Category: US
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Biden-Harris Administration Announces $3 Billion in Funding to Electrify Ports and Reduce Emissions from Heavy-Duty Vehicles
The Biden-Harris Administration has announced investments of $3 billion to fund zero-emission port equipment and technology and to help ports develop climate action plans, with another $1 billion to reduce emissions from heavy-duty commercial vehicles, including those that travel in and out of ports. These investments are part of President Biden’s Investing in America agenda…
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NATO allies and partners to showcase strength in biennial ‘Formidable Shield’ exercise
The NATO alliance is preparing to kick off its biennial Exercise Formidable Shield 2023 on May 8, which is expected to involve 13 NATO allied and partner nations, more than 20 ships, and 35 aircraft, including the F-35. The exercise will showcase the alliance’s strength and commitment to the defense of Europe and involve live-fire…
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Treasury and IRS unveil 10-year plan to provide world-class service and reduce deficit by hundreds of billions
The U.S. Treasury Department and IRS have released a comprehensive Strategic Operating Plan to transform the IRS and provide world-class customer service, while reducing the deficit by hundreds of billions. The plan includes five objectives, including improving taxpayer services, quick resolution of taxpayer issues, expanded enforcement on high earners, modernizing technology, and developing a skilled…
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Secretary of the Treasury Janet Yellen to Attend G7 Meetings in Japan, Focusing on Global Economic Resilience and Addressing Shared Challenges
US Secretary of the Treasury Janet Yellen is set to attend the G7 Finance Ministers and Central Bank Governors Meeting in Niigata, Japan. She will work with leaders from the world’s largest economies to address challenges such as Russia’s illegal war in Ukraine, deepen resilient supply chains, and advance collective economic security. Yellen will hold…
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Federal Reserve Raises Interest Rates Amid Moderate Economic Growth and Elevated Inflation
The Federal Reserve has issued a statement from its FOMC meeting, stating that economic activity has expanded modestly in the first quarter, job gains have been strong, and inflation remains high. The Committee seeks to achieve maximum employment and inflation at a rate of 2%, which led to its decision to raise the target range…
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Biden-Harris Administration’s State Small Business Credit Initiative Supports Small Manufacturing Businesses Across the US: New Report Highlights Impact
The Biden-Harris Administration has released a report highlighting the State Small Business Credit Initiative’s support for small manufacturing businesses across the US, particularly in expanding access to capital. The Treasury Department’s SSBCI program is providing nearly $10 billion to states, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally…
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DOD announces $300 million security assistance package for Ukraine in face of Russian aggression
The Defense Department has announced a new security assistance package for Ukraine worth up to $300 million, containing ammunition and weapons to arm Ukrainian forces against Russia’s aggression. This marks the 37th drawdown of DOD equipment for Ukraine since August 2021, and reflects the Biden administration’s pledge of enduring support for Ukraine in the face…
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Vice President Harris urges private sector responsibility in advancing AI innovation
Vice President Harris emphasizes the potential benefits and risks of generative AI and stresses the importance of government and private companies working together to tackle these challenges. She highlights her past work in protecting consumers from technology-related risks and calls on companies to ensure the safety and security of their AI products. Harris expresses her…
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Defense Department Aims to Enhance Cybersecurity with New Technologies and Restructuring
The Defense Information Systems Agency and the Department of Defense Information Network are restructuring and exploring the use of new technologies like AI and zero-trust assets to improve network security and protect against threats, particularly from China. The DODIN is a critical platform for all military operations in the cyber domain, and its tasks include…
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White House Report Card Shows Record Small Business Formation Under Biden Administration
The Biden-Harris Administration has released a report card that highlights a record high in new business formation and job creation among small businesses since the implementation of the President’s small business agenda. The report details the administration’s efforts to support small businesses, such as the distribution of pandemic assistance, expanding access to capital, and utilizing…
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US Treasury imposes record $508 million fine on British American Tobacco for violating North Korea and WMD sanctions
The US Treasury’s Office of Foreign Assets Control (OFAC) announced a $508 million settlement agreement with British American Tobacco p.l.c. (BAT), which is the largest ever with a non-financial institution. This settlement resolved BAT’s apparent violations of US sanctions on North Korea and proliferators of weapons of mass destruction. OFAC’s investigation found that BAT engaged…
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Foreign Holdings of U.S. Securities Decline to $24.9 Trillion in 2022: Treasury Report
US Treasury releases data on foreign holdings of US securities as of June 2022, showing a decrease to $24,893bn from $27,189bn in June 2021. The decline was mainly driven by a decrease in foreign holdings of US long-term debt securities, partially offset by an increase in holdings of US equities. Japan and the UK continued…
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DOD and Private Sector Develop Wearable Technology for Early Disease Detection
The Defense Innovation Unit (DIU) in partnership with private sector has developed a wearable device that uses artificial intelligence and off-the-shelf wearables to predict infectious diseases up to 48 hours before symptoms appear. The project, called Rapid Assessment of Threat Exposure (RATE), was initially started with the Defense Threat Reduction Agency in 2020 to identify…
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DOD Officials testify on Russia’s Invasion of Ukraine and NATO’s Defense Efforts
DOD officials testify to House Armed Services Committee on efforts to support Ukraine and defend NATO amidst Russia’s unprovoked invasion, highlighting the strengthening of bonds in Europe and the North Atlantic Treaty Organization as a result. The United States has committed over $36 billion in security assistance to Ukraine, with allies and partners contributing over…
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US Treasury Department Releases Strategy to Combat De-Risking by Financial Institutions
The US Treasury Department has released the 2023 De-Risking Strategy, which examines the issue of financial institutions indiscriminately terminating or restricting business relationships with certain categories of customers, and proposes policy options to combat it. The strategy found that profitability is the primary factor in these de-risking decisions, but highlights other factors such as reputational…
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U.S. Treasury Secretary Yellen Highlights Global Priorities at IMF-World Bank Spring Meetings: Debt Overhang, Ukraine, and Multilateral Development Banks in Focus
In her remarks at the 2023 IMF-World Bank Annual Spring Meetings, U.S. Secretary of the Treasury Janet L. Yellen outlined key priorities for the week. She discussed the global macroeconomy, noting that progress has been made with stabilizing commodity prices and easing supply chain pressures, but downside risks remain, including the ongoing consequences of Russia’s…
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DoD’s Software Modernization Plan: Accelerating Cloud Adoption and Establishing a Software Factory Ecosystem
The DoD Software Modernization Strategy calls for bold leadership and transformation of technology, process, and people to deliver resilient software capability at the speed of relevance. The DoD Software Modernization Implementation Plan is the follow-on call to action, aiming to establish capabilities that simplify software delivery mechanics and prioritize tasks for FY23-24. The plan includes…
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Defense Finance Study Reveals Industry Health, Highlights Challenges for Subcontractors and Small Businesses
The Department of Defense (DoD) recently conducted a comprehensive Finance Study to assess the financial performance of the defense industry. The study found that the defense industry is financially healthy and has shown improvement over time. The DoD environment offers advantages to traditional major defense contractors, including favorable cash flow through contract financing policies. However,…
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Pennsylvania Receives $200 Million for High-Speed Internet Projects under American Rescue Plan’s Capital Projects Fund
The US Treasury has approved $200 million for high-speed internet projects in Pennsylvania under President Biden’s American Rescue Plan. The state plans to connect around 44,000 homes and businesses to affordable, high-speed internet as part of Biden’s goal to provide reliable broadband infrastructure for everyone in America. The Capital Projects Fund (CPF) provides $10 billion…
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US Department of Defense Delivers First SHIP Prototype Devices to BAE Systems
The US Department of Defense (DoD) marked a milestone achievement for the State-of-the-Art (SOTA) Heterogeneous Integrated Packaging (SHIP) Program by delivering the first SHIP prototype devices. BAE Systems, Inc., the lead demonstrator, received the first two prototypes, which were Intel’s Multi-Chip Package for SHIP Digital and Qorvo’s Multi-Chip Module for SHIP Radio Frequency. The SHIP…