CNN)Concern is rising on Wall Street over Washington's debt ceiling game of chicken. Goldman Sachs warned clients on Wednesday that Congress may fail to raise or suspend the debt ceiling prior to the October 18 deadline."It looks unlikely that Congress will address the debt limit before the last minute, and there appears to be a material risk that Congress fails to act by the October 18 deadline," Goldman Sachs economists wrote in in a note.The Wall Street bank added that a "lapse in borrowing authority looks like a real risk," although that lapse would "probably be brief."It's important to note that the Goldman Sachs warning was published prior to news that Senate Minority Leader Mitch McConnell is weighing two ideas to offer Democrats on addressing the debt limit. One option would be a short-term raise of the debt ceiling, a Republican source told CNN's Manu Raju.Treasury Secretary Janet Yellen on Wednesday reiterated that if the debt ceiling is not raised, the federal government will run out of cash and face extraordinary measures by October 18. After that date, Treasury would...
    The Biden administration can mint a $1 trillion coin at the last minute if Treasury Secretary Janet Yellen should decide to use that option to safeguard the nation's debt as the clocks ticks toward default.  Yellen called the coin a 'gimmick' in an interview with CNBC.  But Congress has been unable to come to an agreement on a way to raise the coutry's debt limit. And time is running out toward October 18, the date the Treasury Department said it would run out of money.  A trillion-dollar coin could serve as a temporary stop-gap measure if the Treasury needs a way to keep the government from going into default - something the government has never done in modern history. The US Mint would only need a few days notice from Yellen to produce one.  Philip Diehl, the director of the US Mint from 1994 to 2000, told Axios there is no shortage of platinum blanks to mint the coint - the law requires it to be made of that material. The mint already produces a platinum ealge coin. Printing a...
    Wyoming Republican Sen. Cynthia Lummis tore into Treasury Sec. Janet Yellen on Tuesday for her support of a Biden proposal to require banks to hand over transaction data over $600 on individual bank accounts. 'Banks do not work for the IRS,' Lummis said. 'This is invasive of privacy. Wyoming's people literally will find alternatives to traditional banks just to thwart IRS access to their personal information, not because they're trying to hide anything, but because they are not willing to share everything.'  The senator asked Yellen if she was 'aware how unnecessary this regulatory burden is?' 'Do you distrust the American people so much that you need to know when they bought a couch?' Lummis asked. 'Or a cow?' 'I am astounded by what you're supporting and proposing. I think it's invasive. I think privacy for individuals is being ignored. And I think that treating the American people like they are subjects of the government is unconscionable.'  Yellen told Lummis that she believes the senator is misunderstanding the proposal, as it requires banks to hand over the IRS data on...
    The White House is warning state and local governments about severe cuts to disaster relief, Medicaid, infrastructure grants. school money and other programs if Congress fails to raise the U.S. debt limit. A fact sheet for state and local officials that was obtained by The Associated Press is an attempt to ratchet up the public pressure on Senate Republican leader Mitch McConnell. President Joe Biden has insisted so far on bipartisan backing to increase the cap on debt that was almost entirely accrued before he took office, but McConnell, R-Ky., has been unmoved and has repeatedly said that Democrats must act on their own. The Treasury Department has engaged in extraordinary measures to keep the government running after the suspended debt limit was reinstated in August at a level of $22 trillion, about $6 trillion less than current total debt load. Treasury’s extraordinary measures will be exhausted by October, creating the potential for default. The debt limit is the amount of money Congress allows the Treasury to borrow to keep the government running. It was suspended three times during...
    WASHINGTON (AP) — Senate Minority Leader Mitch McConnell has warned Treasury Secretary Janet Yellen he is not budging on his demand that Democrats go it alone on the federal debt limit, deepening the emerging standoff in Congress over how to boost the government’s borrowing authority. Doug Andres, a spokesman for McConnell, said the Kentucky Republican reiterated in a phone call Wednesday evening with Yellen that Republicans will not partner with Democrats to lift the cap on federal debt, which now stands at $28.4 trillion. “The leader repeated to Secretary Yellen what he has said publicly since July: This is a unified Democrat government, engaging in a partisan reckless tax and spending spree,” Andres said. “They will have to raise the debt ceiling on their own and they have the tools to do it.” Lawmakers appear to have only a few weeks to reach a compromise over the federal government’s debt limit before the U.S. Treasury is forced to delay or miss payments. Senate Republicans are insisting that Democrats pass legislation without their help that would include an increase...
    U.S. Treasury Secretary Janet Yellen testifies before the Senate Appropriations Subcommittee on Financial Services about the FY22 Treasury budget request on Capitol Hill, in Washington, DC, U.S., June 23, 2021.Shawn Thew | Reuters Treasury Secretary Janet Yellen on Wednesday warned House Speaker Nancy Pelosi that the mere specter of a U.S. default can have drastic consequences for U.S. financial markets and urged Democratic leadership to raise or suspend the debt ceiling as soon as possible. Yellen reiterated that lawmakers only have until some point in October before the department exhausts its extended efforts to prevent what would be a historic default. "A delay that calls into question the federal government's ability to meet all its obligations would likely cause irreparable damage to the U.S. economy and global financial markets," Yellen told Pelosi, D-Calif., in a letter dated Wednesday. "We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating...
    The Treasury Department announced sanctions against Iranian intelligence network operatives who plotted to kidnap an Iranian-born U.S. author-journalist critical of the Tehran regime in New York City for "rendition" to Iran. The plot's target was Masih Alinejad, a journalist and prominent outspoken women’s rights activist. A July indictment charged "four Iranian nationals with conspiracies related to kidnapping, sanctions violations, bank and wire fraud, and money laundering.” IRAN PLOTTED TO KIDNAP US JOURNALIST CRITICAL OF REGIME The Treasury Department’s Office of Foreign Assets Control announced it was “designating four Iranian intelligence operatives who targeted a U.S. citizen in the United States and Iranian dissidents in other countries as part of a wide-ranging campaign to silence critics of the Iranian government.” Treasury said that “senior intelligence official Alireza Shahvaroghi Farahani led a network that plotted the kidnapping of a U.S. journalist and human rights activist” and that “consistent with the well-documented role of the Ministry of Intelligence and Security in domestic repression, this operation demonstrates the pernicious role of Iran’s intelligence apparatus in targeting Iranians abroad,...
    The ISIS affiliate group in Afghanistan has largely amassed funding with the help of global terrorist financing networks and its main sponsor, the Islamic State of Iraq and Syria, according to Treasury Department memos reviewed by the Daily Caller News Foundation. ISIS-Khorasan, or ISIS-K, took responsibility for an explosion outside Kabul airport Thursday that left 13 U.S. service members dead and 18 more wounded. The group was designated a terrorist organization by the U.S. State Department in 2016 and was the first ISIS-affiliate designated by the United Nations. The group began in 2015 with ISIS’ expansion in the Khorasan region of Afghanistan. ISIS-K is funded mainly through “local donations, taxation, extortion, and some financial support from ISIS-core,” according to a declassified January Treasury Department Inspector General’s memorandum. The Treasury Department said that Afghan Taliban and Afghan government forces taking back control of southern Nangarhar from ISIS-K in 2019 left the ISIS-affiliate without access to key natural resources, diminishing some of its opportunities for funding. In early 2020, however, ISIS-K found financial support likely from ISIS-core, according to the Treasury Department....
    The Treasury Department runs into an important deadline this weekend, when a 2019 suspension of the government's debt limit — known as the debt ceiling — expires Saturday. That forces the Treasury Department to perform what are called "extraordinary measures" so the government can continue paying its obligations as lawmakers prepare to face off over the issue moving forward.  The debt ceiling is the amount the Treasury can borrow on behalf of the public. Raising or suspending that borrowing limit does not dictate how much money the government spends, but allows the U.S. to pay what has already been approved. The debt ceiling was suspended in 2019 under President Donald Trump.  On Friday, the Treasury Department started taking its "extraordinary measures" ahead of the looming deadline and warned congressional leaders in a recent letter that the Treasury will need to start taking additional steps starting Monday to keep the U.S. from defaulting on its obligations if congressional action was not taken.  Treasury Secretary Janet Yellen said failure to meet its obligations would cause "irreparable harm" to the U.S. economy. ...
    In his letter to President Biden, which was obtained by the Daily Caller, Johnson asked the president to direct the Treasury Department to stipulate that some of the funding must go toward law enforcement. "The Act sets aside $350 billion to assist state, local, territorial, and tribal governments in recovering from the side effects of the pandemic," Johnson wrote. "The Treasury Department issued an interim rule giving these respective jurisdictions flexibility to use their shares of the funds as they see fit to support COVID-19 response efforts, promote economic recovery, and replace lost revenue for governmental services. I respectfully request that you direct the Treasury Department to modify the final rule to specify that a portion of these funds must be devoted to law enforcement efforts in our states and local communities." Later in the letter, the lawmaker wrote: "The requirement should also specify that if a jurisdiction does not comply, it must submit an explanation in writing to the Treasury Department and Congress as to why such an allocation is not necessary." President Biden signed the massive $1.9 trillion...
    The Federal Reserve seems to be having an identity crisis. Not that long ago, the U.S. central bank was seen solely as a watchdog of the nation's financial system as well as the entity charged with using its various policy levers to control inflation and keep unemployment low. Nowadays, well, things have changed. In recent months, the Fed has extended its responsibilities as a bank regulator to the fight against climate change. Where once the Fed used its power over interest rates to control inflation and keep borrowing costs low, it now is taking on the role of making sure job gains are spread equally among income, racial and gender groups. If this doesn't sound like your parents' Fed, or even legendary former Chairman Paul Volcker's, you're not alone. Wall Street increasingly has noticed the central bank's expansion of its mandate, and some are none too happy about it. "They shouldn't be getting involved in these things even if progressive politicians want to drag them in. They have to have the courage to say 'no,'" said Christopher Whalen, a Fed...
    Lawyers for the House Ways and Means Committee and the Biden administration have told a federal judge they need more time to arrive at a position in a suit over whether the government will to hand over former President Donald Trump's tax return information. The Democratic-run committee asked the Treasury to turn over the information during the Trump administration after Democrats gained control in 2019, then sued when the administration refused. Now the new Biden administration is still sorting through how to respond. According to a status report filed Friday, the plaintiffs and defendants jointly told the court they have had 'additional communications' and 'anticipate still further communications, that may inform Defendants' position in this case.' The Biden administration is seeking more time to respond to a holdover House Democratic lawsuit seeking Donald Trump's tax return information They asked to be able to file a further report on May 28th.  Ways and Means Chairman Rep. Richard Neal sought eight years of Trump tax return information, citing laws that allow the committee to request return information on any American. Judge...
    New York : Latino businesses contribute more than $ 800 billion annually to the United States economy. Photo: BRENDAN SMIALOWSKI / . / . President Joe Biden reaffirmed his support for the Latino community and acknowledged together with the Secretary of the Treasury, Janet Yellen, that the coronavirus pandemic has wreaked havoc on Latino companies and workers, promising help, as they assured that Hispanics are the key to America’s economic recovery. Biden said he acknowledged in his speech that “historically have faced security discrimination, I support their businesses, but in my administration I promised that I would be with you to invest and rebuild the backbone of this country, “said Biden during the annual summit of the US Hispanic Chamber of Commerce. While Yellen also said that Latinos are considered a key piece in the process of economic recovery and that they are part of the groups that have been most affected by the coronavirus pandemic by stating that 1 in 5 Hispanic households has experienced a disproportionate impact on the health and economic crisis,...
    The Anti-Corruption Prosecutor’s Office has requested in its brief of provisional conclusions more than 80 years in jail for him former Minister of Economy Rodrigo Rato for supposedly defraud more than 8.5 million euros, accusing him of crimes against the Public Treasury, money laundering and corruption in business, among others, in the case of the alleged illicit origin of their assets. The Public Ministry has accused Rato of eleven crimes against the Public Treasury, calling for sentences of between four and six years in prison for each; one of money laundering, for which he claims six years; another of punishable insolvency, for which he asks for four years; another of corruption in business, with a request for a sentence of another four years; and a crime of documentary falsity, to which he packs another three years. To this request, the Public Prosecutor’s Office has added the corresponding fines and accessory penalties and the compensation to the tax administration for the amounts defrauded. Millions defrauded As reported by the State Attorney General’s Office (FGE) in a statement, unjustified capital increases...
                      
    New York : You will be able to follow the status of your payment using the Internal Revenue Service tool Get My Payment. Photo: BAY ISMOYO / . / . Treasury Secretary Janet Yellen confirmed that stimulus checks for $ 1,400 will begin to flow to the bank accounts of those who meet the eligibility requirements. starting this weekend. Treasury Secretary Janet Yellen commented during an interview during an interview for the show “Today Show” what most Americans will receive the full amount of $ 1,400 But the size of the check will be reduced for those who earn a little more and are capped at $ 80,000 for singles and $ 160,000 for married couples. “We are working hard to get direct payments, checks for $ 1,400 or direct deposits. Americans will start to see them in their bank accounts this weekend. “ “Americans will begin seeing those show up in their bank accounts this weekend.” -Treasury Secretary @JanetYellen on the timeline for the next round of stimulus payments pic.twitter.com/s1SEtKRfop – TODAY (@TODAYshow) March...
    Traders on the floor of the New York Stock ExchangeSource: NYSE Bonds could be volatile in the week ahead. If yields go higher, that could make it difficult for big tech and other growth stocks to gain traction. Rising bond yields have been challenging growth stocks. Names like Apple, Tesla, and Amazon have been lagging as investors move to cyclical groups that do well in an economic recovery. Even so, the S&P 500 and the Dow both closed at record highs Friday, while the Nasdaq Composite was lower. The Nasdaq, home to big tech, did gain 3% in the past week, but it is down 5.5% over the last month. The bond market in the coming week will likely take its cues from the Federal Reserve, which meets Tuesday and Wednesday. The central bank is expected to give a nod to much better growth. Bond pros are also watching to see whether Fed officials will tweak their interest rate outlook, which now does not include any rate hikes through 2023.Fed ahead"The markets have way too high expectations around what...
    Carlos Cruzado, the voice from the Treasury that says the obvious about the king
    Treasury Secretary Janet Yellen signaled the administration is open to new corporate taxes but dismissed the idea of a 'wealth levy,' saying President Joe Biden opposes it. Yellen said Biden favors boosting taxes on companies and could raise rates on capital gains, noting the idea was 'worth considering.' The administration is looking to boost the corporate tax to 28 per cent, Yellen noted. But she ruled out a wealth tax - an idea favored by progressives.  'A wealth tax has been discussed but is not something President Biden' favors, Yellen said at a virtual Dealbook/DC Policy Project conference Monday hosted by the New York Times.  'It's something that has very difficult implementation problems,' she noted.  Treasury Secretary Janet Yellen signaled the administration is open to new corporate taxes to help pay for COVID relief in an interview with the New York Times In the wide-ranging interview, she discussed COVID relief, the climate crisis, bitcoin, and the $20 bill.  Yellen is pushing for revenue boosts to help pay for Biden's $1.9 trillion COVID relief plan to help the long-term economic recovery...
    New York : Senator Gillibrand joined a group of 28 senators calling for securing aid for the homeless. Photo: Neilson Barnard / . A group of 28 Democrats in the Senate asked the Treasury Department to ensure that homeless people receive the $ 1,400 aid that will be approved in the coming weeks. “As Americans across the country struggle to maintain stable and safe housing, our government must do everything possible to find people where they are and provide assistance to them,” said the senator. Kirsten gillibrand. 2020 reports indicated that Out of a group of at least 12 million Americans, several took months to get help and others still do not receive it. The IRS even launched a campaign to locate those people, most with salaries less than $ 12,000 a year – so they do not report taxes – and a high number of homeless people. Civil organizations that work with these groups of people have sought a way to help them, so the senators ask the IRS to support their work and...
    hello.com Susanna Griso, with ‘the broken heart’ after receiving this Valentine’s gift “My heart is broken with this early Valentine,” wrote Susanna Griso, sharing the heartfelt gift she received today. It is a cutout of a red heart pasted on a white sheet on which it can be read “I want”, perhaps as part of a declaration of love that could be from his six-year-old daughter Dorcette, whom he adopted in 2018. An image that opens a small window to her personal life after it was known that the popular Espejo Público presenter had spent time with her husband, Carles Torras, something that she herself described as a “couple’s parenthesis.” – Susanna Griso and Ana Rosa Quintana star in a style match worthy of ‘zapping’ SEE GALLERY In the comments of the publication, Susanna’s followers have wanted to send her many messages of affection and encouragement, some seeing a symptom in the presenter’s phrase that he is having a bad time. “There is no harm that does not come”, “Do not be discouraged, Susanna” or “Preferable alone than in bad...
    Coinbase CEO Brian Armstrong is sounding the alarm over a proposed regulation from the Department of the Treasury that would clamp down on the use of independent cryptocurrency wallets and potentially strengthen financial censorship. Armstrong, the CEO of one of the world’s leading cryptocurrency exchanges, is emerging as a staunch opponent of “woke capital,” the colloquial term for businesses that use their economic clout to push a far-left agenda. In October, Armstrong brought an end to political activism inside Coinbase, telling employees that political discussions were to be kept outside the office — and gave politically-minded employees a week to leave the company if they disagreed. Five percent of the company’s staff reportedly left the company over Armstrong’s dictum. Now, Armstrong is warning that a rumored regulation from the Treasury department would clamp down on independent cryptocurrency wallets, which allow peer-to-peer financial transactions without the need for third-party intermediaries. For those who dont know – self-hosted crypto wallets (also known as non-custodial wallets or self-custody wallets) are a type of software that lets individuals store and use their own cryptocurrency,...
    A FOREIGN government-backed hacking group has stolen information from the US Department of Treasury and another crucial agency.  The “sophisticated” hackers took data from the Treasury Department and a US agency that decides policy on the internet and telecommunications, sources with knowledge on the incident told Reuters on Sunday.  1A sophisticated hacking group stole information from the Treasury Department and another agency Most read in NewsBreakingBIG SHOTCDC signs off on Pfizer Covid vaccine with first jabs expected TOMORROWDON THE MOVEMelania fuels Mar-a-Lago move rumors with 'visit to $35k-a-year school''ABUSED HIS POWER'Ex-aide claims Gov. Andrew Cuomo ‘sexually harassed her for years’SKULL TOWERHeads of 119 Aztec women, children and warriors 'sacrificed to gods' unearthedFIGHTING DONTrump says election battle NOT OVER as US can't have ‘illegitimate president'CASTING OUT DONBiden orders ‘EXORCISM’ of Trump from White House with deep clean
    Tuesday on FNC’s “Your World,” Sen. Rand Paul (R-KY) took a dig at Treasury Secretary Steve Mnuchin. When asked to react to Joe Biden’s appointment of former Federal Reserve chairwoman Janet Yellen as Treasury Secretary, Paul indicated there wasn’t much difference between Yellen and Mnuchin. “You know, we have had a Democrat at the helm at the Treasury for four years anyway,” he said to host Neil Cavuto. “So, I’m not sure that will make much difference. You know, if the standard is whether or not you spend money like a drunken sailor, we have been doing that anyway. So, I’m not sure that Yellen could be much worse.” Cavuto asked Paul to elaborate on his statement, to which he said his impulse to “give away free money” was not conservative. “I see him as trying to shovel money out the door and just give away free money to people,” he added. “And that’s not a conservative notion. That’s a Democrat notion. And I think he is a Democrat.” Follow Jeff Poor on Twitter @jeff_poor  
    In 2014, three months into her four-year tenure chairing the Federal Reserve, Janet Yellen was trying to draw an important link for investors, policy makers and community development leaders. “Although we work through financial markets, our goal is to help Main Street, not Wall Street. By keeping interest rates low, we are trying to make homes more affordable and revive the housing market. We are trying to make it cheaper for businesses to build, expand, and hire,” Yellen said in remarks at a conference in Chicago. Six years later, Yellen, 74, is reportedly President-Elect Joe Biden’s pick for Treasury Secretary, first reported by the Wall Street Journal Monday. If she’s selected and confirmed — becoming the first woman to hold the job — many families will be counting on Yellen to stay focused on the connection between decisions on Capitol Hill and their own financial situation. The coronavirus has put millions of people out of work; the jobless rate has dropped to 6.9% in October, down from double digits in the spring, but some economists are worried that surging...
    Reuters November 19, 2020 0 Comments Treasury Secretary Steven Mnuchin on Thursday told the Federal Reserve to return money earmarked for pandemic lending to businesses, nonprofits and local governments, ending on Dec. 31 some crisis programs that the central bank views as vital to keeping the economy stable. “I am requesting that the Federal Reserve return the unused funds to the Treasury,” Mnuchin said in a letter to Fed Chair Jerome Powell, declining to extend programs that allowed the Fed to buy corporate bonds and make loans to small businesses and local governments. Mnuchin said the move would allow Congress to re-appropriate some $455 billion allocated to Treasury under the CARES Act in the spring, much of which was used to set up a series of Fed lending programs with Treasury’s support. The surprise announcement sent benchmark U.S. Treasury yields and equity index futures lower. While only a small fraction of the funds were loaned, the Fed and analysts said the programs were symbolically reassuring to credit markets. The 10-year Treasury note yield slid 2 basis points and was...
    FC Barcelona The club, the Treasury concludes, miscalculated the taxes it must pay and paid it in excess The last judicial claim of Barcelona to Neymar, to which he has had access’The world‘, is 10.2 million euros. The figure is the result of the calculations made by the finance technicians, which conclude that the Barça entity did not make the appropriate withholdings when paying the Brazilian’s taxes, within the framework of the inspection carried out on Barcelona and which covered until 2015. The Tax Agency maintains that Neymar benefited from a ‘unfair enrichment‘since the club paid a higher gross amount than the corresponding amount based on the net contract negotiated with the footballer, who entered that surplus. In this way it has been transferred to Barcelona, ​​which has proceeded to claim the player through the corresponding claim for ‘overpayment’. The Tax Agency has notified the club that, if the situation is not regularized, it will give those 10.2 million the treatment of a donation from Barcelona to the footballer. Neymar is the physical person...
    Another Postal Worker Removed from Duty in Pennsylvania for Allegedly Throwing Out Undelivered Mail New Report Reveals Chick-fil-A Has the Slowest Drive-Thru Service—It’s Also the Most Popular The Treasury Market May Be So Big That the Fed Can’t Step Away (Bloomberg) -- The Treasury market is now so large that the U.S. central bank may have to continue to be involved to keep it functioning properly, according to Federal Reserve Vice Chair for Supervision Randal Quarles. The U.S. rates market has faced several significant dislocations in the past couple of years, most notably in March, when the pandemic roiled global assets. In response, the Fed has expanded the toolkit it uses to help ensure market stability, including the implementation of new repurchase-operation facilities and swap lines. It also restarted direct purchases in the bond market, and is still buying about $80 billion of Treasuries a month. © Bloomberg Super-sized Treasury market may require persistent Fed support Meanwhile, America’s debt pile has exploded to more than $20 trillion, from roughly $13 trillion five years ago, and the economic fallout from...
    Reuters October 8, 2020 0 Comments The United States on Thursday slapped fresh sanctions on Iran’s financial sector, targeting 18 banks in an effort to further choke off Iranian revenues as Washington ramps up pressure on Tehran weeks ahead of the U.S. election. The move freezes any U.S. assets of those blacklisted and generally bars Americans from dealing with them, while extending secondary sanctions to those who do business with them. This means foreign banks risk losing access to the U.S. market and financial system. The Treasury Department said in a statement the prohibitions did not apply to transactions to sell agricultural commodities, food, medicine or medical devices to Iran, saying it understood the Iranian people’s need for humanitarian goods. However, analysts said the secondary sanctions may further deter European and other foreign banks from working with Iran, even for permitted humanitarian transactions. “It’s like a punch in the face to the Europeans, who have gone out of their way to indicate to the Americans that they view it as being extremely threatening to humanitarian assistance or humanitarian trade...
    CHICAGO (WLS) -- Some people in Illinois have told the ABC7-I-Team that they are getting unemployment benefits that they never applied for from different states.Highland Park Dr. Ned Zallik said he and his wife received an unemployment letter from the Pennsylvania Department of Labor regarding unemployment benefits that they did not apply for.But he said neither he nor his wife have ever lived in Pennsylvania and they've never applied for unemployment benefits.He said he doesn't know how they were found, but he is likely the victim of identity theft and it's very unsettling."We would not wish this on anyone. Feeling violated I'm a way," Dr. Zallik said."When we couldn't get in touch with the people I'm Pennsylvania, we thought that we were doomed and we thought there was no better person to reach out to than you, Samantha. So we reached out to you and we are hoping to get this resolved."He is not the only person who has reached out to ABC7.Mary Santmyer said she also received an unemployment letter and debit card from Pennsylvania, which she never requested.She...
    U.S. Secretary of the Treasury Steven Mnuchin testifies with Jovita Carranza, Administrator U.S. Small Business Administration during the Senate Small Business and Entrepreneurship Hearings to examine implementation of Title I of the CARES Act on Capitol Hill on June 10, 2020 in Washington, DC.Kevin Dietsch | Getty Images Trump administration officials have urged the president to delist Chinese companies that trade on U.S. exchanges and fail to meet U.S. auditing requirements by January 2022, Securities and Exchange Commission and Treasury officials said on Thursday. The remarks came after President Donald Trump tasked a group of key advisers, including Treasury Secretary Steve Mnuchin and SEC Chairman Jay Clayton, with drafting a report with recommendations to protect U.S. investors from Chinese companies whose audit documents have long been kept from U.S. regulators. It also comes amid growing pressure from Congress to crack down on Chinese companies that avail themselves of U.S. capital markets but do not comply with U.S. rules faced by American rivals. "We are simply leveling the playing field, holding Chinese firms listed in the U.S. to the same standards...
    President Donald Trump claims that TikTok will “be out of business in the United States” on September 15th if its Chinese parent company ByteDance doesn’t sell it and provide the US Treasury Department with “a lot of money,” backing off an earlier claim that he planned to “ban” the app over the weekend. This follows reports that Microsoft negotiated a 45-day window to acquire the company, something it confirmed yesterday in a blog post. Trump announced the news at the White House today and elaborated on how he believes Microsoft or another “big,” “secure,” and “very American” company should buy TikTok. He argued that it should buy the entirety of the company from ByteDance — not just its operations in the US, Canada, Australia, and New Zealand — because “I think buying 30 percent is complicated.” Trump says companies “don’t have any rights unless we give it to them” The president also asserted that any deal will have to send “a very substantial portion” of the price into the Treasury Department’s coffers. He didn’t explain what this meant, but he...
    Diosdado Cabello, president of the controversial National Constituent Assembly of Venezuela and considered the number two of Chavismo, confirmed this Thursday that he tested positive for SARS-CoV-19. I am isolated fulfilling the indicated treatmentThank you for your good wishes, with morale up. We will win! “He wrote in a message on Twitter.” data-reactid = “24”> “Dear colleagues, I comply with informing that after performing the corresponding tests I have tested positive on covid-19, since I am isolated fulfilling the indicated treatmentThank you for your good wishes, with morale up. We will win! “He wrote in a message on Twitter. On Wednesday, Cabello had already suspended the broadcast of his television show “Con el mazo giving.” The explanation he gave was an allergic condition. Cabello was one of the officers who participated in the attempted coup d’état in Venezuela in 1992 and which, although militarily unsuccessful, ultimately served to make Hugo Chávez known and politically projected. Cabello has been the subject of measures by the United States Treasury department that in 2018 included him on a list of sanctioned along with...
    The government on Monday identified about 650,000 mostly small businesses and nonprofits that received taxpayer money through a federal program that was designed to soften job losses from the coronavirus but also benefited wealthy, well-connected companies and some celebrity owned firms. The Treasury Department's Payroll Protection Program approved loan applicants from a broad swath of industries. Some that were less directly impacted by the pandemic, such as manufacturing and construction companies, received a greater proportion of the loans than the hard-hit restaurant and hotel industries. Hundreds of law firms and private equity companies also obtained the forgivable, 1% loans.  Businesses owned by politicians also borrowed from the program, including a minor league baseball team owned by the family of the governor of Ohio. A large franchisee of Wendy's, Taco Bell and Pizza Hut restaurants, whose CEO is a major donor to President Donald Trump, received loans totaling $15 million to $30 million. Get Breaking News Delivered to Your Inbox Other recipients included Kanye West's clothing and sneaker brand Yeezy, Ice Cube's professional basketball league, Planned Parenthood clinics in more than two dozen states,...
    Reuters July 6, 2020 0 Comments The Trump administration on Monday said it was releasing the names of hundreds of thousands of businesses which took money from a high-profile $660 billion pandemic aid program, letting the public see for the first time how the majority of the cash was spent and whether it helped save jobs. The U.S. Treasury and Small Business Administration (SBA) said the $521.4 billion in approved loans to employers so far has supported some 51.1 million jobs, or 84% of all small business employees. The colossal data set on the Paycheck Protection Program (PPP), released by the Trump administration after some initial resistance, provides transparency for the first-come-first-served program that has been dogged by technology, paperwork and fairness issues. To date, the SBA has released broad distribution figures for states, industries and the largest lenders. But the new data should paint a much more detailed picture of which local communities and sub-sectors received support and whether it helped save jobs. The data could make life uncomfortable for borrowers that broke the spirit or letter of...
    Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    WASHINGTON (AP) — Treasury posts partial list of small businesses that received $521 billion in gov’t loans; companies employed 51 million. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    In June, the Senate confirmed Bill Zollars, the former head of a trucking company called YRC Worldwide, to the board of the U.S. Postal Service. Salon has learned that YRC is currently being sued by the federal government for allegedly defrauding the Pentagon while Zollars was CEO. Furthermore, on Wednesday the government extended a $700 million taxpayer-backed loan to YRC Worldwide, which was valued at only $70 million in total the previous day, and had warned shareholders in May that it was in danger of going out of business. In exchange for the loan, taxpayers will take a 29.6% share in the company. When the Senate confirmed Zollars to the USPS board, along with former Air Line Pilots Association president Donald Moak, it restored the quorum that had been lost after Deputy Postmaster General Ron Stroman stepped down. Stroman was reportedly forced out as part of a USPS housecleaning directed by President Donald Trump, who wants to fully privatize the government-run service and has repeatedly made baseless accusations that mail-in ballots are subject to rampant fraud. USPS has warned that without emergency funds, the expansion of vote-by-mail poses an existential threat to its financial viability. In a statement announcing the emergency loan to YRC, Treasury Secretary...
    Roger Sollenberger July 1, 2020 11:19PM (UTC) In June, the Senate confirmed Bill Zollars, the former head of a trucking company called YRC Worldwide, to the board of the U.S. Postal Service. Salon has learned that YRC is currently being sued by the federal government for allegedly defrauding the Pentagon while Zollars was CEO.  Furthermore, on Wednesday the government extended a $700 million taxpayer-backed loan to YRC Worldwide, which was valued at only $70 million in total the previous day, and had warned shareholders in May that it was in danger of going out of business. : In exchange for the loan, taxpayers will take a 29.6% share in the company. When the Senate confirmed Zollars to the USPS board, along with former Air Line Pilots Association president Donald Moak, it restored the quorum that had been lost after Deputy Postmaster General Ron Stroman stepped down. Stroman was reportedly forced out as part of a USPS housecleaning directed by President Donald Trump, who wants to fully privatize the government-run service and has repeatedly made baseless accusations that mail-in ballots are subject to rampant fraud. : USPS has warned that...
    Mexico City (Nallely Lengthened) -The country’s economic recovery has already begun and the Government has no additional support measures contemplated in the face of the impact by Covid-19 currently, said Gabriel Yorio González, undersecretary of Finance and Public Credit. “At this time we do not have a new package of measures contemplated, we have it prepared in case it is necessary,” he mentioned in a video conference. Gabriel Yorio González, Undersecretary of Finance and Public Credit. | Photo: Reforma He stated that a second stage of support, in addition to the first package based on special accounting criteria and loans to the floor, as well as housing and Fonacot, would depend on the success of reactivating operations in the different industries of the country without outbreaks of infections. “What we are probably preparing is a new set of measures that facilitate, from a regulatory point of view, that individuals can continue to meet their obligations and that their income flow will not be affected in the following months,” he said. He assured that the country’s economic recovery...
    Sen. Joni Ernst (R-IA) wrote a letter to Treasury Secretary Steven Mnuchin on Tuesday, asking the secretary to expose how much China exploits American tax law to avoid paying taxes on American treasuries. Ernst, one of Congress’s leading government waste hawks, wrote that while the Treasury Department maintains a “monthly accounting of major foreign holders” of American debt, the American people currently do not know how much China profits from dividends and a “special loophole” that exempts those profits from taxation. The Iowa senator explained: If its [China] government-owned-industries were treated the same as a U.S. citizen or small business, China would be required to pay taxes on the interest earned on the Treasury bond that our government sells as a way to borrow money. Due to do decades-old trade deal, however, China pays no tax on U.S. Treasuries, which allows it to make off with billions of dollars that would otherwise be owed to the U.S. “The cost of this is vitally important information for U.S. taxpayers who are stuck with the bill as well as trade negotiators who...
    Steven Mnuchin, U.S. Treasury secretary, right, speaks with Jerome Powell, chairman of the U.S. Federal Reserve, during a Financial Stability Oversight Council (FSOC) meeting at the U.S. Treasury in Washington, D.C., U.S., on Wednesday, Dec. 19, 2018.Al Drago | Bloomberg | Getty Images U.S. lawmakers on Tuesday will get another chance to grill the heads of the Federal Reserve and Treasury over the effectiveness of the nearly $3 trillion in emergency aid doled out to stem the economic fallout from the novel coronavirus pandemic. The U.S. central bank, with Treasury's backing, has launched programs to improve the flow of credit as economic activity cratered and millions of jobs were lost, including its new Main Street Lending Program for mostly medium-sized businesses. Treasury has been at the forefront of the $660 billion forgivable-loan Paycheck Protection Program (PPP) aimed at keeping small businesses afloat and their employees on payrolls. Fed Chair Jerome Powell and Treasury Secretary Steven Mnuchin are due to testify before the U.S. House of Representatives Financial Services Committee at 12:30 p.m. EDT (1630 GMT) to discuss how funds were...
    Treasury Secretary Steve Mnuchin agreed to provide key Congressional committees with full access to loan data from the Payment Protection Program, a key demand Democrats have been pushing. In a letter dated Thursday, Mnuchin told House Ways and Means Committee Chairman Rep. Richard NealRichard Edmund NealOn The Money: Small businesses falling behind in economic recovery | Supreme Court rules SEC may seize profits from fraudulent companies | Trump's steel tariffs survive challenge OVERNIGHT ENERGY: Internal watchdog probing Park Police actions toward Lafayette Square protesters | Democrats detail their .5T green infrastructure plan | Green groups challenge Trump water rules rollback Top Democrats: Trump administration's plan for PPP disclosure 'inadequate' MORE (D-Mass.) that it would include data with borrower names and loan amounts "with the understanding that nonpublic personally identifiable and commercially sensitive business information will be treated as confidential." The letter was first reported by Politico. Mnuchin had earlier agreed to publicly disclose information on the loans within wide ranges, but said Treasury would keep personally identifiable information for businesses that took loans below $150,000 under wraps. For those loans,...
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