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The Latest Breaking News from Janet Yellen

New IRS leader promises faster, easier tax filing process

The Internal Revenue Service’s new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide “real-world improvements” to taxpayers

The Independent UK

Yellen says OPEC+ cut ‘unconstructive’ as world fights inflation

U.S. Treasury Secretary Janet Yellen criticized the decision by OPEC+ oil producers over the weekend to cut output, saying it was “unconstructive” and would add to the uncertainty overhanging global growth.

Tribune News Service

Mercury Takes Aim At Replacing Silicon Valley Bank As Tech Hubs Go-To Bank And Lender

Silicon Valley Bank’s collapse has paved the way for other banking institutions to step up and meet demand for venture debt

Zenger

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Intensity and insults rise as lawmakers debate debt ceiling

This year’s debt ceiling debate has a different feel to it for some lawmakers

The Independent UK

Social Security is now expected to run short of cash by 2033

Policymakers will need to patch the Social Security program by 2033 to avoid draconian cuts in benefits, a year earlier than had been predicted. A trust fund for Medicare will run out of cash by 2031.

WEKU

How a little-known agency holds power over TikTok's future

Under pressure from the U.S. government, TikTok is now facing the music with the possibility of a nationwide ban if it defies a government order to sell to an American company — unless the popular social media app can convince a high-powered panel that its data security restructuring plan sufficiently…

The Independent UK

ASX breaks seven-week losing streak on the back of stable commodity prices, builders Lloyd Group and Porter Davis collapse — as it happened

The ASX is on track to finish the day's trade with its first weekly gain in seven weeks as stable commodity prices bolster mining stocks. Look back on the day's events as they happened with our blog.

ABC News

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Janet Yellen says the Trump administration 'decimated' the Treasury's financial stability department and she's focused on repairing the 'cracks'

Yellen claimed many teams responsible for banking regulation were either drastically cut or completely eliminated before her tenure, and she’s had to “rebuild the financial stability infrastructure.”

Fortune

US sanctions man accused of arms deal with North Korea and Russia

US says Russia has turned to countries like North Korea to replenish arms supplies depleted in its war with Ukraine.

Al Jazeera

Yellen seeking more regulation in aftermath of bank collapse

Weeks after the failure of two banks, Treasury Secretary Janet Yellen is planning to call Thursday for tighter financial regulations

The Independent UK

US aims to counter China's influence in global institutions, Yellen says

The United States is working hard to counter China's influence in international institutions and in lending to developing countries, U.S. Treasury Secretary Janet Yellen said on Wednesday.

Reuters

Exclusive: Biden's World Bank pick sets ambitious course

Ajay Banga: World Bank should focus on both poverty and climate change.

Axios

Banking System Is Sound, Regulators Say In The Face Of Flurry Of Questions From Senate Banking Committee

Regulators faced the U.S. Senate Committee in the collapse of Silicon Valley Bank and Signature Bank as the banks to address risk

Zenger

US makes corporate transparency commitment with 20 nations

Treasury Secretary Janet Yellen will announce America’s commitment to enhancing corporate transparency along with some 20 other countries at the Summit for Democracy

The Independent UK

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Zenger

Janet Yellen’s Comments Fail To Calm Investors As First Republic Stock Remains Volatile

Growing concerns about the safety of bank deposits have prompted investors to approach community and regional banks with caution

The Independent UK

AP News Digest 3:25 a.m.

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan.

The Times of India

Joe Biden: US banks are in good shape, turmoil will ease

OTTAWA: President Joe Biden said he was confident US regional banks were in good shape and didn’t forsee any major crises on the horizon, downplaying Wall Street angst and lingering fears of broader financial turmoil.

The Independent UK

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis

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Tribune News Service

Biden says US banks are in good shape, turmoil will ease

WASHINGTON — President Joe Biden said he was confident U.S. regional banks were in good shape and didn’t foresee any major crises on the horizon, downplaying Wall Street angst and lingering fears of broader financial turmoil.

The New Daily

Wall Street falls as bank contagion fears flare up

US stocks have opened on the slide with fears of a liquidity crisis in the banking sector weighing heavily on investors' minds.

Barchart

S&P Futures Plunge As Banking Sector Concerns Weigh On Sentiment

June S&P 500 futures (ESM23) are trending down -0.71% this morning after three major U.S. benchmark indices closed higher in a volatile trading session on Thursday as market participants weighed the future path of interest rates and digested U.S. Treasury Secretary Janet Yellen’s remarks on banks.

Los Angeles Times

Commentary: The Fed just raised interest rates. Does that mean there is no banking crisis?

Do we have a banking crisis in the United States or don’t we?

Reuters

Yellen: Iran's actions not impacted by sanctions to the extent US would like

Treasury Secretary Janet Yellen said on Thursday the United States was looking at ways to strengthen its sanctions against Iran, but acknowledged the sanctions had not resulted in the behavioral or policy changes Washington desires from Tehran.

Fortune

U.S. Banks are sitting on $1.7 trillion in unrealized losses, research says. That's not a problem—until it is

"As long as people aren't all coming in at the same time and demanding that their deposits back, you're okay, but that's exactly what's been happening," Prof. Stephan Weiler told Fortune. "So the chances of facing those unrealized losses are going up."

Bangkok Post

SET upbeat after Fed hikes rates

The Thai stock market traded higher on Thursday, bucking overnight drops on Wall Street as most regional bourses were sanguine following Federal Reserve hints that further tightening is possible, while Treasury Secretary Janet Yellen said there is no plan for "blanket" deposit insurance.

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