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The Latest Breaking News from the Treasury Department

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

'Historic Win For Crypto:' Court Overturns Treasury Sanctions On Tornado Cash, Associated Token Skyrockets 430%

In a big legal win for the cryptocurrency industry, a U.S. appeals court has overturned sanctions imposed by the Treasury Department on popular cryptocurrency mixer, Tornado Cash, causing the price of the associated coin to zoom 430%.

Benzinga

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US House passes measure that could punish nonprofits Treasury Department decides are ‘terrorist’

The U.S. House of Representatives has passed a bill that would empower the Treasury Department to eliminate the tax-exempt status of any nonprofit it deems to be supporting terrorism. The Stop Terror-Financing and Tax Penalties on American Hostages Act was approved in a 219-184 vote, with all but one Republican…

The Conversation

House Votes To Let Treasury Kill Politically Disfavored Nonprofits

Administrative power over financial matters is a dangerous weapon for bypassing due process.

Reason

US October Deficit Swells 287% To $257 Billion

According to a report by the Treasury Department on Wednesday, the figure was a sharp increase of 287% from October 2023's $67 billion deficit.

Latin Times

US Finalizes Curbs On Investing In Chinese Tech

The administration of President Joe Biden has finalized curbs on US investments in sensitive technologies like semiconductors in China that pose a threat to national security, the Treasury Department said Monday.

International Business Times

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Interest On US National Debt Tops 'Truly Astounding' $1 Trillion For First Time

The record outlay during fiscal 2024 represents an annual increase of 29 percent, with the Treasury Department saying higher rates were 'largely' to blame.

International Business Times

US Treasury Taps Machine Learning AI To Recover $4 Billion In Fraud

The Treasury Department's recovery this fiscal year, a significant jump from the $652.7 million recovered in FY23, is driven by the Office of Payment Integrity (OPI) within the Bureau of the Fiscal Service strengthening its fraud prevention efforts.

International Business Times

Prominent Palestinian activist slams US sanctions as ‘madness’

Majed al-Zeer says the US claim that he is a Hamas representative in Europe is an attempt to discourage his activism.

Al Jazeera

China hawks prep tech investment screening measure - Roll Call

Lawmakers hoping to stanch the flow of U.S. money into China’s tech sectors are appending the measure to a must-pass defense policy bill.

Roll Call

US Treasury Imposes Sanctions On Iranian Actors For Election Interference

US Treasury sanctions individuals linked to Iranian election interference activities in efforts to protect US electoral integrity.

Top News

US Offers $10M Reward For Arrests Of 2 Alleged Russian Cyber Criminals

The Treasury Department also imposed sanctions on one of the men and a virtual currency exchange operating in Russia

International Business Times

Rep. Alford Opposes More Resources For Secret Service, Blames Democrats

Rep. Mark Alford criticizes Secret Service leadership and calls for restructuring under Treasury Department.

Top News

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International Business Times

US Sanctions Cambodian Tycoon For Human Trafficking And Investment Scams

The Treasury Department sanctioned Ly Yong Phat and entities he controlled over their role in the abusive treatment of workers in online scam centers

International Business Times

US Accuses Russia's RT News Outlet Of Election Interference

The United States indicted two employees of Russia's RT and imposed sanctions on top editors of the state-funded news outlet on Wednesday, accusing them of seeking to influence the 2024 US presidential election.

International Business Times

New Treasury Regulations Target Money Laundering Through Real Estate Deals

The new regulations are part of President Joe Biden's administration's goal to prevent laundered money from flowing through the U.S. financial system.

The Independent UK

New US rules try to make it harder for criminals to launder money by paying cash for homes

The Treasury Department has issued new regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate

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Top News

New Regulations Target Money Laundering In Real Estate Sales

New Treasury regulations target money laundering in real estate transactions to enhance transparency and combat financial crime.

International Business Times

Warren 'Planted' Speculation About SEC's Gensler As Treasury Secretary: Blockchain Industry Leader

There is renewed talk about Gary Gensler possibly being considered as Treasury Secretary under a Harris administration, but the latest speculation is that Sen. Elizabeth Warren herself planted the rumor.

International Business Times

Gary Gensler As Treasury Secretary? Crypto Community United In Pushback Against Idea

The crypto community has been divided by Polymarket results, and crypto users have been divided by digital coin rivalries, but this time, they are united against the idea of SEC Chair Gary Gensler taking the reins of the Treasury Department should VP Kamala Harris win in November.

Reason

No, the Secret Service Is Not Underfunded

As lawmakers investigate what went wrong at the Pennsylvania Trump rally, they should resist calls to give the agency more money.

Top News

US Banks Ordered To Disclose Russian Assets For Ukraine Aid

U.S. Treasury mandates banks to disclose and potentially seize Russian assets to aid Ukraine's economy.

The Independent UK

US banks to begin reporting Russian assets for eventual forfeiture under new law

The Treasury Department is ordering the nation’s banking industry to start disclosing its holdings of Russian assets, with the goal of eventually seizing those billions of dollars in assets and selling them to aid the devastated Ukrainian economy

Top News

Treasury Department Warns Against State Laws Restricting Banks

Treasury Department warns against state laws limiting banks from considering ESG factors, citing national security risks.

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