UST US

Proposed Rules Aim to Bolster Semiconductor Supply Chain Resilience and Spur Job Growth by Providing Clarity and Certainty to Taxpayers The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today is releasing a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act of 2022. By providing clear guidance for qualifying taxpayers to utilize the CHIPS ITC, Treasury is mobilizing key tax incentives for investments in facilities that manufacture semiconductors or semiconductor manufacturing equipment – helping to spur American job growth and bolster U.S. economic prosperity and national security. Today’s proposed...

As Prepared for Delivery Good morning, everyone. Thank you, Rob, for your leadership of the American Bankers Association. I greatly appreciate the invitation to be with all of you at an important moment. As everyone in this room knows, the American economy relies on a healthy banking system that can provide for the credit needs of families and businesses. American households depend on banks to finance their homes, invest in an education, and otherwise improve their standards of living. Businesses borrow from these institutions to start new companies and expand existing ones. I. Recent Developments in the Banking System Almost two weeks ago,...

On March 16th and 17th, U.S. nominee for World Bank President Ajay Banga visited Panama City, Panama where he met with Latin American and Caribbean finance ministers, government officials, and multilateral development bank leadership. The meetings took place on the margins of the Inter-American Development Bank Group Annual Meeting and represented the fifth stop on his global listening tour, which has taken him to Belgium, Cote d’Ivoire, Kenya, and the United Kingdom. Conversations throughout the tour have been anchored in two themes: expanding economic opportunity for young people and improving quality of life. Upon arrival on March 16th, Banga met bilaterally...

Today, U.S. Secretary of the Treasury Janet L. Yellen spoke with German Minister for Economic Cooperation and Development, Svenja Schulze.  During their meeting, Secretary Yellen conveyed the importance of evolving the multilateral development banks to better address global challenges like climate change, pandemics, fragility and conflict. She called for a strong set of initial evolution reforms for the World Bank Group at the upcoming Spring Meetings, with further reforms to be defined and implemented in the lead up to the October Annual Meetings. She also thanked Germany for its support of the U.S. candidate for World Bank President.   This news...

To mark the two-year anniversary of President Joe Biden’s American Rescue Plan (ARP), local government organizations and various interest groups released new analyses detailing the transformative impact ARP funds have had on communities across the nation, supporting both immediate pandemic recovery and long-term economic growth. These analyses join a new Department of the Treasury report and map released earlier this week with updated data demonstrating how the ARP catalyzed key investments helping families, businesses, and the nation’s economy that will extend well beyond the deployment of federal resources. These investments have also laid the foundation for other historic investments...

The following statement was released by Secretary of the Treasury Janet L. Yellen and Federal Reserve Board Chair Jerome H. Powell:  “We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.” This news item was originally published by the US Department of the Treasury (UST US). For more information, please see the Source Link.

On March 13 and 14th, U.S. nominee for World Bank President Ajay Banga visited Brussels, Belgium where he met with finance ministers and officials representing European governments.  Over two days, Banga held bilateral meetings with officials representing 12 EU member states. On March 13, Banga met with Ministers from Austria, France, Germany, Italy, Poland, Portugal, Spain, and Sweden. While in Brussels, Banga also met virtually with Germany’s Minister for Economic Cooperation and Development. In those discussions, Banga shared insights from his recent trip to Cote D’Ivoire and Kenya, offered an assessment of the global headwinds that are challenging decades of progress...

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson met with Turkish Deputy Minister of Trade Mustafa Tuzcu in Washington, DC on March 13 to follow up on discussions during Under Secretary Nelson’s trip to Ankara last month. Under Secretary Nelson expressed his deepest condolences to those who have lost loved ones, those who are injured, and those who have lost their homes and businesses in the horrific series of earthquakes in Türkiye in February.  Under Secretary Nelson commended recent Turkish efforts to strengthen Türkiye’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime and the commitment to...

From March 9-13, Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg traveled to Canberra and Sydney, Australia. While in Australia, she met with government officials, private sector representatives, and independent security experts to discuss regional security issues, developments in the digital assets ecosystem, and other illicit finance issues. Assistant Secretary Rosenberg expressed her appreciation for the strong U.S.- Australia partnership across these issues and welcomed the opportunity to continue working closely together by sharing information, best practices, and creative solutions to challenges that affect both countries. This news item was originally published by the US Department of the...

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals in Bosnia and Herzegovina (BiH) pursuant to Executive Orders (E.O.) 14033 or E.O. 14059. These designations build on other recent OFAC sanctions in the region and, collectively underscore the United States’ willingness to hold accountable those who are undermining democratic institutions and furthering their agendas for political and personal gain, at the expense of peace, stability, and progress in the Western Balkans. “The three individuals designated today constitute a threat to regional stability, institutional trust, and the aspirations of those seeking democratic governance in...

As Prepared for Delivery Assessing the Twin Goals of the Price Cap A year ago, Russia illegally invaded Ukraine and roiled energy markets. With higher energy prices, Russia was profiting from and funding its own war of choice. This situation was unacceptable. This situation left the West with a historic economic policy challenge: we needed to stop Russia from profiting on its war, but also needed to keep global energy markets well-supplied and stable. In a basic Economics 101 framework, those two goals are in direct tension. But in consultation with our allies, we devised the price cap policy to meet those...

Yesterday, U.S. Deputy Secretary of the Treasury Wally Adeyemo and Chief Lynn Malerba, Treasurer of the U.S., hosted a meeting of the Treasury Tribal Advisory Committee (TTAC). The seven-member committee meets regularly and advises the Secretary on significant matters impacting Native American communities. Deputy Secretary Adeyemo provided opening remarks about Treasury’s efforts to strengthen its nation-to-nation relationships with Tribes and discussed his recent visits to Tribal lands in California. Following remarks, the group discussed Tribal tax priorities and Tribal general welfare programs, and Treasury officials heard directly from Tribal leaders about some of their top priorities. TTAC is composed of three...