Treasury

US Announces Sanctions Against Group of 10 Hamas Members and Financial Network

WASHINGTON (AP) — The U.S. announced sanctions on Wednesday against a group of 10 Hamas members and the Palestinian militant... Read More

WASHINGTON (AP) — The U.S. announced sanctions on Wednesday against a group of 10 Hamas members and the Palestinian militant organization's financial network across Gaza, Sudan, Turkey, Algeria and Qatar as it responds to the surprise attack on Israel that left more... Read More

2023-05-26 12:14:45
by Dan McCue
Yellen Tells McCarthy Treasury Will Run Out of Money by June 5

WASHINGTON — The deadline has now been set. Treasury Secretary Janet Yellen informed House Speaker Kevin McCarthy, R-Calif., on Friday... Read More

WASHINGTON — The deadline has now been set. Treasury Secretary Janet Yellen informed House Speaker Kevin McCarthy, R-Calif., on Friday that lawmakers have until June 5 to raise or suspend the debt limit or risk seeing the nation default on... Read More

No Debt Ceiling Agreement, but Biden and McCarthy Call Talks Productive

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion... Read More

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation's borrowing limit... Read More

2023-05-12 21:39:09
by Tom Ramstack
Banks Threatened With Tougher Rules After Collapses Deplete Accounts

WASHINGTON — The Federal Deposit Insurance Corporation announced Thursday the nation's banks will be required to replenish the backup funds... Read More

WASHINGTON — The Federal Deposit Insurance Corporation announced Thursday the nation's banks will be required to replenish the backup funds depleted by two recent big bank failures. The FDIC made the announcement on the same day the Government Accountability Office... Read More

2023-05-08 19:43:10
by Tom Ramstack
Union Sues US Treasury to Prevent Government Shutdown

BOSTON — A union of federal employees petitioned a federal court Monday seeking to prevent the government from shutting down... Read More

BOSTON — A union of federal employees petitioned a federal court Monday seeking to prevent the government from shutting down if the U.S. budget reaches its debt limit. The petition from the National Association of Government Employees says President Joe... Read More

2023-05-01 21:43:48
by Dan McCue
Yellen Warns US Could Run Out of Money by June 1

WASHINGTON — Treasury Secretary Janet Yellen said in a letter sent to House Speaker Kevin McCarthy, R-Calif., on Monday that... Read More

WASHINGTON — Treasury Secretary Janet Yellen said in a letter sent to House Speaker Kevin McCarthy, R-Calif., on Monday that the United States could reach the point when it can no longer satisfy its debt obligations as early as June... Read More

2023-03-31 19:35:04
by TWN Staff
Social Security On Course to Run Short of Cash Ahead of Projections

WASHINGTON — The Social Security Trust Fund is projected to run short of cash by 2033, one year earlier than... Read More

WASHINGTON — The Social Security Trust Fund is projected to run short of cash by 2033, one year earlier than projected last year, according to a report released Friday. The report followed a meeting of the Social Security and Medicare... Read More

2023-03-31 15:27:42
by Dan McCue
Treasury Releases Long-Awaited Guidance on Clean Vehicle Credits

WASHINGTON — The Treasury Department on Friday released its long-awaited proposed guidance on which “clean” energy vehicles will be eligible... Read More

WASHINGTON — The Treasury Department on Friday released its long-awaited proposed guidance on which “clean” energy vehicles will be eligible for up to $7,500 in consumer tax credits. The Notice of Proposed Rulemaking from the department and the Internal Revenue... Read More

2023-03-02 22:08:16
by Dan McCue
Treasury Has Dispensed Nearly $5B for Broadband Expansion

WASHINGTON — The Treasury Department has awarded nearly $5 billion from the Capital Projects Fund to pay for broadband expansion... Read More

WASHINGTON — The Treasury Department has awarded nearly $5 billion from the Capital Projects Fund to pay for broadband expansion projects in 33 states, and expects to bestow the remaining $5 billion by the end of the year, the program’s... Read More

As US Nears Debt Limit, Political Frictions Raising Alarms

WASHINGTON (AP) — The countdown toward a possible U.S. government default is in the offing — with frictions between President Joe Biden... Read More

WASHINGTON (AP) — The countdown toward a possible U.S. government default is in the offing — with frictions between President Joe Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis. The Treasury Department projects that the federal... Read More

2023-01-13 19:48:15
by Dan McCue
US Will Hit Debt Limit on Thursday, Yellen Tells Congress

WASHINGTON — Treasury Secretary Janet Yellen warned Congress on Friday that she will have to begin employing “extraordinary measures” next... Read More

WASHINGTON — Treasury Secretary Janet Yellen warned Congress on Friday that she will have to begin employing “extraordinary measures” next Thursday, Jan. 19, to continue to pay the nation’s bills. The notice from Yellen, spelled out in a letter to... Read More

US to Max Out on Debt Soon, Setting Up Political Fight

WASHINGTON (AP) — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon... Read More

WASHINGTON (AP) — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority... Read More

2022-08-30 21:32:44
by Madeline Hughes
Broadband Dollars Keep Flowing

WASHINGTON — Broadband dollars are continuing to flow into states as the Department of Treasury and the Department of Commerce’s... Read More

WASHINGTON — Broadband dollars are continuing to flow into states as the Department of Treasury and the Department of Commerce’s National Telecommunications and Information Administration announced more than $500 million for programs in Arkansas, Arizona, Connecticut, Indiana, Nebraska and North... Read More

2022-08-18 13:25:43
by Dan McCue
Treasury, IRS Issue Guidance on New Electric Vehicle Tax Credit

WASHINGTON — The Treasury Department and the Internal Revenue Service issued new guidance Tuesday on changes to the tax credit... Read More

WASHINGTON — The Treasury Department and the Internal Revenue Service issued new guidance Tuesday on changes to the tax credit for electric vehicles now that President Joe Biden has signed the Inflation Reduction Act into law. While the reforms in... Read More

2022-07-01 20:13:41
by Tom Ramstack
Treasury Dept. Freezes Russian’s Access to $1B Held in Delaware Trust

WASHINGTON — The U.S. Treasury on Thursday blocked a Russian oligarch's access to more than $1 billion of his funds... Read More

WASHINGTON — The U.S. Treasury on Thursday blocked a Russian oligarch's access to more than $1 billion of his funds hidden in a Delaware-based trust as part of the Biden administration’s effort to enforce sanctions for the invasion of Ukraine.... Read More

1st Native American US Treasurer to be Appointed, Head Mint

WASHINGTON (AP) — A Native American is being appointed U.S. treasurer, a historic first. The White House on Tuesday announced President Joe... Read More

WASHINGTON (AP) — A Native American is being appointed U.S. treasurer, a historic first. The White House on Tuesday announced President Joe Biden's intent to appoint Marilynn “Lynn” Malerba as his administration establishes an Office of Tribal and Native Affairs at the Treasury... Read More

2022-06-07 15:11:16
by Dan McCue
Four States to Share $500M in Broadband Expansion Funding

WASHINGTON — Four states — Louisiana, New Hampshire, Virginia and West Virginia — will receive more than $500 million in... Read More

WASHINGTON — Four states — Louisiana, New Hampshire, Virginia and West Virginia — will receive more than $500 million in funding for broadband expansion projects under the auspices of the $10 billion Capital Projects Fund created as part of the... Read More

2022-04-05 13:44:27
by Dan McCue
President Moves to Fix ‘Family Glitch’ in Affordable Care Act

WASHINGTON — President Joe Biden on Tuesday will propose a new rule the administration believes will finally fix the so-called... Read More

WASHINGTON — President Joe Biden on Tuesday will propose a new rule the administration believes will finally fix the so-called “family glitch” in Affordable Care Act coverage, a change that could potentially save hundreds of thousands of American families hundreds... Read More

2022-01-28 22:11:46
by Dan McCue
Senators Seek Taxpayer Penalty Relief Amid IRS Backlog

WASHINGTON — Sens. Bob Menendez, D-N.J., and Bill Cassidy, R-La., are leading an effort to convince the U.S. Department of... Read More

WASHINGTON — Sens. Bob Menendez, D-N.J., and Bill Cassidy, R-La., are leading an effort to convince the U.S. Department of the Treasury and the Internal Revenue Service to provide penalty relief for taxpayers amid what they describe as the “extensive”... Read More

2022-01-20 17:12:00
by Dan McCue
Treasury Department Sanctions Russian-Backed Actors for Activities in Ukraine

WASHINGTON — The Treasury Department on Thursday sanctioned four individuals engaged in Russian government-directed activities to destabilize Ukraine. The four... Read More

WASHINGTON — The Treasury Department on Thursday sanctioned four individuals engaged in Russian government-directed activities to destabilize Ukraine. The four individuals are Taras Kozak and Oleh Voloshyn, two current members of the Ukraine Parliament, and Volodymyr Oliynyk and Vladimir Sivkovich,... Read More

2021-12-16 18:50:42
by Dan McCue
Biden Signs Bill to Raise Debt Ceiling, Averting Default

WASHINGTON — President Joe Biden has signed a bill raising the debt ceiling by $2.5 trillion, setting aside with the... Read More

WASHINGTON — President Joe Biden has signed a bill raising the debt ceiling by $2.5 trillion, setting aside with the stroke of his pen the daunting prospect that the nation  would default on its debts. The White House announced the... Read More

2021-12-14 19:26:57
by Reece Nations
Harris, Yellen Announce Billions in Investments to Emergency Capital Investment Program

WASHINGTON — Vice President Kamala Harris and Treasury Secretary Janet Yellen announced on Tuesday over $8.7 billion in investments through... Read More

WASHINGTON — Vice President Kamala Harris and Treasury Secretary Janet Yellen announced on Tuesday over $8.7 billion in investments through the Emergency Capital Investment Program for small businesses and low- and moderate-income consumers in rural and underserved communities. The program’s... Read More

2021-12-06 17:56:29
by Dan McCue
Treasury Dept to Step Up Scrutiny of Money Laundering in Real Estate Market

WASHINGTON – The Treasury Department is seeking public comment on ways to reduce money laundering and other corruption in the... Read More

WASHINGTON – The Treasury Department is seeking public comment on ways to reduce money laundering and other corruption in the real estate market, part of a larger effort by the Biden administration to curb illicit financial activity as the economy... Read More

2021-10-19 20:58:31
by Tom Ramstack
Senate Wants Tougher Enforcement of Sanctions Against ‘Malign Actors’

WASHINGTON -- A Senate committee tried Tuesday to chart a better course through the minefield of monetary sanctions against U.S.... Read More

WASHINGTON -- A Senate committee tried Tuesday to chart a better course through the minefield of monetary sanctions against U.S. foreign adversaries. The Senate seeks to protect U.S. economic policies without trampling foreign entities that could be trading partners and... Read More

2021-10-05 20:08:11
by Reece Nations
Biden Administration Lays Out Consequences of Debt Default

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit... Read More

WASHINGTON -- President Joe Biden detailed on Monday the ramifications of failing to raise the United States government’s debt limit while condemning Republicans in Congress for their role in the procedural delay. Congress has until Oct. 18 to raise the... Read More

2021-09-29 21:50:39
by Alexa Hornbeck
Treasury and Federal Reserve Discuss Benefits of Child Tax Credit

WASHINGTON -- The Committee on Banking, Housing, and Urban Affairs met this week to discuss the CARES Act and supporting... Read More

WASHINGTON -- The Committee on Banking, Housing, and Urban Affairs met this week to discuss the CARES Act and supporting an equitable pandemic recovery through vaccination efforts, supporting small businesses, and longer term needs like broadband infrastructure investments.  The members... Read More

2021-09-08 18:16:10
by Dan McCue
Yellen Warns US May Hit Debt Limit in October

WASHINGTON -- Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the... Read More

WASHINGTON -- Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the U.S. from broaching the government’s borrowing limit in October. In a letter to congressional leaders on Wednesday, Yellen said that... Read More

2021-08-13 19:28:21
by Victoria Turner
US Treasury Slaps Sanctions on Two Cuban Officials and Military Unit

Cubans have taken to the streets since July demanding a democratic life, and violence against exerting their civil rights will... Read More

Cubans have taken to the streets since July demanding a democratic life, and violence against exerting their civil rights will not be tolerated under the U.S. Global Magnitsky Human Rights Accountability Act. Friday saw the third set of sanctions by... Read More

2021-06-21 20:49:29
by Dan McCue
Tax Increases Seen As Counterproductive to Growth, Job Creation

WASHINGTON - Of all the uncertainties growing from the prolonged negotiations over President Joe Biden’s American Families plan, the most... Read More

WASHINGTON - Of all the uncertainties growing from the prolonged negotiations over President Joe Biden’s American Families plan, the most potentially vexing for the American businesses and the economy are several proposed changes to the U.S. tax code. Though much... Read More

Navajo Nation Tops Cherokee to Become Largest Tribe in US

FLAGSTAFF, Ariz. (AP) — The Navajo Nation has by far the largest land mass of any Native American tribe in... Read More

FLAGSTAFF, Ariz. (AP) — The Navajo Nation has by far the largest land mass of any Native American tribe in the country. Now, it's boasting the largest enrolled population, too. Navajos clamored to enroll or fix their records as the... Read More

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