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The Latest Breaking News from Michael Faulkender

US blocks money transfers by 3 Mexico-based financial institutions accused of aiding cartels

The U.S. Treasury Department has slapped sanctions on three financial institutions in Mexico it says were used to launder millions of dollars for cartels, in a move officials say would block certain money transfers between them and American financial institutions

The Independent UK

Musk-Appointed IRS Leader Doesn't Last a Week After Treasury Secretary Claims He Was Instated Without His Approval: Report

The IRS went through another leadership shuffle on Friday with Trump replacing Musk-appointed acting commissioner Gary Shapley after just a few days on the job.

Latin Times

The IRS interim commissioner was just ousted after Scott Bessent reportedly fussed to Trump that Elon Musk installed the leader behind his back

Gary Shapley was named the new agency leader on Tuesday.

Fortune

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Warren puts Treasury nominee on the spot ahead of hearing - Roll Call

Sen. Elizabeth Warren is pressing Treasury nominee for answers about his oversight of the pandemic-era Paycheck Protection Program.

Roll Call

The PPP Was a COVID-Era Disaster. Trump Wants To Promote the Guy Who Ran It.

After overseeing the pandemic-era Paycheck Protection Program (PPP), which was a bloated, wasteful mess, Michael Faulkender is failing up.

Reason

Trump Taps Navarro As Trade, Manufacturing Counselor

US President-elect Donald Trump announced Wednesday that his former White House trade advisor Peter Navarro -- who went to prison for contempt of Congress -- would return as senior counselor for trade and manufacturing.

International Business Times

Will the collapse of two US banks be followed by more? These banking veterans say no, for now

The sudden collapse of two U.S. banks last week left many people wondering about the safety of their own deposits, the health of the banking system and consequences down the road.

Tribune News Service

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A congressional report says financial technology companies fueled rampant PPP fraud

Fraud in the Paycheck Protection Program, which gave potentially forgivable loans to small businesses during the pandemic, was largely due to financial technology companies, according to a new report.

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