Category: US
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Chair Jerome H. Powell Presents Semiannual Monetary Policy Report to Congress
Washington, D.C. – In a testimony before the Committee on Financial Services, U.S. House of Representatives, Federal Reserve Chair Jerome H. Powell presented the Federal Reserve’s semiannual Monetary Policy Report. The testimony focused on the current economic situation, outlook, and the Federal Reserve’s approach to monetary policy. Chairman Powell emphasized the Federal Reserve’s commitment to…
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NATO and Ukraine Establishing New NATO-Ukraine Defense Council
NATO Secretary General Jens Stoltenberg announced today in Brussels that Ukraine will be invited as an equal member to join the newly formed NATO-Ukraine defense council. Stoltenberg revealed that further details about the council’s structure and objectives will be unveiled next month at NATO’s summit in Vilnius, Lithuania. During the meeting, NATO leaders reached an…
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U.S.-India Forge Stronger Defense Partnership, Expanding Cooperation in Strategic Technologies and Military Exercises
The United States and India have reached a significant milestone in their defense partnership, marking a transformative moment in their relationship, according to a senior Defense Department official at the Pentagon today. Highlighting the collaboration between the world’s largest democracies, the official stated, “The synergy between our innovative workers and companies working closely together on…
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Federal Agencies Seek Public Input on Proposed Guidance for Residential Real Estate Valuations
The Board of Governors of the Federal Reserve System, along with the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, have jointly released a request for public comment on proposed guidance regarding reconsiderations of value (ROV) for residential real estate…
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US Department of Defense Allocates $2.1 Billion Aid Package to Support Ukraine’s Defense Efforts
In a significant move to counter Russia’s ongoing aggression, the US Department of Defense (DOD) has announced a comprehensive assistance package worth $2.1 billion to bolster Ukraine’s security capabilities. The package includes vital air defense systems and ammunition to fortify Ukraine’s defenses and deter further aggression from Russia. Underlining the steadfast commitment of the United…
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Federal Bank Regulatory Agencies Issue Final Guidance on Third-Party Risk Management
Washington, D.C., June 6, 2023 – Today, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly released final guidance aimed at assisting banking organizations in effectively managing risks associated with third-party relationships, including those with financial technology (fintech)…
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Treasury and IRS Unveil Strategic Plan to Enhance Service and Reduce Deficit by Billions
The U.S. Treasury Department and Internal Revenue Service (IRS) have released the Strategic Operating Plan, outlining their vision to revamp the IRS using resources from the Inflation Reduction Act. This comprehensive plan aims to provide exceptional customer service to taxpayers while simultaneously reducing the deficit by hundreds of billions of dollars. The focus will be…
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Austin Asserts U.S. Commitment to Open Indo-Pacific Amid China’s Challenges
Secretary of Defense Lloyd J. Austin III reaffirmed the United States’ dedication to promoting a free and open Indo-Pacific region while addressing regional allies in Singapore. Despite the challenges posed by China, Austin emphasized that the U.S. military’s top priority remains the Indo-Pacific. “Our budget request is directly aligned with our strategy, demonstrating our continued…
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Governor Christopher J. Waller Weighs Options for Monetary Policy Decision Amid Uncertain Economic Outlook
In a virtual address at the 2023 Santa Barbara County Economic Summit, Governor Christopher J. Waller of the Federal Reserve discussed the current state of the U.S. economy and the factors influencing his policy views. With the next meeting of the Federal Open Market Committee (FOMC) approaching, Governor Waller highlighted the need for further data…
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United States Stresses Support for Ukraine and Expands EBRD’s Global Role at 32nd Annual Meeting
Summary for the United States by Andy Baukol at the 32nd Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development: The United States expresses gratitude to Uzbekistan for hosting the meeting and emphasizes the importance of the EBRD’s mission in the current global context. Two significant decisions are poised…
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U.S. Launches Over 300 Sanctions, Targeting Russia’s Circumvention and Evasion Tactics, Military-Industrial Supply Chains, and Future Energy Revenues
The United States, in coordination with the G7 and other international partners, has announced over 300 sanctions and restrictive economic measures targeting Russia. These actions are aimed at degrading Russia’s capacity to wage war against Ukraine. The sanctions are implemented by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and focus…
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U.S. Official Calls for Deterrence against Russia in the Black Sea Region
Mara Karlin, Assistant Secretary of Defense for Strategy, Plans, and Capabilities, emphasized the critical importance of the Black Sea region and the challenges it faces during her address at the Black Sea and Balkans Security Forum in Bucharest, Romania. Highlighting its geostrategic significance as a vital link between Europe, the Middle East, and beyond, Karlin…
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Treasury Department Reports Successful Results of Price Cap on Russian Oil after One Year
The U.S. Department of the Treasury has released a progress report highlighting the success of the price cap on Russian oil in achieving its objectives. The price cap, endorsed by G7 leaders led by President Biden, aims to reduce Russia’s revenue while maintaining stability in the global energy market. The report shows a significant decline…
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Defense Secretary Austin Stresses Increased Funding, Collaboration, and Timely Budget for Successful Competition with China
Defense Secretary Lloyd J. Austin III emphasized the need for a comprehensive strategy to outpace the People’s Republic of China (PRC) and maintain a competitive edge. The Department of Defense is requesting a 40% higher budget for the Pacific Deterrence Initiative (PDI) to bolster force posture in the Pacific and develop innovative operational concepts. Collaboration…
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Technology Readiness Experimentation 2023 Showcases Cutting-Edge Military Innovations, Accelerating Joint Innovation and Strengthening Defense Capabilities
The Department of Defense and the Indiana National Guard will host the Technology Readiness Experimentation 2023 (TREX23-1) showcase, where cutting-edge military technologies will be on display. TREX is part of the Rapid Defense Experimentation Reserve (RDER) initiative, aiming to accelerate the transition of innovative prototypes to the field. This full-scale exercise will feature tactical scenario…
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EU and India Launch Trade and Technology Council to Deepen Strategic Partnership
The European Union (EU) and India have held their first ministerial meeting of the Trade and Technology Council (TTC) to deepen the strategic partnership on trade and technology. The TTC is an important platform that will address key trade, trusted technology, and security challenges between the two countries. The meeting was co-chaired by Executive Vice-Presidents…
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Ukrainian Tank Crews and Maintainers to Train on U.S. M1 Abrams in Germany Amid Rising Tensions with Russia
In preparation for the ongoing conflict with Russia, the United States has sent 31 M1 Abrams training tanks to Grafenwoehr, Germany, for Ukrainian tank crews and maintainers to begin training on. The aim is to prepare them for their critical roles in operating the tanks effectively and defending the Ukrainian people. The training program is…
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Biden-Harris Administration Announces New Actions and Investments to Lower Energy Costs and Make Homes More Energy Efficient
On May 11, the Biden-Harris Administration announced new actions and investments from the Department of Housing and Urban Development to lower energy costs and make homes more energy-efficient and climate-resilient for hard-working families. The new measures are part of President Biden’s Investing in America agenda to incorporate climate risk and mitigation into federally-supported housing. The…
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Treasury Secretary Yellen Urges Congress to Address Debt Limit and Discusses G7 Priorities at Press Conference in Japan
US Treasury Secretary Janet Yellen has issued a warning of the potentially catastrophic effects of the US failing to address the debt limit, speaking at a press conference in Niigata, Japan on May 11th. She stated that the US government could be unable to meet its financial obligations by as early as June 1st if…
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Polish-U.S. Defense Leaders Look to Further Crucial Partnership
During a meeting at the Pentagon on May 5, 2023, Secretary of Defense Lloyd J. Austin III and Polish Defense Minister Mariusz Blaszczak discussed the situation in Ukraine and ways to strengthen interoperability between the United States and Poland. The two leaders signed the Reciprocal Defense Procurement Agreement, which will deepen the partnership between the…