The United States reached its debt ceiling of $31.38 trillion on Thursday, forcing the Treasury Department to implement “extraordinary measures” to avoid defaulting on bonds. Treasury Secretary Janet Yellen wrote how the U.S. had reached the debt limit in a letter Thursday to members of Congressional leadership.Read More
Businesses and associates linked to the Biden family allegedly exchanged over $2 million in wire transfers with a Shanghai investment fund controlled by the Bank of China over a five year period, according to a Treasury Department document obtained by Republican members of the House Oversight Committee.
Biden-linked operatives allegedly exchanged $2,461,962.60 in total with the Shanghai firm through 93 wire transactions between 2014 and 2019, according to a Suspicious Activity Report (SAR) obtained by House Oversight Republicans, which also identified Hunter Biden as a “politically exposed person.” The revelation comes amid a House Oversight Committee investigation into the Biden family’s financial dealings.Read More
Ford is urging the Treasury Department to ease restrictions placed on electric car parts sourced from China and other “entities of concern” to ensure more of its vehicles can qualify for the consumer tax credits included in the Democrats’ massive climate spending bill, Reuters reported Friday.
The Democrats’ $430 billion climate package, which President Joe Biden signed into law in August, prevents the $7,500 consumer tax credits from applying to new electric vehicles (EVs) if their battery materials were produced or assembled by a “foreign entity of concern” such as China. Ford is claiming that the restrictions, which were aimed at taking EV supply chains out of Chinese hands, are too strict and will not allow enough consumers to reap the benefits of the tax credit, according to Reuters.Read More
The Treasury Department is weighing whether or not it has the authority to launch an investigation into Elon Musk’s recent acquisition of Twitter, The Washington Post reported Tuesday evening.
Under the terms of the deal, foreign investors, including a member of the Saudi royal family, could potentially have access to confidential financial and user data, according to The Washington Post, citing anonymous sources familiar with the deal. Treasury Department officials are examining their legal options to investigate the deal, but whether they were aware of this potential information sharing was unclear and the Department’s Committee on Foreign Investment in the United States (CFIUS) typically investigates foreign nationals, not U.S. citizens like Musk.Read More
Ranking Member of the House Oversight Committee Rep. James Comer, R-Ky., sent a letter to U.S. Treasury Secretary Janet Yellen this week alleging that the federal agency is withholding documents that detail the foreign transactions conducted by the president’s son, Hunter Biden.Read More
The Internal Revenue Service has been under fire for delays and millions of backlogged returns, but now lawmakers are raising the alarm after the federal agency “destroyed” millions of Americans’ tax documents.
Republicans on the House Oversight Committee sent a letter to IRS Commissioner Charles Rettig this week asking for answers about why these records were destroyed.Read More
The U.S. Senate voted Tuesday to raise the debt ceiling $2.5 trillion, a move that would avoid a default on the nation’s debt payments likely until 2023, beyond the midterm elections.
The 50-49 vote along party lines now sends the measure to the U.S. House of Representatives.Read More
The Treasury Department announced Monday it hired its first every Counselor for Racial Equity to support President Biden’s push for economic opportunities for people of color.
Janis Bowdler, former president of the JPMorgan Chase & Co. Foundation, will serve as the first “Counselor for Racial Equity,” the Treasury Department said.Read More
The Wall Street Journal Editorial Board said that a Democratic effort to crack down on tax cheating would give the Treasury Department access to almost every American’s bank account.
The Thursday op-ed focused on a proposal that would require financial institutions to report individual accounts containing at least $10,000 to the IRS. That effort, the board wrote, would affect the vast majority of Americans who did not exclusively use cash to make purchases and pay bills.
“The details are murky, but most Americans could still get ensnared in this dragnet unless they pay bills and buy goods in cash,” the editorial board wrote. “Democrats say banks will only have to report total annual inflows and outflows, not discrete transactions. But nearly all Americans spend more than $10,000 a year.”Read More
President Joe Biden boasted during a press conference Friday that his administration supported the evacuation of the French embassy in Kabul while at the same time American citizens are being told the U.S. government cannot escort them to the airport.
The U.S. Embassy in Kabul informed American citizens on Thursday that the Biden administration “cannot ensure safe passage to the airport.” The message came one day after Defense Secretary Lloyd Austin said the U.S. military lacks the capability to escort Americans trapped behind enemy lines to the airport.
However, the Biden administration did have the capability to provide support to a convoy of hundreds of French people from their embassy to the airport, the president said Friday.Read More
Treasury Secretary Janet Yellen warned congressional leaders Friday that failing to raise the debt ceiling would risk “irreparable harm to the U.S. economy and the livelihoods of all Americans.”
In a letter, Yellen said that she did not know how long the Treasury Department could prevent the U.S. from defaulting on its debt, which could carry catastrophic economic consequences. The debt ceiling is set to expire on Aug. 1.Read More
The U.S. national debt is closer to $123 trillion, more than four times what the Treasury Department is reporting, Chicago-based Truth in Accounting calculates in its new annual analysis of the nation’s finances.
The federal government has $5.95 trillion in assets and $129.06 trillion worth of bills resulting in a $123.11 trillion shortfall, or a debt burden of $796,000 per U.S. household.
Because of this massive amount of debt and repeatedly poor financial decisions made by lawmakers, TIA gave the U.S. government an “F” grade for its financial condition.Read More
The Treasury Department and the Internal Revenue Service announced on Wednesday that the 2020 tax filing and payment deadline is being pushed back from April 15 to May 17.Read More
A former Treasury Department official pleaded guilty in federal court in New York City on Monday to leaking sensitive financial records of multiple Trump associates and figures in the Trump-Russia investigation to a reporter at BuzzFeed News.Read More
by Masood Farivar For decades, it was virtually unknown outside a small circle of investors, corporate lawyers and government officials. But in recent years, the small interagency body known as the Committee for Investment in the United States has grown in prominence, propelled by a U.S. desire to use it…Read More
by Robert Moffit The Trump administration just announced a major regulatory change, effective Jan. 1, 2020, that could significantly expand access to affordable health coverage and increase the choice of health plans, particularly among workers and their families in small businesses. The proposed rule, jointly developed by the Department…Read More
by John-Michael Seibler “You’re fired.” President Donald Trump will soon be able to use his famous catch phrase against the head of a troubled federal agency, the Fair Housing Finance Agency, which is led by a single Obama appointee with no meaningful oversight from the president. The 5th U.S. Circuit…Read More