The Fed’s $4 Trillion Lifeline Never Materialized. Here’s Why.

The Federal Reserve was meant to take $454 billion and drastically expand it. So far, it has lent $20 billion.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-aid-us, #federal-budget-us, #federal-reserve-system, #house-of-representatives, #interest-rates, #local-government, #mnuchin-steven-t, #regulation-and-deregulation-of-industry, #senate, #stocks-and-bonds, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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U.S. Imposes Sanctions on Qaeda Financier Who Trades in Gems

The action shows that the U.S. government remains concerned about how extremist groups like Al Qaeda and the Islamic State continue to creatively raise and distribute money around the world.

#al-qaeda, #embargoes-and-sanctions, #finances, #islamic-state-in-iraq-and-syria-isis, #talib-ahmed-luqman, #terrorism, #treasury-department, #united-states-politics-and-government

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Senate Republicans Denounce White House’s Offer for Coronavirus Relief

Even as Democrats held out for more concessions over funding and provisions, it was the deep divisions among Republicans that were standing in the way.

#meadows-mark-r-1959, #mnuchin-steven-t, #pelosi-nancy, #treasury-department, #trump-donald-j

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Small-Business Loans Will Be Forgiven, but Don’t Ask How

Owners are flummoxed by how the loan forgiveness phase of the Paycheck Protection Program will work, as lenders await clarity and guidance.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #small-business, #small-business-administration, #treasury-department

0

Top China Critic Becomes Its Defender

Robert E. Lighthizer, President Trump’s trade negotiator, has cautioned against actions that could anger Beijing in an attempt to preserve the U.S.-China trade deal.

#china, #customs-tariff, #international-trade-and-world-market, #lighthizer-robert-e, #taiwan, #treasury-department, #trump-donald-j, #tsai-ing-wen, #united-states-international-relations

0

Airlines, Facing a Slow Recovery, Begin Furloughing Thousands

With few people traveling and lawmakers deadlocked on a stimulus package, American Airlines and United Airlines are cutting more than 30,000 jobs.

#airlines-and-airplanes, #american-airlines, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #delta-air-lines-inc, #law-and-legislation, #layoffs-and-job-reductions, #southwest-airlines-company, #stimulus-economic, #travel-and-vacations, #treasury-department, #united-airlines, #united-states, #united-states-economy, #united-states-politics-and-government

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Paying ransomware demands could land you in hot water with the feds

A stylized ransom note asks for bitcoin in exchange for stolen data.

(credit: Aurich Lawson)

Businesses, governments, and organizations that are hit by crippling ransomware attacks now have a new worry to contend with—big fines from the US Department of Treasury in the event that they pay to recover their data.

Treasury Department officials made that guidance official in an advisory published on Thursday. It warns that payments made to specific entities or to any entity in certain countries—specifically, those with a designated “sanctions nexus”—could subject the payer to financial penalties levied by the Office of Foreign Assets Control, or OFAC.

The prohibition applies not only to the group that is infected but also to any companies or contractors the hacked group’s security or insurance engages with, including those who provide insurance, digital forensics, and incident response, as well as all financial services that help facilitate or process ransom payments.

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#biz-it, #policy, #ransomware, #sanctions, #treasury-department

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Trump Administration Adds to American Travel Restrictions in Cuba

Among other measures, Americans will no longer be able to import Cuban cigars or stay in hotels owned by the Cuban government.

#cuba, #embargoes-and-sanctions, #florida, #presidential-election-of-2020, #treasury-department, #trump-donald-j, #united-states-international-relations

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Oracle’s TikTok non-acquisition seeks Treasury, White House approval

A smartphone against a colorful, out-of-focus background.

Enlarge / The TikTok logo displayed on a smartphone, with logo of parent company ByteDance in the background. (credit: Sheldon Coope | SOPA Images | LightRocket | Getty Images)

President Donald Trump spent several months pushing to have TikTok banned or sold to a US firm. He seems to have gotten his way, as Oracle confirmed it struck a deal with ByteDance over TikTok. That transaction, however, does not necessarily assuage the White House’s stated concerns with the popular video app—and the deal has a long way to go, in a short period of time, before it’s done.

The specific terms of the agreement have still not been made public. The arrangement is not the full sale that Trump was pushing for as recently as last Friday. China’s export ban on machine learning and artificial intelligence algorithms prevented that kind of direct acquisition.

Oracle has said very little about the transaction, which first leaked late on Sunday. Monday morning, the company confirmed it submitted a proposal to become ByteDance’s “trusted technology provider” to the Treasury Department for review over the weekend of September 12-13. Tuesday morning, it repeated the statement as part of a filing with the US Securities and Exchange Commission.

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#biz-it, #cfius, #department-of-the-treasury, #national-security, #oracle, #policy, #steve-mnuchin, #tiktok, #treasury, #treasury-department, #trump, #white-house

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Struggling Hotel Owners, Some With Trump Ties, Seek Federal Bailout

Hotel owners, who spent years loading up on a cheap type of debt, are now faced with the potential for default as the pandemic saps revenues.

#banking-and-financial-institutions, #barrack-thomas-j-jr, #bennett-monty-j, #coronavirus-aid-relief-and-economic-security-act-2020, #mnuchin-steven-t, #stimulus-economic, #treasury-department, #trump-donald-j

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TikTok’s Proposed Deal Seeks to Mollify U.S. and China

The Chinese-owned app designed a compromise to satisfy U.S. security concerns. The terms are now under review by the Trump administration.

#china, #computer-security, #computers-and-the-internet, #executive-orders-and-memorandums, #international-trade-and-world-market, #mergers-acquisitions-and-divestitures, #oracle-corporation, #social-media, #stocks-and-bonds, #tiktok-bytedance, #treasury-department, #united-states-international-relations, #united-states-politics-and-government

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Mnuchin Says Economy Is Recovering but ‘More Work’ Is Needed to Alleviate Pain

The Treasury secretary’s House testimony, combined with renewed stimulus discussions among Republicans, highlighted divisions over how big an economic package should be.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #house-of-representatives, #mnuchin-steven-t, #recession-and-depression, #senate, #small-business, #stimulus-economic, #treasury-department, #unemployment, #united-states-economy, #united-states-politics-and-government

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Steven Mnuchin Tried to Save the Economy. Not Even His Family Is Happy.

The coronavirus was an opportunity for the Treasury secretary to redefine his legacy, for better or worse.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #cramer-james-j, #dimon-james, #gingrich-newt, #milken-michael-r, #mnuchin-steven-t, #pelosi-nancy, #treasury-department, #trump-donald-j, #united-states-economy

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Spotting $62 Million in Alleged P.P.P. Fraud Was the Easy Part

Investigators have charged big spenders with cheating the Paycheck Protection Program for small businesses. But more fraud lies below the surface, and it’ll be harder to find.

#federal-aid-us, #frauds-and-swindling, #inspectors-general, #paycheck-protection-program, #small-business, #small-business-administration, #treasury-department

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White House Wants Companies to Foot Payroll Tax Bill for Workers

The Treasury Department has not been willing to issue guidance making it clear that companies will be on the hook for deferred taxes, further delaying crucial information for businesses.

#coronavirus-2019-ncov, #corporate-taxes, #executive-orders-and-memorandums, #federal-taxes-us, #payroll-tax, #taxation, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Will Trump’s Executive Directives Provide Relief?

Because Congress controls federal spending, at least some of the measures will almost certainly be challenged in court. Or they may become moot if Congress reaches a deal.

#coronavirus-aid-relief-and-economic-security-act-2020, #cuomo-andrew-m, #evictions, #executive-orders-and-memorandums, #federal-emergency-management-agency, #federal-taxes-us, #internal-revenue-service, #layoffs-and-job-reductions, #mnuchin-steven-t, #payroll-tax, #pelosi-nancy, #personal-finances, #states-us, #student-loans, #treasury-department, #trump-donald-j, #unemployment-insurance, #united-states-politics-and-government, #wages-and-salaries

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Administration Officials Defend Executive Action on Pandemic Relief

Democrats criticized President Trump’s directives and called on top administration officials to resume talks over a broader agreement.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #democratic-party, #executive-orders-and-memorandums, #federal-aid-us, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #kudlow-lawrence-a, #labor-and-jobs, #mnuchin-steven-t, #payroll-tax, #pelosi-nancy, #schumer-charles-e, #senate, #small-business, #stimulus-economic, #treasury-department, #trump-donald-j, #unemployment, #unemployment-insurance, #united-states-economy, #united-states-politics-and-government

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Oversight Member Blasts the Fed’s Efforts to Rescue Main Street

The Federal Reserve president leading the Main Street lending program testified before a congressional commission, as one member labeled it a “failure.”

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #mnuchin-steven-t, #powell-jerome-h, #ramamurti-bharat, #rosengren-eric-s, #small-business, #treasury-department, #united-states-economy

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Trump Administration Penalizes Chinese Officials for Hong Kong Crackdown

These are the first punishments levied against officials in China and Hong Kong for repressing pro-democracy protests in the region.

#china, #communist-party-of-china, #embargoes-and-sanctions, #hong-kong, #human-rights-and-human-rights-violations, #lam-carrie-1957, #mnuchin-steven-t, #treasury-department, #trump-donald-j, #united-states-international-relations, #xi-jinping

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Trump’s Syria Sanctions ‘Cannot Solve the Problem,’ Critics Say

Without a broader diplomatic effort, the newest and toughest penalties will worsen a humanitarian crisis without forcing a leadership change, experts say.

#assad-bashar-al, #coronavirus-2019-ncov, #embargoes-and-sanctions, #humanitarian-aid, #national-security-council, #norwegian-refugee-council, #office-of-foreign-assets-control-united-states-treasury, #pompeo-mike, #state-department, #syria, #treasury-department, #trump-donald-j, #united-nations, #united-states-international-relations

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Rescue of Troubled Trucking Company With White House Ties Draws Scrutiny

Members of a congressional oversight panel want to know how YRC Worldwide won a $700 million loan from the Treasury Department.

#apollo-global-management, #congressional-oversight-commission, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-department, #stimulus-economic, #treasury-department, #trucks-and-trucking, #united-states-economy, #united-states-politics-and-government

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Microsoft Says It’ll Continue Pursuit of TikTok

The announcement came as President Trump, who has threatened to ban the app, has expressed repeated concerns about TikTok and national security in recent weeks.

#china, #committee-on-foreign-investment-in-the-united-states-cfius, #social-media, #tiktok-bytedance, #treasury-department, #trump-donald-j, #united-states

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U.S. Small Business Bailout Money Flowed to Chinese-Owned Companies

Millions of dollars of Paycheck Protection Program loans went to China-backed businesses in critical sectors, a study found.

#china, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #corporations, #economic-conditions-and-trends, #embargoes-and-sanctions, #horizon-advisory, #law-and-legislation, #small-business, #social-media, #stimulus-economic, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

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A Hedge Fund Bailout Highlights How Regulators Ignored Big Risks

The Dodd-Frank financial law succeeded at making banks safer, but empowered shadowy corners of finance that nearly wrecked the system in March.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #dodd-frank-wall-street-reform-and-consumer-protection-act-2010, #federal-reserve-system, #financial-stability-oversight-council, #government-bonds, #hedge-funds, #mnuchin-steven-t, #prices-fares-fees-and-rates, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #stocks-and-bonds, #treasury-department, #united-states-economy, #united-states-politics-and-government

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Long-Planned and Bigger Than Thought: Strike on Iran’s Nuclear Program

Some officials say that a joint American-Israeli strategy is evolving — some might argue regressing — to a series of short-of-war clandestine strikes.

#biden-joseph-r-jr, #central-intelligence-agency, #cyberwarfare-and-defense, #defense-and-military-forces, #defense-department, #elections, #embargoes-and-sanctions, #esper-mark-t, #espionage-and-intelligence-services, #iran, #islamic-revolutionary-guards-corps, #joint-chiefs-of-staff, #mckenzie-kenneth-f, #milley-mark-a, #mossad, #netanyahu-benjamin, #nuclear-weapons, #pompeo-mike, #state-department, #terrorism, #treasury-department, #trump-donald-j, #united-states-international-relations, #united-states-navy

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Lobbyists, Law Firms and Trade Groups Took Small-Business Loans

The Trump administration began releasing details of which businesses received Paycheck Protection Program aid.

#coronavirus-aid-relief-and-economic-security-act-2020, #labor-and-jobs, #mnuchin-steven-t, #small-business, #small-business-administration, #treasury-department, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

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Congress Extends Small Business Loan Program for 5 Weeks

The House cleared the extension, which would give companies more time to apply for pandemic relief loans, sending it to the White House for President Trump’s signature.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #coronavirus-reopenings, #federal-aid-us, #house-of-representatives, #law-and-legislation, #mnuchin-steven-t, #shutdowns-institutional, #small-business, #small-business-administration, #treasury-department, #united-states-economy, #united-states-politics-and-government

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On North Korea and Iran, Bolton Blames ‘the Split Between Trump and Trump’

In his memoir, the hawkish national security adviser describes a president who simultaneously wanted to sound tough and strike a deal — any deal — that he could portray as a victory.

#bolton-john-r, #bush-george-w, #embargoes-and-sanctions, #iran, #khamenei-ali, #kim-jong-un, #kushner-jared, #macron-emmanuel-1977, #mnuchin-steven-t, #netanyahu-benjamin, #north-korea, #nuclear-weapons, #pompeo-mike, #state-department, #treasury-department, #trump-donald-j, #united-states-international-relations, #zarif-mohammad-javad

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Trump Administration’s Nominee for Development Bank Chief Breaks With Protocol

Mauricio J. Claver-Carone would be the first president of the Inter-American Development Bank from outside Latin America.

#appointments-and-executive-changes, #claver-carone-mauricio-j, #cuba, #embargoes-and-sanctions, #foreign-aid, #inter-american-development-bank, #latin-america, #mnuchin-steven-t, #moreno-luis-alberto, #national-security-council, #treasury-department, #trump-donald-j, #united-states-international-relations, #united-states-politics-and-government, #venezuela

0

Victor in Syria’s War, Bashar al-Assad Faces Economic Meltdown

As Syria’s economy implodes and its currency collapses, President Bashar al-Assad faces threats he cannot bomb his way out of.

#assad-bashar-al, #assets-frozen, #damascus-syria, #defense-and-military-forces, #economic-conditions-and-trends, #embargoes-and-sanctions, #politics-and-government, #syria, #treasury-department, #united-states-international-relations

0

Senate Confirms Inspector General to Oversee Virus Bailout Funds

Brian D. Miller, the White House lawyer tapped to oversee the Treasury Department’s $500 billion fund, has said he would not be influenced by political pressure.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #inspectors-general, #miller-brian-d, #senate, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

Don’t Bar Ex-Offenders From Coronavirus Aid Funds

The Trump administration unilaterally excluded those with criminal records from loan programs. The decision should be reversed.

#brennan-center-for-justice, #coronavirus-2019-ncov, #criminal-justice, #mnuchin-steven-t, #prisons-and-prisoners, #small-business, #small-business-administration, #treasury-department, #trump-donald-j

0

A Senate Recess Can Wait. Americans Need Help Now.

Facing a calamity on par with the Great Depression, the Senate decides to take a vacation.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #infrastructure-public-works, #mcconnell-mitch, #treasury-department, #trump-donald-j, #united-states-politics-and-government

0

Employers Can Let Workers Change Health Plans Without Waiting

The I.R.S. is giving companies flexibility to allow those decisions, and on pretax accounts for medical expenses and child care, outside an enrollment period.

#coronavirus-2019-ncov, #health-insurance-and-managed-care, #internal-revenue-service, #treasury-department

0

Small Businesses Counting on Loan Forgiveness Could Be Stuck With Debt

Business owners who took out loans under the Paycheck Protection Program thought converting them to grants would be easy. It’s not.

#coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #economic-conditions-and-trends, #independent-community-bankers-of-america, #shutdowns-institutional, #small-business, #small-business-administration, #treasury-department, #united-states-economy, #wages-and-salaries

0

The Coronavirus Stimulus Package Is a Mess

Congress gets an A+ for speed but a B- for quality.

#airlines-and-airplanes, #rescues, #treasury-department, #united-states-economy, #united-states-politics-and-government

0

Officials Say Limits on Virus Relief Funds for States Are Too Tight

Lawmakers and other officials are seeking more flexibility in spending federal emergency aid even as Republicans resist allocating more dollars.

#brown-sherrod, #coronavirus-2019-ncov, #democratic-party, #epidemics, #federal-aid-us, #house-of-representatives, #local-government, #mcconnell-mitch, #mnuchin-steven-t, #republican-party, #senate, #states-us, #treasury-department, #united-states-politics-and-government

0

Small-Business Loan Program, Chaotic From Start, Gets 2nd Round

The Paycheck Protection Program distributed $349 billion in less than two weeks, but lenders and borrowers confronted confusion at every step.

#bancfirst-corporation, #banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #independent-community-bankers-of-america, #labor-and-jobs, #layoffs-and-job-reductions, #mnuchin-steven-t, #pomeroy-naomi-1974, #small-business, #small-business-administration, #treasury-department, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries

0

Paul O’Neill, Treasury Secretary Who Clashed With Bush, Dies at 84

He was “fearless,” a former colleague said, in pressing ideas based on facts and evidence. His independence cost him his job.

#alcoa-inc, #bush-george-w, #deaths-obituaries, #oneill-paul-h, #treasury-department, #united-states-politics-and-government

0

One Person is Overseeing Congress’s Bailout Loans. He Wants Answers.

The Fed has authority to make trillions of dollars in loans. Concern is growing that taxpayers will be in the dark about how the money is being disbursed.

#congressional-oversight-commission, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #inspectors-general, #mnuchin-steven-t, #powell-jerome-h, #ramamurti-bharat, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

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Bringing the Economy Back to Life

A former Treasury secretary argues that Congress should act now to help small businesses and poor urban neighborhoods while committing to future fiscal repair.

#coronavirus-aid-relief-and-economic-security-act-2020, #treasury-department, #united-states-economy, #united-states-politics-and-government

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The Coronavirus Stimulus Money Is Needed Now. Stop Dawdling.

An antiquated financial system is slowing distribution of federal stimulus to families. Policymakers are making things worse.

#banking-and-financial-institutions, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-reserve-system, #treasury-department, #trump-donald-j, #united-states-economy

0

Small-Business Aid Funds Run Dry as Program Fails to Reach Hardest Hit

Lawmakers remain at odds on how to replenish a lending program meant to help companies and workers weather the coronavirus pandemic.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #house-of-representatives, #mcconnell-mitch, #mnuchin-steven-t, #schumer-charles-e, #senate, #small-business, #small-business-administration, #treasury-department, #united-states-economy

0

Stimulus Checks Will Carry Trump’s Signature

The decision to have President Trump’s name appear on the checks is a break in protocol.

#banking-and-financial-institutions, #internal-revenue-service, #mnuchin-steven-t, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government

0

Stalemate Over Small-Business Aid Deepens as Officials Warn of Funding Lapse

It is unclear if lawmakers will be able to reach a consensus this week even as the Trump administration says the program could run out of funds as early as Friday.

#coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #house-of-representatives, #pelosi-nancy, #schumer-charles-e, #senate, #small-business, #stimulus-economic, #treasury-department, #united-states-economy, #united-states-politics-and-government

0

The Coronavirus Stimulus Money Needs Oversight

Rigorous watchdogs can ensure that vast amounts of taxpayer money aren’t lost to fraud or handed out as political favors.

#appointments-and-executive-changes, #congressional-oversight-panel, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #inspectors-general, #miller-brian-d, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

Boeing’s Problems Predate the Virus. Should the U.S. Come to Its Rescue?

The nation’s largest aerospace company is in discussions about three different federal aid programs amid confusion created by its new chief executive about its intentions.

#airlines-and-airplanes, #boeing-737-max-groundings-and-safety-concerns-2019, #boeing-company, #calhoun-david-l, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-contracts, #federal-aid-us, #law-and-legislation, #lobbying-and-lobbyists, #mnuchin-steven-t, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

How the Fed’s Magic Money Machine Will Turn $454 Billion Into $4 Trillion

The central bank takes Treasury Department loan guarantees and uses them to stand up huge programs. Here’s how that works.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #law-and-legislation, #quarantines, #stocks-and-bonds, #treasury-department, #united-states-economy

0

Congress and White House Strike Deal for $2 Trillion Stimulus Package

The plan would provide direct payments to taxpayers, jobless benefits and a $500 billion fund to assist distressed businesses, with oversight requirements demanded by Democrats.

#coronavirus-2019-ncov, #democratic-party, #mcconnell-mitch, #mnuchin-steven-t, #republican-party, #schumer-charles-e, #senate, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

0

Economic Stimulus Is the Wrong Prescription

We need liquidity to help businesses and individuals get through this necessarily tough time.

#coronavirus-2019-ncov, #recession-and-depression, #treasury-department, #united-states-economy

0