All articles tagged with #treasury department
John Hurley, Undersecretary for Terrorism and Financial Intelligence at the Treasury Department, is leaving his post after privately opposing White House-backed plans to crack down on alleged fraud within Minneapolis' Somali immigrant community, according to seven people familiar with the matter.
Kevin Warsh, Trump’s candidate to lead the Fed, advocates a gradual overhaul of the central bank’s asset holdings and balance sheet to coordinate with a Treasury that also seeks lower rates; while designed to reduce borrowing costs and mortgage rates, the plan could raise long-term rates and disrupt markets, requiring careful, incremental steps and broad support on the Fed’s rate‑setting committee, with questions about whether the benefits justify the costs.
Trump has filed a federal Miami lawsuit seeking at least $10 billion from the IRS and Treasury, alleging an IRS contractor leaked his and his sons’ and the Trump Organization’s tax returns to media in 2020, causing reputational and financial harm; the suit cites the contractor’s 2024 conviction and notes ongoing litigation as part of Trump’s broader series of lawsuits.
Trump and his sons filed a $10 billion civil lawsuit in a Miami federal court against the IRS and the Treasury Department, alleging they failed to prevent a former contractor from leaking confidential tax information to media outlets, causing reputational and financial harm; the contractor, Charles Littlejohn, pleaded guilty and was sentenced to five years in prison.
Major employers will match the Treasury’s $1,000 contribution for newborns’ government-created investment accounts as part of the One Big Beautiful Bill, signaling a closer alliance between the White House and corporate America.
The U.S. Treasury canceled all contracts with Booz Allen Hamilton after a former IRS contractor leaked tax information for thousands of people, including President Trump. The leak—linked to a 2024 sentencing of Charles Littlejohn—affected about 406,000 individuals, and Treasury faulted Booz Allen for inadequate data safeguards. Booz Allen Hamilton currently holds 31 contracts with Treasury totaling about $4.8 million annually and $21 million in total obligations. The firm did not comment on the action.
The Trump administration canceled all 31 Treasury Department contracts with Booz Allen Hamilton—about $4.8 million in annual outlays and $21 million in long-term commitments—as part of a broader push to root out waste, fraud, and abuse. The decision followed concerns over safeguarding sensitive data after a Booz Allen contractor leaked tax returns, and Booz Allen shares fell roughly 11% as investors weighed potential broader cuts to federal contracting.
The U.S. Treasury terminated its contracts with Booz Allen Hamilton after a former Booz Allen employee was charged and sentenced for leaking Trump and other wealthy individuals’ tax data to news outlets, prompting questions about safeguards. Booz Allen says it doesn’t store taxpayer data, supported the investigation, and continues other federal contracts, while the stock fell following the announcement. The case underscored ongoing concerns about access to sensitive tax information and contractor oversight.
Nicki Minaj will attend a Treasury Department summit to promote Trump Accounts, a new tax-free investment account for children under 18; enrollment is voluntary and seed-money promises are part of the administration’s MAGA push, with a star-studded launch including Trump, Scott Bessent, and Cheryl Hines.
The Treasury Department canceled $21 million in Booz Allen Hamilton contracts after a Booz Allen ex‑employee who worked with the IRS leaked President Trump’s tax returns, saying Booz Allen failed to safeguard confidential taxpayer data. Booz Allen disputed parts of the claim, noting the crimes occurred on government systems and that it stores no taxpayer data. The leak affected more than 400,000 taxpayers; the ex‑employee, Charles Littlejohn, pleaded guilty in 2023. Booz Allen’s stock fell about 10% after the announcement.
The U.S. Treasury Department cut its contracts with Booz Allen Hamilton after a former IRS contractor who worked for the firm was sentenced to five years for leaking Trump’s and others’ tax information to The New York Times and ProPublica; Treasury said Booz Allen failed to implement adequate safeguards to protect sensitive data, while Booz Allen maintains it doesn’t store taxpayer data on its systems and will continue discussions with Treasury.
The U.S. Treasury has terminated its contracts with Booz Allen Hamilton following the leak of Donald Trump’s tax information, signaling heightened scrutiny of contractors handling sensitive data.
The Treasury canceled all Booz Allen Hamilton contracts after a data-safety lapse linked to an IRS data breach affecting about 406,000 taxpayers; Booz Allen had 31 contracts totaling $4.8M annually and $21M overall, and one employee pled guilty to disclosing confidential tax information: Charles Edward Littlejohn.
The U.S. penny, after 232 years, was officially discontinued in Philadelphia due to its irrelevance and high minting costs exceeding its value.
The Treasury Department reported that inflation remained above the 2% target in Q3, contradicting President Trump's claims of no inflation, with inflation at 3% in September. Despite steady economic growth and moderate wage increases, lower-income consumers are struggling more than higher-income groups. The labor market shows slight moderation, and upcoming GDP and jobs data are delayed due to a government shutdown. The report highlights potential risks and the impact of artificial intelligence on the economy.