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Choice of Janet Yellen as Treasury chief is a relief for the markets: Wells FargoMark Vitner of Wells Fargo Securities discusses why picking former Federal Reserve chair Janet Yellen to head the Treasury Department is good news for equities.
Persons: Janet Yellen, Mark Vitner Organizations: Treasury, Wells Fargo Securities, Federal, Treasury Department Locations: Wells, Wells Fargo
ET Live Updates: Biden’s Transition to the Presidency Formally Begins After weeks of delay, a key federal official designated Joe Biden the apparent winner, allowing his team to access government resources and information. Today, Mr. Biden will announce his picks for cabinet offices including the secretary of state and director of national intelligence. That means Ms. Yellen, 74, will need to bring a mix of political, diplomatic and financial savvy to the job. In replacing Ms. Yellen, Mr. Trump broke with precedent. Born in Brooklyn in 1946, Ms. Yellen was raised in Bay Ridge, a middle-class neighborhood across the waterfront from Staten Island.
Persons: Joe Biden, Biden, Joseph R, Kamala Harrris, Anna Moneymaker, Trump’s, , Trump, Stephen M, Hahn, — Sheila Kaplan, Janet Yellen, She’d, Janet L, Lexey, Yellen, , Clinton, renominating, Jerome H, Powell Organizations: Trump, ., The New York Times, Department of Health, Human Services, Centers for Disease Control, Food and Drug Administration, General Services Administration, Treasury Department . Credit, Federal Reserve, Treasury Department, Hill, Wall, Treasury, Wall Street, University of California, White House Council, Economic Advisers, Federal Reserve Bank of San, Fed Locations: Georgia, United States, Berkeley, Federal Reserve Bank of San Francisco, Brooklyn, Bay Ridge, Staten Island
Wells Fargo's Mike Mayo on what Yellen as Treasury Secretary means for Big BanksMike Mayo, head of U.S. large-cap bank research at Wells Fargo Securities, joins "Squawk Box" to discuss what a Janet Yellen-led Treasury Department could look like and what it would mean for America's biggest banks.
Persons: Wells, Mike Mayo, Big, Big Banks Mike Mayo, Janet Yellen Organizations: Big Banks, Wells Fargo Securities, Treasury Department Locations: Wells Fargo
If approved by the Senate, Yellen, 74, would be the first woman to hold the Cabinet-level position of secretary of the Treasury in the agency’s 100-year history. Yellen was the first woman to chair the Fed when she succeeded Ben Bernanke in 2014, after having served as vice chair since 2010. During her four-year tenure at the Fed, Yellen supported the economic recovery through accommodative monetary policy and backing low interest rates. Although new to the Treasury, the Brooklyn-born Yellen would, in many ways, be on familiar ground. Since stepping down as Fed chair in 2018, Yellen has worked as an economist at the Brookings Institution.
Persons: Janet Yellen, Joe Biden, Biden, , Yellen, Ben Bernanke, Gary Cohn, Donald Trump's, , Steven Mnuchin, Bill Clinton Organizations: Treasury Department, President, Senate, Treasury, Economic Council, Biden, Democratic Party, , Brooklyn -, Yale, San Francisco Fed, of Economic, Brookings Institution Locations: Yellen, United States, Brooklyn
Their children play key roles: In addition to Juan Carlos and Rafael, four other Ortega Murillo children run major media properties or hold stakes in them. Political opponents, human rights activists, and foreign powers including the United States and the European Union say Ortega’s media might has made Nicaragua more autocratic. She told aides the government should find ways to publish news “uncontaminated” by critical media, according to several people familiar with the discussions. By 2008, Ortega’s family and close associates had begun building what today is a business empire with assets in energy, security and other sectors. Radio Ya is owned by Entretenimiento Digital SA, a company controlled by Rafael Ortega, according to previously undisclosed ownership documents reviewed by Reuters.
Persons: Daniel Ortega, Anastasio Somoza, Ortega, ORTEGA, Stringer, Juan Carlos Ortega Murillo, Nicaraguans, Yadira Leets Marin, Rafael Ortega Murillo, Leets Marin, Ortega’s, Rosario Murillo, didn’t, Murillo, Juan Carlos, Rafael, , Carlos Fernando Chamorro, “ They’ve, Alfonso Malespin, Ortega Murillo, Alberto Novoa, Mike Pompeo, “ Rafael Ortega, , Gioconda Belli, “ It’s, ” Ortega, “ Rosario, Victor Hugo Tinoco, Fidel Castro, Daniel Edmundo Ortega, Hugo Chavez, PDVSA, Maria Luisa Mejia, Nestor Moncada Lau, President Ortega, Moncada, Mejia, iPads, Rafael Paniagua, Paniagua, Paniagua couldn’t, Rodrigo Obregon, Obregon, indoctrinate, ” Obregon, Noel Miranda, Rafael Ortega, Miranda, wasn’t, ” Miranda, Camila, Maurice, Luciana ., Maurice Ortega, Media Guru, Carlos Mikel Espinosa, Espinosa, Miguel Mora, Mora, Mariano Valle, Valle, Eduardo Enriquez, Enriquez Organizations: Nicaraguan, ORTEGA REUTERS, Sandinista, Yadira, Reuters, American, Radio, , Radio Nicaragua, . Associates, Media, University of Commercial Sciences, Petroleos de Venezuela SA, European Union, . Police, U.S . Treasury Department, National Assembly, United Nations, Catholic Church, America, Alba de Nicaragua SA, Monetary Fund, Difuso Comunicaciones SA, U.S, Entretenimiento Digital SA, El, Police, General Revenue, , La Prensa, Prensa Locations: MANAGUA, Nicaragua’s, Managua, Nicaragua, NICARAGUA, Venezuela, , United States, European, Americas, Haiti, Sandinista, Ortega’s, Oxford, Venezuelan, Alba, Albanisa, Central America
New York (CNN Business) Janet Yellen checks all the boxes in President-elect Joe Biden's quest to find a Treasury secretary who won't spook Wall Street, alienate progressives or forget about Main Street's plight. But at Treasury, Yellen could quarterback fiscal policy at a time when it's the only game in town. Roger Ferguson, another leading Treasury pick and a former top Fed official, would make history as the nation's first Black Treasury secretary. And in her final years at the Fed, Yellen did not stand in the way of tweaks to make financial regulations less burdensome. At the Fed, Yellen prided herself on staying above the political fray and sticking to the economic arguments.
Persons: Janet Yellen, Joe Biden's, Yellen, she's, Greg Valliere, Joe Brusuelas, Biden, Brusuelas, Charlie Baker, it's, Warren, Valliere, Elizabeth Warren, Sarah Bloom Raskin, Adam Green, Raskin, Green, Brainard, Roger Ferguson, Ferguson, Dodd, Frank, Seiberg Organizations: CNN, Federal Reserve, US Treasury Department, Treasury, AGF Investments, Fed, RSM, Republicans, Senate, Republican, Progressives, Corporate America, CNN Business, Duke University, Wall, Cowen Washington Research Group Locations: York, United States, Massachusetts, Wells
President-elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen as Treasury secretary, a historic decision that could result in the nation's first woman to lead the department, The Wall Street Journal reported Monday, citing people familiar with the matter. A graduate of Brown and Yale universities, Yellen was also the first woman to serve as Fed chair after her Senate confirmation in 2014. Biden's team had also been eyeing Fed Governor Lael Brainard and former Fed Vice Chair Roger Ferguson for the job, according to people familiar with the transition team's thinking. Before becoming Fed chair, Yellen was at the helm of the San Francisco Federal Reserve Bank and was the 18th chair of the Council of Economic Advisers under the Clinton administration. Steven Mnuchin, President Donald Trump's Treasury secretary, has for months struggled to broker another stimulus bill agreeable to House Democrats and Senate Republicans.
Persons: Joe Biden, Janet Yellen, Yellen, Wall, Sen, Elizabeth Warren, Biden's, Lael Brainard, Roger Ferguson, Clinton, Trump, Jerome Powell, Steven Mnuchin, Donald Trump's, Biden, Antony Blinken, Jake Sullivan Organizations: Street, Republicans, Brown, Yale, Fed, Treasury, Brookings Institute, San Francisco Federal Reserve Bank, of Economic Advisers, Treasury Department, House Democrats, Senate Republicans Locations: U.S
Biden is planning to nominate Janet Yellen to head the Treasury Department, the Wall Street Journal reported on Monday. Yellen would become the first person told the three most influential economic jobs in government: Federal Reserve chair, head of the White House Council of Economic Advisors, and now treasury secretary. President-elect Joe Biden has picked Janet Yellen to head the Treasury Department, the Wall Street Journal reported on Monday. Yellen would become the first person to have led the Federal Reserve chair, White House Council of Economic Advisors, and the Treasury. She was in charge of the Federal Reserve during President Barack Obama's second term, serving from 2014 to 2017.
Persons: Biden, Janet Yellen, Yellen, Joe Biden, Barack Obama's, Donald Trump, Jerome Powell, hasn't, there's, Read Organizations: Treasury Department, Wall Street, Federal, White House Council of Economic Advisors, Democratic Party, Federal Reserve, Treasury, New York University, New York Times, American Economic Association
Dollar pinned near major support as vaccine progress weighs
  + stars: | 2020-11-22 | by ( Wayne Cole | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Dado Ruvic/Illustration/File PhotoA holiday in Japan also made for sparse liquidity and made investors reluctant to test major chart barriers on a number of dollar pairs. The dollar has also been drifting slowly lower on the Japanese yen and last stood at 103.80, just above chart support at 103.62. Against a basket of currencies, the dollar was a shade softer at 92.374 and again uncomfortably close to support at 92.129 and 91.373. Promising news on vaccines were weighing on the safe-haven dollar. The first people in the United States could receive a COVID-19 vaccine a day after the U.S. Food and Drug Administration grants approval in mid-December.
Persons: Dado Ruvic, Organizations: SYDNEY, U.S, REUTERS, Capital Economics, U.S . Food, Drug Administration, Pfizer, BioNTech’s, Reserve, U.S . Treasury Department, TD Securities Locations: Japan, U.S, United, Germany, United States
Dollar stuck near support, NZ$ strikes two-year high
  + stars: | 2020-11-22 | by ( Wayne Cole | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. The dollar has also been drifting slowly lower on the Japanese yen and last stood at 103.74, just above chart support at 103.62. Against a basket of currencies, the dollar was a shade softer at 92.266 and again uncomfortably close to support at 92.129 and 91.373. The first people in the United States could receive a COVID-19 vaccine a day after the U.S. Food and Drug Administration grants approval in mid-December. The rash of coronavirus restrictions across the United States has stoked speculation the Federal Reserve might have to ease monetary policy further, particularly with no fiscal stimulus deal in sight.
Persons: Dado Ruvic, Organizations: SYDNEY, U.S, REUTERS, New Zealand, Capital Economics, U.S . Food, Drug Administration, Pfizer, BioNTech’s, Reserve, U.S . Treasury Department, TD Securities Locations: Japan, U.S, United, Germany, United States
Dow Jones Industrial Average futures were little changed in overnight trading on Sunday as a rising number of Covid-19 cases continued to weigh on markets. All three major averages finished Friday's session lower, while the Dow and S&P 500 also posted a loss for the week, falling 0.73% and 0.77%, respectively, for their first negative week in three. The Nasdaq Composite managed to eke out a 0.22% gain for the week, marking its second straight week of gains. The move lower came as Covid-19 cases continue to rise, with the U.S. reporting a record-high spike of more than 195,500 new cases on Friday. The seven-day average of new cases are up by at least 5% week over week in 43 states and the District of Columbia, Hopkins data shows.
Persons: Shannon Saccocia, Gavin Newsom, Bill de Blasio's, Regeneron's, Donald Trump, BioNTech Organizations: Dow Jones Industrial, Dow, Nasdaq, Boston, Public, CNBC, Johns Hopkins University, District of Columbia, Hopkins, Thursday California, New, JPMorgan, Treasury Department, Federal Reserve, Drug Administration, Pfizer, FDA, CNBC PRO Locations: New York City
WASHINGTON — President-elect Joe Biden has promised to rejoin the Iran nuclear agreement if Iran abides by the deal, but both sides will have to race against the clock and navigate a political minefield to reach that goal. Iran and the bombThe 2015 agreement between Iran and world powers lifted punishing economic sanctions on Tehran in return for strict limits on Iran's nuclear activities. If Iran returns to strict compliance with the nuclear deal, the United States would rejoin the agreement as a starting point for follow-on negotiations," Biden wrote. Iran faces shortages of medicine and medical equipment, including insulin, drugs for cancer treatment, influenza vaccine and test kits for the coronavirus, according to Iranian officials. Conservative gainsWithout a deal before Iran's June 2021 elections, Biden may have no willing counterpart to negotiate a deal.
Persons: Joe Biden, Biden's, Hassan Rouhani, Biden, Rouhani, Mohammad Javad Zarif, Mohammad Berno, Ellie Geranmayeh, Trump, Naysan Rafati, Donald Trump, Barack Obama, Yousef Al Otaiba, Richard Dalton, Dalton, David Albright, Mike Pompeo, " Pompeo, Qassim Soliemani, Katherine Bauer, Bauer, Iran's, Ali Khamenei Organizations: WASHINGTON, Washington, Biden, European Council, Foreign Relations, Group, Trump, International Atomic Energy Agency ., Iran's Atomic Energy Organization, AFP, Getty, Congress, Tel, Tel Aviv University's Institute for National Security Studies, Saudi, United Arab, Institute for Science, International Security, Wednesday, Islamic, Covid, Treasury Department, Washington Institute for Near, Conservative, Iran's Locations: Iran, Washington, Tehran, U.S, Bushehr, United States, United, Georgia, Israel, Tel Aviv, Saudi Arabia, United Arab Emirates, British, Islamic Republic, Iraq, Iranian, American, Syria, Yemen
"We're working on a mass distribution of the virus," Mnuchin said on CNBC's "Squawk on the Street." Presumably, Mnuchin meant to say the White House is working toward a mass distribution of a vaccine. Treasury Secretary Steven Mnuchin bungled his remarks in an interview Friday, saying the White House is working to spread the coronavirus. "Well, we hope it won't and again you know we're working on mass distribution of the virus," Mnuchin replied. Earlier on in the interview, Mnuchin said the White House is working toward achieving "mass distribution of the vaccine."
Persons: Steven Mnuchin, Mnuchin, Steven Mnuchin bungled, CNBC's David Faber, Oliver Willis, — Pedro Nicolaci da Costa, Mnuchin's Organizations: Twitter, Huffington, American Independent, White, Johns Hopkins University, Treasury Department
Here is an overview of where the programs stand, what they accomplished and what it would take to revive them. Mnuchin extended four of the programs, including those that support money markets and short-term borrowing markets for companies, for 90 days beyond the end of the year. That could put more strain on businesses, municipalities and financial markets. If Mnuchin does not approve extensions for the programs, the Fed may need to wait for approval from the next administration. But Fed chairman Jerome Powell said on Friday in a letter here to Mnuchin that the Fed will return the unused emergency funds.
Persons: Steven Mnuchin, Steven T, Mnuchin, Toni L, Sandys, Joe Biden, Roberto Perli, Biden, Perli, Jerome Powell, Dodd, Frank Organizations: Reuters, ., Federal Reserve, of, Treasury, Banking, Housing, Urban Affairs, Fed, GO, Cornerstone, Federal Reserve Act, Treasury Department, Exchange Stabilization Locations: Washington , DC
While the support wasn’t widely used, even its presence served to bolster investor confidence, said Andy Richman, director of fixed income strategies for Sterling Capital Management. “They were there as a backstop and even the thought of them was seen as a safety net. The surprise announcement sent benchmark U.S. Treasury yields and equity index futures lower. The 10-year Treasury note yield US10YT=RR slid 2 basis points and was the lowest in 10 days at 0.83%. He added that “How many times will Washington trip on its shoelaces in response to this crisis?”
Persons: Andy Richman, , Richman, Steven Mnuchin, Matt Fabian, Isaac Boltansky Organizations: Reuters, U.S . Treasury Department, Sterling Capital Management, U.S, Federal Reserve, Fed, Treasury, Municipal, Facility, , Analytics, Compass Point Research Locations: Washington, U.S
Stocks set for lower open as Fed-Treasury dispute weighs on markets
  + stars: | 2020-11-20 | by ( ) www.cnbc.com sentiment -0.99   time to read: 1 min
Stocks set for lower open as Fed-Treasury dispute weighs on marketsStocks futures were slightly lower early Friday as rising new coronavirus cases cast doubt on a swift economic recovery. Also weighing on sentiment was a disagreement between the Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs implemented during the recession. CNBC's Frank Holland reports.
Persons: CNBC's Frank Holland Organizations: Treasury, Stocks, Treasury Department, Federal Reserve
“Markets responded very positively to the vaccine news, but some people now are taking stock and thinking, ‘What’s next? Is it all priced in?’” Ms. Simmons said she did not think future lockdowns would weigh on markets as much and the S&P 500 index could gain another 6 percent. Several large economies that instigated lockdowns and other restrictions in October are now seeing the number of new cases each day declining, including France and Spain. After oscillating between gains and loses throughout the week, European stock markets on Friday were headed for their third consecutive week of gains. Those who create the most popular Roblox games can earn six-figure salaries.
Persons: , Caroline Simmons, ‘ What’s, , Simmons, lockdowns, Steven Mnuchin, DAX, Andrew Mangum, Roblox, David Baszucki, , Erik Cassel, Baszucki, Cassel Organizations: West Texas, Brent, UBS Global Wealth Management, , Federal Reserve, Treasury, Investors, CAC, Nikkei, Treasury Department, tweens, The New York Times, Renaissance Locations: Europe, France, Spain, Washington, Germany, Japan, Hong Kong, United States, Madrid, San Mateo, Calif
Treasury Secretary Steven Mnuchin said Friday that he and senior GOP lawmakers will attempt to draft a targeted stimulus package with Democrats in the coming weeks. "I can tell you Mark Meadows and I will be speaking with Mitch McConnell and Kevin McCarthy this morning," he said. Lawmakers have for months struggled to pass additional economic stimulus with little signs of nearing the finish line. "But I had hoped, now that we're now past the election, that the Democrats would now work with us." Democrats control the House and will hold a more narrow majority when the next Congress starts in January.
Persons: Steven Mnuchin, Mnuchin, Mark Meadows, Mitch McConnell, Kevin McCarthy, Meadows, Donald, Nancy Pelosi, Chuck Schumer, Pelosi, Schumer, Joe Biden Organizations: White House, Capitol, Senate Republicans, Republicans, Treasury Department, Federal Reserve, Fed Locations: Ky, Georgia
Treasury Secretary Steven Mnuchin told CNBC on Friday that he would work with his successor on a transition but did not acknowledge Joe Biden as president-elect. "If things get certified, we'll obviously work closely with whoever it is," Mnuchin said on "Squawk on the Street." Though major news networks, including NBC News, have declared Biden as the winner of the election, President Donald Trump has not conceded. That timeline would end the programs just before the Biden administration is set to take control in late January. Mnuchin also said he will meet with Republican congressional leaders on Friday to work toward a targeted economic relief bill before the end of the year.
Persons: Steven Mnuchin, Joe Biden, Mnuchin, Biden, Donald Trump, Emily Murphy, Tom Donohue, Mnuchin's, Janet Yellen, Lael Brainard, Yellen, Trump, Nancy Pelosi Organizations: CNBC, NBC, General Services Administration, of Commerce, Federal Reserve, Treasury Department, Republican Locations: Washington
When former White House press secretary Jake Siewert recently spoke before a Columbia University class, the hosting professor described his resume in reverse chronological order. And before that, he worked as a White House press secretary under President Bill Clinton. Then-Vice President Joe Biden is pictured taking reporters' questions at a White House press briefing on June 17, 2010. That's how one former White House reporter described what it'll be like for the White House press corps to return to some semblance of normalcy in the briefing room when Biden moves in. Matthew Nussbaum covered the early days of the Trump White House for Politico after spending months on the 2016 campaign trail.
Persons: Donald Trump's, Joe Biden's, Symone Sanders, Karine Jean, Pierre, Judith Miller, they're, Matthew Nussbaum, Jake Siewert, Siewert, Barack Obama, Bill Clinton, it's, hasn't, Kate Bedingfield, It's, Trump, Ron Klain, Jen O'Malley Dillon, Steve Ricchetti, Biden, Joe Biden, Donald Trump, Chip Somodevilla, Mike McCurry, Monica Lewinsky, McCurry, Clinton, Peter Baker, Washington —, he's, they've, Frank Sesno, I've, she's, Nussbaum, Miller, Valerie Plame, Bush Organizations: New York Times, Fox, White House, Columbia University, Treasury Department, Alcoa Corporation, White, , Biden, Post, Wesley Theological Seminary, CNN White House, School of Media, Public Affairs, George Washington University, CNN, Trump White House, Politico, White House Press, Trump, The New York Times, Times Locations: Washington, American, America, Iraq
Opinion | How Steve Mnuchin Snubbed Joe Biden
  + stars: | 2020-11-20 | by ( Neil M. Barofsky | ) www.nytimes.com + 0.00   time to read: +3 min
But now, as record infection levels have prompted governments to impose new restrictions across the country, this is a grave error. Terminating them also breaks from the approach taken by the last administration that was leaving office during an economic crisis. Doing so here would both provide continuing assurance to the markets and allow the incoming administration to exercise its own discretion over the programs’ reach. The incoming administration could choose a different path, like extending the programs to more borrowers and on more favorable terms. Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, is a partner at Jenner & Block.
Persons: Patrick Toomey, Mnuchin, Henry Paulson, Obama, Bush, Trump, Biden, Neil Barofsky Organizations: Treasury Department, Troubled Asset, Jenner Locations: Pennsylvania
ET Mnuchin Defends Decision to End Emergency Fed Funds: Live Updates RIGHT NOW Steven Mnuchin denies politics played a part in his decision to end the Fed’s relief programs. “Congress trusted us with this money and we’re going to follow the law,” Mr. Mnuchin said on CNBC. “Whether it’s myself or somebody else, these can be reactivated,” Mr. Mnuchin said, referring to the Fed facilities. Mr. Mnuchin had little to say about any tension between the two men. By asking the Fed to return unused funds, Mr. Mnuchin could prevent Mr. Biden’s incoming Treasury secretary from quickly restarting the efforts at scale in 2021.
Persons: Steven Mnuchin, J, Scott Applewhite, ” Mr, Mnuchin, Joseph R, Biden, Trump, , , Sherrod Brown, Mnuchin’s, Jerome H, Powell, “ I’ll, Nic Coury, Andrew Stettner, Elizabeth Pancotti, signoff, — Nelson D, Schwartz, Jeanna, lockdowns, Caroline Simmons, ‘ What’s, , Simmons, today’s, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells, ” Dieter Waizenegger, Aaron Ammons, Waizenegger, Tejal Patel, , Andrew Mangum, Roblox, David Baszucki, Erik Cassel, Baszucki, Cassel, — Kellen Browning, Chang W, Lee, Ceylan, United, Helane Becker, Cowen, ” Ms, Becker, Fabio Bucciarelli, Peter S, Goodman, Gaia, Chiara Lepora, Michele Usuelli, Usuelli Organizations: CNBC . Credit, Associated Press, Federal Reserve, Treasury, CNBC, Fed, , Congress, Treasury’s, Federal, Treasury Department, National Guard, The New York Times, Century Foundation, Pfizer, Nikkei, West Texas, UBS Global Wealth Management, , — Union, Union, Bank of America, Citigroup, JPMorgan, CtW Investment, Stewardship Program, SEIU, Illinois State, tweens, Renaissance, New York Times, The, Airlines, Southwest Airlines, American Airlines, Fort Worth International, Skift Aviation, ., national Health Ministry Locations: Ohio, Salinas, Calif, United States, Georgia, Europe, Britain, Japan, Hong Kong, France, Spain, Wells Fargo, SEIU’s, I.P.O, San Mateo, York, Dallas, London, Frankfurt, Lombardy, Milan, Italy, Covid,
Toni L. Sandys/Pool via REUTERSWASHINGTON (Reuters) - The United States on Thursday slapped sanctions on two companies it accused of being involved in exporting forced labor from North Korea and warned countries still using workers from the country to send them home. The U.S. Treasury Department in a statement said that it blacklisted Russian construction company Mokran LLC and Korea Cholsan General Trading Corporation, a North Korean company operating in Russia. “North Korea has a long history of exploiting its citizens by sending them to distant countries to work in grueling conditions in order to financially support Pyongyang and its weapons programs,” Treasury Secretary Steven Mnuchin said in the statement. “Those countries still hosting North Korean workers must send these workers home,” he added. A 2017 U.N. Security Council resolution demanded that all countries send home all North Korean workers by Dec. 22 last year to stop them earning foreign currency for North Korea’s nuclear and ballistic missile programs.
Persons: Steven T, Mnuchin, Toni L, Sandys, Steven Mnuchin Organizations: of, Treasury, Banking, Housing, Urban Affairs, REUTERS WASHINGTON, U.S . Treasury Department, Mokran, Korea, General Trading Corporation, North, Security, United, U.N Locations: Washington , DC, United States, North Korea, U.S, North Korean, Russia, , Korea, Pyongyang, China, Korea’s, United Nations
EU Leans Heavily on U.S. Program Tracking Terror Financing
  + stars: | 2020-11-19 | by ( Byron Tau | ) www.wsj.com sentiment -0.95   time to read: 1 min
WASHINGTON—A new review by a civil-liberties watchdog has revealed the extent to which European governments have come to rely on a U.S. surveillance program that monitors global financial transactions for ties to terrorism. The Treasury Department’s Terrorist Finance Tracking Program, or TFTP, was created after the Sept. 11, 2001 attacks. New data shows it is now widely used by European authorities—even as European Union institutions, concerned about the privacy of their citizens and possible surveillance, move to more strictly...
Persons: WASHINGTON Organizations: Treasury Department’s, Union
President-elect Joe Biden said Thursday he had chosen a nominee to lead the Treasury Department who he thinks will be accepted by both the liberal and moderate wings of the Democratic Party. “You’ll soon hear my choice for Treasury, either just before or just after Thanksgiving,” Mr. Biden said at a news conference held in Wilmington, Del.
Persons: Joe Biden, “ You’ll, Mr, Biden Organizations: Treasury Department, Democratic Party, Treasury Locations: Wilmington, Del
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