Category: US
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Treasury Department’s Janis Bowdler Highlights Equity-Focused Housing Programs at National Fair Housing Alliance Conference
Treasury Department’s Counselor for Racial Equity, Janis Bowdler, delivered a powerful speech at the National Fair Housing Alliance’s 2023 National Conference, emphasizing the importance of equity in housing programs. In her remarks, she highlighted the Biden-Harris Administration’s commitment to addressing racial disparities and promoting financial security for all Americans. Bowdler acknowledged the longstanding partnership between…
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Secretary of the Treasury Janet Yellen Outlines Priorities at Press Conference in India
Yellen emphasizes debt distress, multilateral development bank evolution, support for Ukraine, and global tax deal Gandhinagar, India – In a press conference held in Gandhinagar, India, Secretary of the Treasury Janet L. Yellen outlined the key priorities for the United States during her visit. Yellen expressed her gratitude to Finance Minister Sitharaman and the Indian…
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Met Office Supports BAE Systems Prismatic’s Successful High-Altitude Flight
The Met Office, renowned for its expertise in meteorology, has played a crucial role in supporting the successful flight of BAE Systems Prismatic’s PHASA-35 high altitude Uncrewed Air System. The PHASA-35 platform, weighing only 150kg and boasting a wingspan equivalent to a Boeing 737, is designed to provide an ultra-lightweight, persistent platform for various applications,…
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U.S. Treasury Secretary Janet L. Yellen to Visit India and Vietnam
U.S. Treasury Secretary Janet L. Yellen will embark on a trip to Gandhinagar, India, and Hanoi, Vietnam, from July 13-21. The visit will include participation in the G20 Finance Ministers and Central Bank Governors meetings as well as bilateral engagements in both countries. At the G20 meetings, Secretary Yellen will continue to advocate for the…
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Treasury Department Announces Andrea Gacki as New FinCEN Director
Secretary of the Treasury, Janet L. Yellen, has named Andrea Gacki as the new Director of the Financial Crimes Enforcement Network (FinCEN) at the Treasury Department. Currently serving as the Director of the Office of Foreign Assets Control (OFAC) at the Treasury Department, Gacki has played a crucial role in implementing and enforcing economic sanctions…
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SEC Awards Whistleblower Over $9 Million for Assisting Successful Enforcement Action
The Securities and Exchange Commission (SEC) has announced that it will award more than $9 million to a whistleblower whose substantial information and assistance led to a successful enforcement action. The whistleblower’s repeated internal reporting of concerns and subsequent alert to the SEC’s Enforcement Division prompted an investigation into the misconduct. The whistleblower’s ongoing cooperation…
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Treasury Department Awards $73 Million to Tribal Governments for Small Businesses as part of Biden Administration’s Investing in America Agenda
The U.S. Department of the Treasury has announced the approval of plans to allocate up to $73 million in funding to 39 Tribal governments under the American Rescue Plan’s State Small Business Credit Initiative (SSBCI). This significant investment, part of President Biden’s Investing in America agenda, represents the largest and most expansive one-time funding for…
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US Treasury Secretary Yellen and Chinese Vice Premier He Lifeng Discuss Bilateral Economic Relations and Global Challenges
In a significant meeting between high-ranking officials, Secretary of the Treasury Janet L. Yellen addressed Vice Premier He Lifeng of the People’s Republic of China in Beijing. The purpose of the meeting was to strengthen communication and collaboration on macroeconomic and financial stability, following the guidance set by Presidents Biden and Xi during their first…
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US Treasury Secretary Yellen and Chinese Vice Premier He Lifeng Discuss Economic Engagement and Cooperation
In a significant development, Secretary of the Treasury Janet L. Yellen held a productive meeting and dinner with Vice Premier He Lifeng of the People’s Republic of China in Beijing. The aim was to strengthen the engagement between key senior officials on macroeconomic issues, in line with the guidance from President Biden and President Xi.…
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US-Israeli Meeting at the Pentagon: Reaffirming Strategic Partnership and Regional Cooperation
In a crucial meeting at the Pentagon, Under Secretary of Defense for Policy Dr. Colin Kahl held discussions with Israeli Ministry of Defense Political-Military Bureau Director Dror Shalom on June 28. The meeting highlighted the strong strategic partnership between the United States and Israel, focusing on deepening cooperation to address regional threats and challenges. Under…
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US Milley Makes Case for Rules-Based Order, Deterrence in New Era
On June 30, 2023, Army Gen. Mark A. Milley, the chairman of the Joint Chiefs of Staff, addressed the importance of the international rules-based order and the strategy of deterrence at the National Press Club. He emphasized that these principles are not abstract concepts but the foundation for global peace, deserving of staunch defense. During…
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U.S. Department of Defense: No Changes in Russian, U.S. Strategic Posture After Wagner Security Situation
On June 29, 2023, the U.S. Department of Defense (DOD) stated that there have been no alterations to the strategic posture between Russia and the United States following the recent comments made by Yevgeny Prigozhin, the chief of the Russian private military company known as the Wagner Group. In a social media video, Prigozhin’s remarks…
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Treasury Long-Term Average Rate and Extrapolation Factors Update
The U.S. Department of the Treasury has announced changes to the Treasury Long-Term Average Rate and Extrapolation Factors, impacting how the 30-year constant maturity series is computed. These changes were implemented on June 30, 2023. Since February 18, 2002, the Treasury had ceased publication of the 30-year constant maturity series, introducing instead the “LT>25” (Long-Term…
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US Credit Suisse AG, New York Branch Removed from List of Primary Dealers
New York City, June 29, 2023 – In a significant development in the US financial landscape, Credit Suisse AG, New York Branch, one of the esteemed primary dealers, will be removed from the list of primary dealers effective June 30. Primary Dealers’ Role in Monetary Policy and Treasury Auctions: As primary dealers, financial institutions play…
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US Treasury Secretary Janet L. Yellen Delivers Remarks at PosiGen in New Orleans, Louisiana
In a historic moment, U.S. Treasury Secretary Janet L. Yellen spoke at PosiGen in New Orleans, Louisiana, today, highlighting the Biden Administration’s economic agenda and its profound impact on American families and businesses. This marked her visit to Louisiana, emphasizing the region’s energy and dynamism in the context of the nation’s economic future. Secretary Yellen…
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US Agencies Finalize Policy Statement on Commercial Real Estate Loan Accommodations and Workouts
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency have jointly issued a final policy statement on commercial real estate loan accommodations and workouts. This collaborative effort comes as part of their ongoing commitment to promoting…
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Responsive and Responsible Bank Regulation and Supervision Discussed by Governor Michelle W. Bowman
Salzburg, Austria – In a speech delivered at the Salzburg Global Seminar on Global Turbulence and Financial Resilience, Governor Michelle W. Bowman emphasized the need for a responsive and responsible regulatory framework in the United States. As regulators evaluate the effectiveness of reforms implemented after the 2008 financial crisis, Bowman highlighted the importance of adapting…
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Joint Press Release: Federal Bank Regulatory Agencies Release 2023 List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, have announced the release of the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. As part of the Community Reinvestment Act (CRA), banks are encouraged to…
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US Biden-Harris Administration Unveils Plan to Strengthen Semiconductor Supply Chains, Invigorating the CHIPS for America Initiative
In a significant move to fortify the semiconductor supply chains, the Biden-Harris Administration has presented its strategic vision under the CHIPS for America initiative. The U.S. Department of Commerce has outlined a comprehensive plan to strengthen and enhance the semiconductor industry, with a particular focus on investments and incentives. This announcement comes as part of…
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US Federal Reserve Board Terminates Enforcement Actions with Commerzbank AG, Frankfurt am Main and Commerzbank AG New York Branch
The US Federal Reserve Board has officially announced the termination of enforcement actions with Commerzbank AG, headquartered in Frankfurt am Main, Germany, and Commerzbank AG New York Branch, located in New York, New York. These actions were previously put in place to address specific concerns and regulatory issues. The Written Agreement between the Federal Reserve…