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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Biden and Republicans Spar Over Unemployment as Job Gains Disappoint

The president said he saw no measurable evidence that a $300 federal boost in unemployment benefits was hurting the labor market, amid criticism from conservatives and business groups

#american-rescue-plan-2021, #bernstein-jared, #biden-joseph-r-jr, #coronavirus-2019-ncov, #republican-party, #treasury-department, #unemployment, #united-states-chamber-of-commerce, #united-states-economy, #united-states-politics-and-government, #white-house-council-of-economic-advisers, #yellen-janet-l

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Yellen Says Rates Might Need to Rise as Economy Recovers

Ms. Yellen, the Treasury secretary, said that some “modest” increases might be necessary. She later clarified to say that she was not making a recommendation or providing advice to the Federal Reserve, which sets monetary policy.

#american-jobs-plan-2021, #inflation-economics, #interest-rates, #treasury-department, #united-states-economy, #yellen-janet-l

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How the A.T.F., Key to Biden’s Gun Plan, Became an N.R.A. ‘Whipping Boy’

The federal agency tasked with enforcing gun laws has been hamstrung for years by the firearms lobby. Now, the president’s plan to rein in gun violence hinges on the A.T.F.’s success.

#archives-and-records, #biden-joseph-r-jr, #boulder-colo-shooting-march-2021, #bureau-of-alcohol-tobacco-firearms-and-explosives, #chipman-david-h-1966, #federal-bureau-of-investigation, #firearms, #giffords-advocacy-group, #giffords-gabrielle, #gun-control, #justice-department, #lapierre-wayne, #manchin-joe-iii, #mass-shootings, #national-rifle-assn, #treasury-department, #trump-donald-j, #united-states-politics-and-government

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Pandemic Inspector General Warns of Oversight Breakdown

An internal dispute at the Treasury Department shows the challenge of tracking trillions of dollars of economic relief money.

#coronavirus-aid-relief-and-economic-security-act-2020, #inspectors-general, #miller-brian-d, #office-of-legal-counsel-us, #stimulus-economic, #treasury-department, #united-states-politics-and-government

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Chevron Lobbies to Head Off New Sanctions on Myanmar

The oil company is arguing against efforts to restrict its involvement in a gas operation in Myanmar that provides funding for the junta there.

#andrews-thomas-h, #biden-joseph-r-jr, #blinken-antony-j, #chevron-corporation, #coups-detat-and-attempted-coups-detat, #lobbying-and-lobbyists, #merkley-jeffrey-a-1956, #myanmar, #oil-petroleum-and-gasoline, #state-department, #total-sa, #treasury-department, #united-states-international-relations

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US government strikes back at Kremlin for SolarWinds hack campaign

US government strikes back at Kremlin for SolarWinds hack campaign

Enlarge (credit: Matt Anderson Photography/Getty Images)

US officials on Thursday formally blamed Russia for backing one of the worst espionage hacks in recent US history and imposed sanctions designed to mete out punishments for that and other recent actions.

In a joint advisory, the National Security Agency, FBI, and Cybersecurity and Information Security Agency said that Russia’s Foreign Intelligence Service, abbreviated as the SVR, carried out the supply-chain attack on customers of the network management software from Austin, Texas-based SolarWinds.

The operation infected SolarWinds’ software build and distribution system and used it to push backdoored updates to about 18,000 customers. The hackers then sent follow-up payloads to about 10 US federal agencies and about 100 private organizations. Besides the SolarWinds supply-chain attack, the hackers also used password guessing and other techniques to breach networks.

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#biz-it, #hacking, #policy, #russia, #sanctions, #solarwinds, #tech, #treasury-department

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The Biden Administration Is Quietly Obsessing Over Inflation

A monthslong effort to monitor and model economic trends inside the White House and the Treasury Department found little risk of prices spiraling upward faster than the Fed can manage.

#american-rescue-plan-2021, #biden-joseph-r-jr, #federal-reserve-system, #inflation-economics, #recession-and-depression, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Out of Trump’s Shadow, World Bank President Embraces Climate Fight

David Malpass, who was met with skepticism when he got the job in 2019, has become increasingly vocal about the risk of climate change.

#content-type-personal-profile, #global-warming, #greenhouse-gas-emissions, #malpass-david, #mnuchin-steven-t, #third-world-and-developing-countries, #treasury-department, #world-bank

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Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting

The plan detailed by the Treasury Department would make it harder for companies to avoid paying taxes on both U.S. income and profits stashed abroad.

#american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #infrastructure-public-works, #republican-party, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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JPMorgan’s Jamie Dimon Sees a Boom Coming

Jamie Dimon tells the bank’s investors to prepare for an economic upswell.

#amazon-com-inc, #credit-suisse-group-ag, #dimon-james, #jpmorgan-chasecompany, #organized-labor, #treasury-department

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Targeting Overseas Tax Shelters

How one U.S. multinational used overseas shelters to slash its tax bill — and how the Biden administration plans to crack down on such practices.

#bristol-myers-squibb-company, #corporate-taxes, #drugs-pharmaceuticals, #federal-taxes-us, #tax-shelters, #treasury-department, #united-states

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U.S. Joins Allies to Punish Chinese Officials for Human Rights Abuses

The sanctions come days after the Biden administration’s heated encounter with Chinese officials in Alaska, and will most likely widen tensions between Washington and Beijing.

#biden-joseph-r-jr, #blinken-antony-j, #china, #embargoes-and-sanctions, #european-union, #human-rights-and-human-rights-violations, #myanmar, #treasury-department, #uighurs-chinese-ethnic-group, #united-states-international-relations, #war-crimes-genocide-and-crimes-against-humanity, #zhao-lijian

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Biden Administration Faces Legal Fight Over State Aid Restrictions on Tax Cuts

The litigation came amid growing pushback from Republican lawmakers and state officials to a provision in the relief package that the Treasury Department said was constitutional.

#american-rescue-plan-2021, #attorneys-general, #constitution-us, #federal-state-relations-us, #ohio, #republican-party, #states-us, #stimulus-economic, #suits-and-litigation-civil, #taxation, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Treasury Ramps Up Racial Equity Review as It Deploys Relief Funds

The review follows an executive order signed by President Biden requiring federal agencies to pursue racial equity and to support underserved communities in their policies and programming.

#adeyemo-adewale, #american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-2019-ncov, #executive-orders-and-memorandums, #internal-revenue-service, #minorities, #race-and-ethnicity, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-mint, #united-states-politics-and-government, #yellen-janet-l

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Biden, Pitching Stimulus, Promises Milestones for Vaccines and Checks

The president kicked off a week of events to promote his $1.9 trillion American Rescue Plan by appointing Gene Sperling, a longtime Democratic aide, to oversee spending under the bill.

#american-rescue-plan-2021, #appointments-and-executive-changes, #biden-joseph-r-jr, #coronavirus-2019-ncov, #obama-barack, #sperling-gene, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government, #vaccination-and-immunization

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Treasury to Invest $9 Billion in Minority Communities

Treasury Secretary Janet Yellen is making Community Development Financial Institutions central to achieving an inclusive economy.

#banking-and-financial-institutions, #biden-joseph-r-jr, #federal-reserve-bank-of-new-york, #minorities, #poverty, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

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Why Market Investors Are Now Troubled by Signs of Surging Growth

The markets are stressed at the prospect of an economic rebound, which is forcing investors to reassess their holdings.

#credit-and-debt, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #powell-jerome-h, #standardpoors-500-stock-index, #stimulus-economic, #stocks-and-bonds, #treasury-department, #united-states, #united-states-economy

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Janet Yellen on Jobs, Debt, Taxes, Climate and Cryptocurrency

The Treasury Secretary dropped hints about her priorities — if you know how to interpret them.

#banking-and-financial-institutions, #national-debt-us, #treasury-department, #unemployment, #united-states-economy, #virtual-currency, #yellen-janet-l

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What the Bond Market Is Telling Us About the Biden Economy

A recent rise in interest rates hints that a recovery is on the way, but it could also mean harder choices ahead on spending.

#biden-joseph-r-jr, #government-bonds, #inflation-economics, #interest-rates, #stimulus-economic, #treasury-department, #united-states-economy, #yellen-janet-l

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Tough Sanctions, Then a Mysterious Last-Minute Turnabout

The Treasury Department slapped sanctions on the Israeli billionaire Dan Gertler in 2017 for corruption in Africa. In Donald Trump’s final days in office, they were rolled back with no explanation.

#annan-kofi, #biden-joseph-r-jr, #congo-democratic-republic-of-congo-kinshasa, #corruption-institutional, #dershowitz-alan-m, #embargoes-and-sanctions, #freeh-louis-j, #gertler-dan-1973, #human-rights-and-human-rights-violations, #israel, #kabila-joseph, #kabila-laurent, #magnitsky-sergei-l, #mandelker-sigal, #mnuchin-steven-t, #netanyahu-benjamin, #pompeo-mike, #senate-committee-on-foreign-relations, #state-department, #treasury-department, #trump-donald-j, #united-states-international-relations, #united-states-politics-and-government

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The New Deal’s Capitalist Lessons for Joe Biden

The most effective part of F.D.R.’s program wasn’t its direct spending. It was his use of U.S. financial might to reignite business.

#banking-and-financial-institutions, #biden-joseph-r-jr, #keynes-john-maynard, #new-deal-1930s, #treasury-department, #united-states-politics-and-government

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What’s Next for Crypto Regulation

The rules are in flux as a new U.S. administration takes over.

#commodity-futures-trading-commission, #gensler-gary-s, #office-of-the-comptroller-of-the-currency, #regulation-and-deregulation-of-industry, #saturdaynewsletter, #securities-and-exchange-commission, #treasury-department, #virtual-currency, #yellen-janet-l

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Comparing Biden and Trump’s Cabinet Picks

President Biden has chosen policymakers, while President Donald J. Trump valued cabinet secretaries he saw as deal makers.

#appointments-and-executive-changes, #biden-joseph-r-jr, #environmental-protection-agency, #housing-and-urban-development-department, #state-department, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #white-house-council-of-economic-advisers

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Senate Confirms Janet L. Yellen as Treasury Secretary

Janet L. Yellen, who received bipartisan support, now faces a big challenge in confronting an economic threat that has caused financial hardship for millions of Americans.

#adeyemo-adewale, #biden-joseph-r-jr, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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Senate Confirms Yellen as Treasury Secretary as Stimulus Talks Loom

Janet L. Yellen won Senate confirmation along bipartisan lines and now faces a big challenge in confronting an economic threat that has caused financial hardship for millions of Americans.

#adeyemo-adewale, #treasury-department, #united-states-economy, #yellen-janet-l

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Trump Administration Quietly Eased Sanctions on Israeli Billionaire

The reversal by the Treasury Department during the administration’s final days came after an appeal by lobbyists with close ties to the former president.

#congo-democratic-republic-of-congo-kinshasa, #corruption-institutional, #embargoes-and-sanctions, #gertler-dan-1973, #israel, #lobbying-and-lobbyists, #mines-and-mining, #treasury-department, #trump-donald-j, #united-states-international-relations, #united-states-politics-and-government

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Yellen Confirmation Hearing: Nominee Outlines Economic Priorities as Republicans Draw Battle Lines

Janet L. Yellen, the Treasury secretary nominee, said at her confirmation hearing that the U.S. economy needed more help to get through the pandemic.

#federal-budget-us, #senate, #senate-committee-on-finance, #stimulus-economic, #treasury-department, #united-states-economy, #yellen-janet-l

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Blackstone’s Schwarzman Stays Loyal to Trump

The Blackstone chief executive stuck with President Trump despite the occasional slight, and stopped short of criticizing Mr. Trump even after the Capitol attack.

#biden-joseph-r-jr, #blackrock-inc, #presidential-election-of-2020, #schwarzman-stephen-a, #storming-of-the-us-capitol-jan-2021, #treasury-department, #trump-donald-j, #united-states-politics-and-government

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How Full Employment Became Washington’s Creed

Policymakers are eager to return to the period of low unemployment that preceded the pandemic and are less concerned than in previous eras about sparking inflation and taking on debt.

#daly-mary-c, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #recession-and-depression, #stimulus-economic, #treasury-department, #unemployment, #united-states-economy

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The federal government ran another record deficit in December.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #recession-and-depression, #treasury-department, #united-states-economy

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The Business Rules the Trump Administration Is Racing to Finish

From tariffs and trade to the status of Uber drivers, regulators are trying to install new rules or reduce regulations before President-elect Joe Biden takes over.

#antitrust-laws-and-competition-issues, #banking-and-financial-institutions, #biden-joseph-r-jr, #community-reinvestment-act, #computers-and-the-internet, #electric-light-bulbs, #energy-department, #energy-efficiency, #executive-orders-and-memorandums, #freelancing-self-employment-and-independent-contracting, #labor-and-jobs, #law-and-legislation, #office-of-the-comptroller-of-the-currency, #presidential-transition-us, #regulation-and-deregulation-of-industry, #social-media, #transportation-department-us, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #virtual-currency

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Washington Has Been Lucrative for Some on Biden’s Team

Janet Yellen, the president-elect’s pick for Treasury secretary, collected more than $7 million in speaking fees over the past two years. Antony J. Blinken and Avril Haines did well, too.

#appointments-and-executive-changes, #biden-joseph-r-jr, #blinken-antony-j, #conflicts-of-interest, #presidential-transition-us, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

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The Year the Fed Changed Forever

Jerome H. Powell’s central bank slashed rates, bought bonds in huge sums and rolled out never-before-tried loan programs that shifted its identity. The backlash is already beginning.

#banking-and-financial-institutions, #content-type-personal-profile, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #labor-and-jobs, #mnuchin-steven-t, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Buried in Covid Relief Bill: Billions to Soothe the Richest

The voluminous coronavirus relief and spending bill that blasted through Congress on Monday includes provisions — good, bad and just plain strange — that few lawmakers got to read.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-budget-us, #house-of-representatives, #income-inequality, #mnuchin-steven-t, #senate, #small-business, #stimulus-economic, #tax-credits-deductions-and-exemptions, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Treasury Department’s Top Levels Were Breached in Russia Hack

Russian hackers appear to have attacked systems for senior officials of the department.

#biden-joseph-r-jr, #conway-ron, #cyberattacks-and-hackers, #federal-aid-us, #gross-william-h, #mnuchin-steven-t, #schwarzman-stephen-a, #smythe-christie, #stimulus-economic, #tesla-motors-inc, #treasury-department

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Treasury Department’s Senior Leaders Were Targeted by Russian Hacking

The disclosure was the first acknowledgment of a specific intrusion in the vast cyberattack. At the White House, national security leaders met to assess how to deal with the situation.

#cyberwarfare-and-defense, #espionage-and-intelligence-services, #fireeye-inc, #foreign-intelligence-service-russia, #mnuchin-steven-t, #national-security-agency, #office-of-the-director-of-national-intelligence, #russia, #treasury-department, #trump-donald-j, #united-states-cyber-command, #united-states-international-relations, #united-states-politics-and-government, #us-federal-government-data-breach-2020, #wyden-ron

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What Is 13-3? Why a Debate Over the Fed Is Holding Up Stimulus Talks

The Fed’s emergency lending authorities are a key part of its job. Republicans want to curb them. Democrats are pushing back.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #presidential-election-of-2020, #stimulus-economic, #stocks-and-bonds, #toomey-patrick-j, #treasury-department, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

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Fed Closes Out Wild Year as All Eyes Focus on Bond-Buying Program

The central bank’s meeting will wrap up Wednesday, as the Fed stares down a bifurcated economic outlook.

#coronavirus-2019-ncov, #federal-reserve-system, #powell-jerome-h, #stimulus-economic, #treasury-department, #united-states-economy

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Russian Hackers Broke Into Federal Agencies, U.S. Officials Suspect

In one of the most sophisticated and perhaps largest hacks in more than five years, email systems were breached at the Treasury and Commerce Departments. Other breaches are under investigation.

#classified-information-and-state-secrets, #commerce-department, #computer-security, #cyberwarfare-and-defense, #espionage-and-intelligence-services, #homeland-security-department, #presidential-election-of-2020, #russia, #treasury-department, #trump-donald-j, #united-states-politics-and-government

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Biden Pick for Deputy Treasury Secretary Breaks Racial Barrier

Adewale Adeyemo’s role in the Trans-Pacific Partnership negotiations and work at BlackRock could complicate his confirmation hearings.

#adeyemo-adewale, #appointments-and-executive-changes, #biden-joseph-r-jr, #blackrock-inc, #consumer-financial-protection-bureau, #obama-foundation, #regulation-and-deregulation-of-industry, #treasury-department, #united-states-politics-and-government

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