All articles tagged with #treasury department
Originally Published 2 months ago — by The New York Times
The U.S. penny, after 232 years, was officially discontinued in Philadelphia due to its irrelevance and high minting costs exceeding its value.
Originally Published 2 months ago — by NBC News
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.
Originally Published 3 months ago — by Forbes
The US federal government has begun laying off around 4,200 employees across multiple agencies, including the Treasury and Health Departments, due to the ongoing government shutdown, with layoffs expected to continue and more layoffs possibly on the horizon amid political disagreements.
Originally Published 3 months ago — by U.S. Department of the Treasury (.gov)
The Treasury Department announced that Frank Bisignano, currently the Social Security Administration Commissioner, will serve as the new CEO of the IRS, overseeing daily operations and bringing his extensive experience in financial institutions and technology to improve IRS services.
Originally Published 3 months ago — by deadline.com
The U.S. Treasury Department is considering minting a $1 coin featuring Donald Trump to commemorate the 250th anniversary of American independence, with designs that include Trump and references to the country's spirit, despite legal restrictions on depicting living persons on currency.
Originally Published 4 months ago — by Politico
Faulkender, the deputy Treasury Secretary overseeing key financial policies, is leaving his position amid recent leadership changes at the Treasury Department, including the departure of the IRS chief, highlighting ongoing turmoil within the agency.
Originally Published 4 months ago — by U.S. Department of the Treasury (.gov)
The U.S. Treasury has imposed new sanctions targeting Iranian oil exports and the shadow fleet involved in illicit transportation, aiming to cut Iran's revenue used for supporting terrorism and weapons programs by targeting key individuals and vessels, including Greek national Antonios Margaritis and several shipping companies.
Originally Published 5 months ago — by Yahoo Finance
The US national debt has surpassed $37 trillion, a record high driven by pandemic-related borrowing and recent legislative spending, raising concerns about increased costs for taxpayers and economic stability.
Originally Published 5 months ago — by Bloomberg.com
US tariff revenue hit a record $28 billion in July, but the overall budget deficit widened to $291 billion, reflecting ongoing fiscal challenges. Tariff income for the year is projected to reach $300 billion, potentially exceeding expectations, yet the deficit continues to grow due to increased interest costs and social spending, with the fiscal year ending with a significant shortfall.
Originally Published 5 months ago — by CNN
Treasury Secretary Scott Bessent described the new Trump accounts as a 'backdoor' way to privatize Social Security, sparking political criticism from Democrats who fear it could undermine the traditional social safety net and benefit Wall Street.
Originally Published 5 months ago — by The Verge
The US government now accepts Venmo payments to help reduce the over $36 trillion national debt, with donations also possible via bank, PayPal, or credit card, although individual contributions are unlikely to significantly impact the debt which grows by nearly $55,000 per second.
Originally Published 5 months ago — by U.S. Department of the Treasury (.gov)
Treasury Secretary Scott Bessent emphasized the urgent need for comprehensive reform of financial regulation, advocating for a strategic, forward-looking approach that prioritizes community banks, innovation, and economic growth, while criticizing reactionary policies and outdated capital requirements, and calling for modernization and simplification of the regulatory framework.
Originally Published 7 months ago — by The Washington Post
A federal judge in New York approved the Treasury Department's DOGE team to access sensitive financial data, ruling that the department had met requirements for employee screening and training.
Originally Published 1 year ago — by Treasury
The U.S. Department of the Treasury and the IRS have released final rules for the Section 48 Energy Credit, providing clarity for clean energy project developers. This move aims to boost clean power production, strengthen the clean energy economy, and create jobs. The rules, informed by stakeholder feedback, clarify eligibility for various technologies like offshore wind and geothermal heat pumps. The Inflation Reduction Act's extension of the ITC until 2025, transitioning to a tech-neutral approach, is expected to enhance energy security and reduce utility bills.
Originally Published 1 year ago — by POLITICO
Elon Musk is advocating for Howard Lutnick, CEO of Cantor Fitzgerald, to be appointed as Treasury Secretary in Donald Trump's administration, arguing that Lutnick would bring necessary change to the role. Musk criticized another candidate, hedge fund CEO Scott Bessent, as a "business-as-usual" choice. The decision remains a key unresolved issue in Trump's Cabinet, with various factions supporting different candidates. Musk's involvement highlights the influence of high-profile figures in shaping the incoming administration's economic policies.