Critics Say I.M.F. Loan Fees Are Hurting Nations in Desperate Need

Democratic lawmakers say the global fund’s surcharges for emergency relief siphon away money that countries need to fight the pandemic.

#argentina, #coronavirus-2019-ncov, #credit-and-debt, #income-inequality, #international-monetary-fund, #politics-and-government, #third-world-and-developing-countries, #treasury-department

Federal Rental Assistance Is Running Out, With Tenants Still in Need

An announcement from the Treasury Department on Friday revealed that there was less money available for renters than some states had hoped.

#coronavirus-2019-ncov, #evictions, #landlords, #real-estate-and-housing-residential, #treasury-department, #united-states

Why Janet Yellen’s Signature Is Not on U.S. Currency

Until a new treasurer is selected, currency will continue to bear the autograph of former Treasury Secretary Steven Mnuchin.

#biden-joseph-r-jr, #mnuchin-steven-t, #treasury-department, #united-states-politics-and-government, #us-dollar-currency, #yellen-janet-l

U.S. Eases Pressure of Sanctions on Afghanistan

The Treasury Department issued new “general licenses” to help aid flow as a humanitarian crisis deepens.

#afghanistan, #afghanistan-war-2001, #embargoes-and-sanctions, #foreign-aid, #haqqani-network, #humanitarian-aid, #taliban, #treasury-department

U.S. Cracks Down on Firms Said to Aid China’s Repression of Minorities

The Commerce and Treasury Departments put new restrictions on an array of companies and institutions that they said were misusing biotechnology.

#biotechnology-and-bioengineering, #china, #commerce-department, #defense-and-military-forces, #dji-innovations, #facial-recognition-software, #raimondo-gina-m, #surveillance-of-citizens-by-government, #treasury-department, #uighurs-chinese-ethnic-group, #xinjiang-china

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

The head of the Congressional Budget Office said on Monday that beefed-up tax enforcement would raise far less money than the White House projected.

#biden-joseph-r-jr, #congressional-budget-office, #debt-collection, #federal-budget-us, #federal-taxes-us, #internal-revenue-service, #rettig-charles-p, #tax-evasion, #taxation, #treasury-department, #united-states-politics-and-government

I Bonds, Offering a Safe Space for Cash, Get a Big Rate Bump

The rise in prices has affected not only consumer goods but some government savings bonds, and it could benefit some investors looking for safe spaces for their money.

#content-type-service, #government-bonds, #income, #inflation-economics, #stocks-and-bonds, #treasury-department

Regulators Ask Congress to Create New Rules for Cryptocurrencies

A Treasury Department report says stablecoin issuers should operate like banks to avoid destabilizing runs that could erode financial stability.

#banking-and-financial-institutions, #law-and-legislation, #regulation-and-deregulation-of-industry, #treasury-department, #united-states-politics-and-government, #virtual-currency

Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #donohoe-paschal-1974, #europe, #federal-budget-us, #federal-taxes-us, #foreign-investments, #group-of-twenty, #house-of-representatives, #income, #income-tax, #internal-revenue-service, #national-assn-of-manufacturers, #organization-for-economic-cooperation-and-development, #patriotic-millionaires, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

How $2 Trillion in Tax Increases in Biden’s Bill Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

Democrats to Scale Back Proposal for Banks to Report Account Balances to IRS

Banks would have to provide data on accounts with annual deposits or withdrawals exceeding $10,000, not including payroll and beneficiary deposits, rather than $600.

#banking-and-financial-institutions, #democratic-party, #federal-taxes-us, #greene-marjorie-taylor-1974, #internal-revenue-service, #republican-party, #senate, #senate-committee-on-finance, #treasury-department, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron, #yellen-janet-l

Treasury Warns That Digital Currencies Could Weaken U.S. Sanctions

A review found that the sanctions program must be modernized to maintain its effectiveness.

#embargoes-and-sanctions, #international-relations, #politics-and-government, #terrorism, #treasury-department, #virtual-currency

Biden’s Proposal to Empower I.R.S. Rattles Banks and Their Customers

To help fund its new initiatives, the Biden administration wants banks to report more customer information. Account holders aren’t happy.

#banking-and-financial-institutions, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #lobbying-and-lobbyists, #senate, #tax-evasion, #treasury-department, #united-states-politics-and-government

Wonking Out: Coins and Credibility

Biden should do whatever it takes to avoid default.

#economics-theory-and-philosophy, #federal-budget-us, #federal-reserve-system, #inflation-economics, #internal-sub-only, #national-debt-us, #treasury-department, #united-states-economy

The Debt Ceiling Crisis Doesn’t Have to Keep Happening

Congress appears to have averted economic disaster for now, but only by punting it to early December.

#biden-joseph-r-jr, #debatable, #mcconnell-mitch, #national-debt-us, #treasury-department, #yellen-janet-l

Finance Executives Say Risk of Default Is Already Damaging the Economy

Shortly after the C.E.O.s met with President Biden, Senator Mitch McConnell said he would allow Democrats to raise the debt ceiling enough to push a potential default to December.

#biden-joseph-r-jr, #citigroup-inc, #democratic-party, #federal-budget-us, #filibusters-and-debate-curbs, #fraser-jane-1967, #friedman-adena-t, #goldman-sachs-group-inc, #mcconnell-mitch, #nasdaq-omx-group-inc, #national-debt-us, #republican-party, #senate, #treasury-department, #united-states-politics-and-government

What a Trillion-Dollar Coin Can Teach Us

It may be a gimmick, but it raises profound issues about the nature of money.

#currency, #economics-theory-and-philosophy, #internal-sub-only, #national-debt-us, #treasury-department, #yellen-janet-l

What the Debt Ceiling Means for Social Security and More

The Treasury secretary says the government will run out of money to spend if Congress doesn’t raise the debt ceiling. Here’s what that could mean for programs that help millions of Americans.

#federal-budget-us, #government-bonds, #national-debt-us, #social-security-us, #social-security-administration, #treasury-department, #united-states-economy, #zandi-mark

Biden Calls Republicans ‘Reckless’ Over the Debt Limit Increase

The president warned Republicans “not to use procedural tricks to block us from doing the job.”

#biden-joseph-r-jr, #federal-budget-us, #filibusters-and-debate-curbs, #manchin-joe-iii, #mcconnell-mitch, #national-debt-us, #republican-party, #senate, #sinema-kyrsten, #treasury-department, #united-states-economy, #united-states-politics-and-government

Biden says Republicans are being ‘reckless’ over the debt limit increase.

Mr. Biden warned Republicans “not to use procedural tricks to block us from doing the job.”

#biden-joseph-r-jr, #federal-budget-us, #filibusters-and-debate-curbs, #manchin-joe-iii, #mcconnell-mitch, #national-debt-us, #republican-party, #senate, #sinema-kyrsten, #treasury-department, #united-states-economy, #united-states-politics-and-government

As Need in Afghanistan Grows Dire, Aid Groups Plead for Help

Health clinics are closing. Temperatures are dipping. Prices are rising. Food and money are scarce. A calamity looms, humanitarian groups warn.

#afghanistan, #afghanistan-war-2001, #embargoes-and-sanctions, #foreign-aid, #humanitarian-aid, #international-federation-of-red-cross-and-red-crescent-societies, #medicine-and-health, #refugees-and-displaced-persons, #shortages, #taliban, #treasury-department, #world-bank, #world-health-organization

Janet Yellen and Jerome Powell warn that the Delta variant is slowing the recovery.

The Treasury secretary and the Federal Reserve chair prepared remarks ahead of their testimony today to the Senate Banking Committee.

#banking-and-financial-institutions, #federal-reserve-system, #national-debt-us, #powell-jerome-h, #senate-committee-on-banking, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

How a Princeton Economist Teaches Resilience

Through the pandemic, Markus Brunnermeier conducted remarkable video seminars with leading thinkers in his field.

#brunnermeier-markus-k, #colleges-and-universities, #economics-theory-and-philosophy, #internal-sub-only, #treasury-department, #united-states-economy, #yellen-janet-l

The U.S. Debt Ceiling: Everything You Need to Know

Political polarization turned a tool for fiscal responsibility into a recipe for economic calamity.

#constitutional-amendments, #federal-budget-us, #house-of-representatives, #national-debt-us, #senate, #treasury-department, #united-states-economy, #united-states-politics-and-government

U.S. Debt Limit Could Be Reached in Mid-October, Analysts Say

The analysis showed a narrower window during which the United States could default on its debt. The Treasury has said it has no official contingency plan if the debt limit is breached.

#bipartisan-policy-center, #federal-taxes-us, #national-debt-us, #treasury-department, #united-states-economy, #united-states-politics-and-government

Treasury’s Janet Yellen Is Being Tested by Debt Limit Fight

The Treasury secretary must wade into a standoff between Democrats and Republicans over raising the debt limit.

#bipartisan-policy-center, #budgets-and-budgeting, #national-debt-us, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Cryptocurrency Regulators Rush To Create First Major Rules

Concerned about the potential for a digital-era bank run, the Treasury Department is working on an oversight framework for the fast-growing sector.

#andreessen-horowitz, #banking-and-financial-institutions, #bitcoin-currency, #blockfi-inc, #coinbase-inc, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #financial-stability-oversight-council, #gemini-trust-co-llc, #gensler-gary-s, #liang-nellie, #mastercard-inc, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #stablecoin, #treasury-department, #virtual-currency

Mnuchin’s Private Equity Fund Raises $2.5 Billion

The former Treasury secretary has attracted investment from Saudi Arabia’s sovereign wealth fund.

#hedge-funds, #khashoggi-jamal, #liberty-strategic-capital, #mnuchin-steven-t, #mohammed-bin-salman-1985, #sovereign-wealth-funds, #treasury-department, #united-states-politics-and-government

How Accounting Giants Craft Favorable Tax Rules From Inside Government

Lawyers from top accounting firms do brief stints in the Treasury Department, with the expectation of big raises when they return.

#accounting-and-accountants, #corporate-taxes, #deloitte-touche-tohmatsu-ltd, #ernstyoung, #ethics-and-official-misconduct, #federal-taxes-us, #internal-revenue-service, #kpmg, #lobbying-and-lobbyists, #pricewaterhousecoopers, #regulation-and-deregulation-of-industry, #rsm, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government

Why Washington Worries About Stablecoins

The Federal Reserve, Treasury and other regulators are worried that a technology that pledges stability will actually be a source of turmoil.

#banking-and-financial-institutions, #federal-reserve-system, #financial-stability-board, #office-of-the-comptroller-of-the-currency, #regulation-and-deregulation-of-industry, #stablecoin, #treasury-department, #united-states-economy, #us-dollar-currency, #virtual-currency

As G.O.P. Digs In on Debt Ceiling, Democrats Try Shaming McConnell

Senator Mitch McConnell says Republicans will not support raising the federal borrowing limit. Weeks before a potential default, Democrats do not appear to have a strategy for doing so.

#democratic-party, #federal-budget-us, #mcconnell-mitch, #national-debt-us, #republican-party, #senate, #treasury-department, #united-states-politics-and-government

Crypto’s Rapid Move Into Banking Elicits Alarm in Washington

The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators scrambling to catch up.

#andreessen-horowitz, #banking-and-financial-institutions, #blockfi-inc, #coinbase-inc, #federal-reserve-system, #gensler-gary-s, #powell-jerome-h, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #treasury-department, #virtual-currency, #warren-elizabeth, #yellen-janet-l

Afghanistan Faces Economic Shock as Sanctions Replace Foreign Aid

The Taliban will be under pressure to keep a fragile economy afloat.

#afghanistan, #afghanistan-war-2001, #economic-conditions-and-trends, #embargoes-and-sanctions, #foreign-aid, #humanitarian-aid, #international-monetary-fund, #international-relations, #politics-and-government, #republican-party, #security-council-un, #taliban, #treasury-department, #united-nations, #united-states, #united-states-politics-and-government, #world-bank

I.M.F. Will Block Afghanistan From Getting Reserve Funds

The International Monetary Fund, which was set to release the funds next week, cited the “lack of clarity” over recognition of the Taliban as the country’s legitimate government.

#afghanistan-war-2001, #federal-reserve-bank-of-new-york, #international-monetary-fund, #international-trade-and-world-market, #politics-and-government, #taliban, #treasury-department, #united-states-international-relations, #yellen-janet-l

The former Afghan central bank chief says the Taliban can’t access most of country’s reserves.

Ajmal Ahmady said the central bank had $9 billion in international reserves, including $7 billion at the Federal Reserve. The Biden administration has frozen the assets in U.S. banks.

#afghanistan, #ahmady-ajmal, #banking-and-financial-institutions, #currency, #da-afghanistan-bank, #economic-conditions-and-trends, #federal-reserve-system, #politics-and-government, #taliban, #treasury-department, #united-states-international-relations, #united-states-politics-and-government

Janet Yellen Gets a Chance to Shape the Fed, This Time From Outside

As Jerome H. Powell nears the end of his term as Federal Reserve chair, Ms. Yellen will have a say over whether he should stay on. Many progressive Democrats want him replaced.

#appointments-and-executive-changes, #banking-and-financial-institutions, #brainard-lael, #federal-reserve-system, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

The Way the Senate Melted Down Over Crypto Is Very Revealing

It almost derailed the bipartisan infrastructure bill’s passage.

#american-jobs-plan-2021, #bitcoin-currency, #blockchain-technology, #ehrsam-fred, #infrastructure-public-works, #law-and-legislation, #portman-rob, #regulation-and-deregulation-of-industry, #senate, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency, #virtual-currency

How Richard Nixon Changed America’s Place in the World

Jeffrey E. Garten’s “Three Days at Camp David” returns readers to 1971 and Nixon’s momentous decision to take the United States off the gold standard.

#books-and-literature, #bretton-woods-agreement, #garten-jeffrey-e, #gold-standard-monetary, #international-trade-and-world-market, #nixon-richard-milhous, #shultz-george-p, #three-days-at-camp-david-how-a-secret-meeting-in-1971-transformed-the-global-economy-book, #treasury-department, #united-states-economy, #volcker-paul-a

Top U.S. Officials Consulted With BlackRock as Markets Melted Down

The world’s largest asset manager was central to the pandemic crisis response. Emails and calendar records underscore that critical role.

#banking-and-financial-institutions, #blackrock-inc, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-bank-of-new-york, #federal-reserve-system, #fink-laurence-d, #mnuchin-steven-t, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government

The Pandemic Stimulus Was Front-Loaded. That Could Mean a Bumpy Year.

There’s a risk that the affluent, who saved money by limiting things like traveling and dining out, will sit on their cash rather than spend it.

#american-rescue-plan-2021, #consumer-behavior, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #stimulus-economic, #treasury-department, #united-states-economy

A Millennial Economist Helps Power a Tax Evasion ‘Brain Trust’

Natasha Sarin, a protégé of Larry Summers, is taking a leading role developing tax policy at the Treasury Department — to some progressive Democrats’ chagrin.

#american-jobs-plan-2021, #biden-joseph-r-jr, #content-type-personal-profile, #federal-taxes-us, #high-net-worth-individuals, #sarin-natasha, #stimulus-economic, #summers-lawrence-h, #tax-evasion, #treasury-department, #united-states, #united-states-economy, #united-states-politics-and-government

The Fed’s Quantitative Easing and Low Interest Rates Are Dangerous

The warning signs of an overheating economy are everywhere. Yet the Fed seems unable — or unwilling — to confront reality.

#biden-joseph-r-jr, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #hubbard-r-glenn, #interest-rates, #powell-jerome-h, #quantitative-easing, #summers-lawrence-h, #treasury-department, #united-states-economy

How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

U.S. Lifts Some Sanctions on Iranians Before Nuclear Talks

The move was unrelated to negotiations over the 2015 nuclear deal, a State Department spokesman said. The United States also imposed new sanctions on other Iranians.

#arms-control-and-limitation-and-disarmament, #biden-joseph-r-jr, #economic-conditions-and-trends, #embargoes-and-sanctions, #houthis, #iran, #nuclear-weapons, #state-department, #treasury-department, #united-states-international-relations, #united-states-politics-and-government, #yemen

Five Former Treasury Secretaries: Fund the IRS

America loses hundreds of billions of dollars to tax evasion every year. We need to give the I.R.S. the tools to combat it.

#federal-taxes-us, #income-tax, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government

Biden Tells Officials to Prepare for Climate Change’s Impact on Economy

A warming planet holds potential risks for home prices, investments, banking and other aspects of the global economy, the government said.

#banking-and-financial-institutions, #biden-joseph-r-jr, #federal-reserve-system, #global-warming, #greenhouse-gas-emissions, #insurance, #mortgages, #real-estate-and-housing-residential, #stocks-and-bonds, #treasury-department, #united-states-economy, #yellen-janet-l

U.S. Backs Global Minimum Tax of at Least 15% to Curb Profit Shifting Overseas

The Biden administration wants other countries to back a minimum tax as part of its plan to raise the U.S. corporate tax rate to 28 percent from 21 percent.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

Iran’s Oil Exports Rise as U.S. Looks to Rejoin Nuclear Accord

The effectiveness of U.S. sanctions is being called into question as Iran and its oil buyers test whether penalties are worth the risk amid diplomatic negotiations.

#abrams-elliott, #biden-joseph-r-jr, #defense-and-military-forces, #embargoes-and-sanctions, #international-atomic-energy-agency, #nuclear-weapons, #office-of-foreign-assets-control-united-states-treasury, #oil-petroleum-and-gasoline, #state-department, #treasury-department, #united-states-international-relations

As Trillions Flow Out the Door, Stimulus Oversight Faces Challenges

A sprawling system meant to police trillions of dollars is showing signs of strain as watchdogs warn of waste, fraud and abuse.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-aid-us, #frauds-and-swindling, #government-accountability-office, #inspectors-general, #miller-brian-d, #office-of-management-and-budget-us, #small-business, #sperling-gene, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government