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☆ TikTok aside, Congress has its eye on the U.S. money going into China
▼ + stars: | 2024-03-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

The House Select Committee on the CCP, established in January last year, led the legislative act to essentially ban TikTok in the U.S. if its Chinese parent ByteDance doesn't sell the popular social media app. watch nowThe House select committee in February also published a report alleging U.S. venture capital firms invested billions "into PRC companies fueling the CCP's military, surveillance state and Uyghur genocide." Similar research detailing the links between U.S. capital, venture firms in China and Chinese tech startups has started making its rounds in major media outlets since late 2023. The Senate in July overwhelmingly passed a bill that would have required U.S. investors in advanced Chinese technology to notify the Treasury Department. The Biden administration in August issued an executive order aimed at restricting U.S. investments into semiconductor, quantum computing and artificial intelligence companies citing national security concerns.

Persons: Ken Cedeno, that's, Mike Gallagher, Gallagher, Andrew King, King, Biden, Michael McCaul, Gregory W, Meeks Organizations: U.S, Capitol, Reuters, The U.S, Congress, Chinese Communist Party, CNBC, House Armed, Technologies, Innovation, Intelligence, CCP, Future, Ventures, Treasury Department, Treasury, Foreign, China's Ministry of Commerce, Financial Regulatory Administration Locations: Washington , U.S, Reuters BEIJING, The, China, United States, U.S, Beijing, San Francisco

☆ He predicted the ’08 crash. Now he’s betting AI will turbocharge the US economy
▼ + stars: | 2024-03-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

AI chatbots can help workers brainstorm ideas, do research, write reports, build presentations, learn about new topics and identify patterns in vast troves of data. AI will ‘destroy’ some jobs, boost othersThere is also the very real risk that AI will replace some workers. AI might be able to help slow the rate of decay in the labor force,” Sangani said. “These workers will be supplemented, not replaced, by AI,” Sangani said, though he added there are also places where AI will replace workers. IMF warns AI could deepen inequalityEven if AI accelerates economic growth, there is no guarantee that everyone will benefit.

Persons: New York CNN — Jan Hatzius, Goldman Sachs, Hatzius, ” Hatzius, that’s, you’ll, ”, ” Satyen, ” Sangani, Jeremy Grantham Organizations: New, New York CNN, CNN, Treasury Department, IRS, Hatzius, International Monetary Fund Locations: New York, United States

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ Biden says it’s ‘vital’ US Steel remain American owned and operated
▼ + stars: | 2024-03-14 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —President Joe Biden on Thursday said he believes it’s “vital” that US Steel remain American owned and operated, dealing a blow to the iconic company’s planned sale to Japan’s Nippon Steel. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it,” Biden said in a statement. “US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”The Biden administration is concerned about some of Nippon’s assets in China, a person familiar with the administration’s thinking told CNN. After the Biden statement, the US Chamber of Commerce warned against politicizing the US Steel deal and said the transaction should proceed if the CFIUS review reveals no national security concerns.

Persons: Joe Biden, it’s, ” Biden, ”, Biden, Lael Brainard, Fumio, ” John Murphy, ” Michael Leiter, Skadden, Arps, ” Leiter, isn’t Organizations: CNN, US Steel, Japan’s Nippon Steel, Steel, Nippon, National Economic Council, Washington Post, Foreign Investment, Treasury, US Chamber of Commerce Locations: American, China, Pittsburgh, Washington, United States

☆ How Georgia became America's green-manufacturing capital
▼ + stars: | 2024-03-13 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +14 min

Howey, now 30, grew up in northwestern Georgia near Dalton, a small city known as the "carpet capital of the world." SolarCycle, which reclaims old solar panels to make new ones, in February announced plans for a glass factory. The law authorized big tax credits for companies making renewable-energy technologies, including solar panels, batteries, and electric vehicles, in the US. According to S&P Global, the US imported more than two-thirds of its solar panels from Southeast Asia last year. When he sees solar panels atop the chargers, he feels pride in his job.

Persons: Robert Howey, Howey, he'd, Qcells, Catherine Boudreau, Joe Biden, Biden, Bob Keefe, Keefe, Gedia, Pat Wilson, Wilson, Brian Kemp, Benz, Dalton, Kemp, Heidi Popham, Popham, Donald Trump, Scott Moskowitz, Sen, Jon Ossoff of, Moskowitz, it's, Carl Campbell, Campbell, —, Whitfield, Jevin Jensen, Jensen, He's Organizations: US Navy, Business, Qcells, South, Hanwha, SK, Hyundai, Georgia Department of Economic, Gov, Porsche, Mercedes, SK On's, Financial Times, Georgia Northwestern Technical College, Treasury Department, P Global, Microsoft, Development Authority, Shaw Industries, Mohawk Industries, EV Locations: Georgia, Dalton, Japan, Cartersville, South Korea, Malaysia, North Carolina, China, Georgia , North Carolina, South Carolina, Savannah, Atlanta, Cartersville , Georgia, Germany, Commerce , Georgia, Southeast Asia, Korea, Jon Ossoff of Georgia, Washington, BloombergNEF, Vietnam, Whitfield County, ., Whitfield, Calhoun

☆ Analysis: Trump on Social Security cuts and a possible TikTok ban
▼ + stars: | 2024-03-12 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

But Trump’s comments on TikTok and Social Security, both in an unfettered interview on CNBC, suggest not calculation, but confusion about Social Security and ambivalence about TikTok. Social Security was a top issue during the Republican presidential primary, when Trump attacked his GOP opponents, accusing them of wanting to take social security benefits away from older Americans. In an ad-libbed and meandering answer during a telephone interview broadcast on CNBC, Trump seemed to suggest that he was open to cutting Social Security. Have you changed your, your outlook on how to handle entitlements Social Security, Medicare, Medicaid, Mr. President? His answer also did nothing to address Kernen’s larger question, about Social Security and Medicare’s insolvency crisis.

Persons: Donald Trump’s, Joe Biden, Biden, Trump, It’s, CNBC’s Joe Kernen, we’ve, Joe Biden’s, Karoline Leavitt, ” It’s, Abby Phillip, Nikki Haley, ByteDance, ” Trump, ” Biden, Brian Fung, Jeff Yass, Steve Bannon, “ Organizations: CNN, Social Security, Trump, CNBC, Social, Republicans, Republican, GOP, ISIS, Federal Reserve, Treasury Department, South Carolina Gov, House Republicans Locations: Trump, TikTok’s China, China, TikTok, Yass

☆ The IRS's free tax filing system is officially open. Here's everything you need to know.
▼ + stars: | 2024-03-12 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

Read previewThe Internal Revenue Service and the US Department of the Treasury officially launched their Direct File tax program on March 12. Direct File — now available in both English and Spanish — has been piloted in several states and offers Americans a free way to file their taxes. With Direct File, taxpayers can file their taxes directly from their smartphone, laptop, or desktop computer. The Direct File program will show taxpayers clear math on the taxes they owe and their expected tax refund. "Our priority in launching this new service is to save taxpayers time and money they can spend on themselves and their families."

Persons: —, Spanish —, Joe Biden's, Wally Adeyemo, Natalie Quillian, Quillian Organizations: Service, Revenue Service, US Department of, Treasury, Business, Taxpayers, Social, Treasury Department, IRS, Staff Locations: Spanish, California , Arizona, Florida , Massachusetts, New Hampshire , Nevada , New York, South Dakota , Tennessee , Texas, Washington, Wyoming

☆ Biden's proposed budget would increase federal spending to $7.3T in FY2025
▼ + stars: | 2024-03-11 | by ( Megan Cassella | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden's proposed budget would increase federal spending to $7.3T in FY2025CNBC's Megan Cassella joins 'Power Lunch' to discuss the Treasury Department's released tax proposals to pay for President Biden's fiscal year 2025 budget.

Persons: Megan Cassella, Biden's

☆ Inside a Michigan Town's War Over a Chinese-Owned Battery Plant
▼ + stars: | 2024-03-10 | by ( Brent Crane | ) www.businessinsider.com time to read: +24 min

This was nothing short of a communist invasion, in his eyes, and the patriots of Green Charter needed to rise up and confront the Red Peril. But the backlash in Green Charter represents something seldom seen since the Red Scare: a quasi-militant, homegrown resistance to the perceived threat of communism at home. But as the war over Gotion began to consume Green Charter, Riebow began to feel that the township board was behaving "too secretly." It's easy to dismiss what's happened in Green Charter as yet another sign of America's descent into dangerous incivility. Asked about Gotion's plans in Green Charter, Panetta replied, "I don't think there's any question that they are going to take advantage of that situation."

Persons: Jeff Peticolas, Sam Peticolas, He'd, Peticolas, Gos, Green, Matt Harrison Clough, Jim Chapman, I've, Chapman, freaked, Rush Doshi, Joe Biden's, Doshi, Donald Trump, Sen, Katie Britt, Lori Brock, Kristina Karamo, Lana Theis, John Moolenaar, it's, Gotion, John Holdsworth, I'm, Tracy Ruell, Ruell, Carlleen Rose, she'd, Suzi, Tim Hahn, Hahn, texted Hahn, Jeff, Corri Riebow, She'd, Riebow, Breitbart, Gretchen Whitmer, —, we've, Holdsworth, Jason Kruse, Kruse, that's, Kruse demurred, Hahn's, we're, We're, what's, William Evanina, Leon Panetta, Barack Obama's, Panetta, Brent Crane Organizations: Imperial, Pacific, Nikon, Ferris State University, Tech, Green Charter, BI Green Charter, Michigan, United States, Chinese Communist Party, Michigan Republican Party, Michigan GOP, WE, Republican, Republicans, Gotion, Treasury Department, BI, CCP politburo, Party, Communist Party of China, SAIC, Nexteer Automotive, Facebook, Big Rapids, Local, Moolenaar, Fox News, Daily Mail, Gov, Green Charter's, Ferris State, Big, FBI Locations: Pearl, He'd, Imperial Japan, Vietnam, Mecosta County , Michigan, American, Green Charter, Green, China, Green Charter's, Montana, Beijing, Arkansas, Reedley , California, Manteno , Illinois, Washington, America, United, United States, Biden's State, Alabama, Mecosta County, Michigan, Sweden, Big Rapids, enervated, Gotion, Northern Michigan, USA, Filipino, Charter, San Diego

☆ Biden wants to make it easier for people to buy their first home. But there aren't enough houses.
▼ + stars: | 2024-03-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But I'm not waiting," President Joe Biden said during Thursday's State of the Union address. The White House is stepping up as homeownership costs keep mounting, with over 90% of the market overvalued. AdvertisementIn order to unlock supply, Biden called for a one-year tax credit of $10,000 to families selling a starter home. Ahead of the speech, Zillow Chief Economist Skylar Olsen noted that the supply crunch is worse than the White House has laid out.

Persons: —, Biden, I'm, Joe Biden, homebuyers, David Dworkin, Skylar Olsen, unspent Organizations: Service, Biden Administration, Business, National Housing, CNBC, Treasury Department Locations: homebuyers, Thursday's State

☆ Why private equity has been involved in every recent bank deal
▼ + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."

Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon

☆ Biden administration sanctions makers of commercial spyware used to surveil US
▼ + stars: | 2024-03-05 | by ( Brian Fung | ) edition.cnn.com time to read: +3 min

Bad actors have used commercial spyware to target at least 50 US government officials, the Biden administration said last year as it unveiled an executive order banning federal agencies from using the technology. In 2021, the US government said NSO Group’s spyware had been used against roughly a dozen State Department employees serving in Africa. The US government has sought to build international support for curbing the use of commercial spyware, and last month, it announced visa restrictions for anyone seeking to enter the United States who has been involved in the commercial spyware industry. The use of commercial spyware “has been linked to arbitrary detentions, forced disappearances, and extrajudicial killings in the most egregious of cases,” the State Department said at the time. On Tuesday, the Biden administration vowed to watch closely for signs that Intellexa may seek to circumvent the sanctions.

Persons: Washington CNN —, ”, Tal Jonathan Dilian, Sara Aleksandra Fayssal Hamou, Côte, Biden, Oregon Democratic Sen, Ron Wyden Organizations: Washington CNN, Biden, Treasury Department, Intellexa Consortium, US, Google, Pegasus, Intellexa, Amnesty International, State Department, Commerce Department, Oregon Democratic Locations: Egypt, Armenia, Greece, Madagascar, Côte d’Ivoire, Serbia, Spain, Indonesia, Africa, States

☆ Trump’s Tax Cut Fueled Investment but Did Not Pay for Itself, Study Finds
▼ + stars: | 2024-03-04 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

The corporate tax cuts that President Donald J. Trump signed into law in 2017 have boosted investment in the U.S. economy and delivered a modest pay bump for workers, according to the most rigorous and detailed study yet of the law’s effects. Those benefits are less than Republicans promised, though, and they have come at a high cost to the federal budget. The corporate tax cuts came nowhere close to paying for themselves, as conservatives insisted they would. The study is the first to use vast data from corporate tax filings to draw conclusions about the Tax Cuts and Jobs Act, which passed with only Republican support. Its findings could help shape debate on renewing parts of the law that are set to expire or have begun to phase out.

Persons: Donald J, Trump Organizations: Republicans, Princeton University, University of Chicago, Harvard University, Treasury Department, Trump Locations: U.S

☆ Judge’s Ruling Sets Back Law Meant to Fight Money Laundering
▼ + stars: | 2024-03-03 | by ( Kate Kelly | ) www.nytimes.com time to read: +1 min

In a blow to government efforts to combat money laundering, a federal court has ruled that the Treasury Department cannot require some small businesses to report personal details about their owners. The law, the Corporate Transparency Act, passed with bipartisan support in Congress and was intended to help the Treasury Department’s financial-crimes division identify money launderers who hide behind shell corporations. But in a ruling issued late Friday, Judge Liles C. Burke of the U.S. District Court in Huntsville, Ala., sided with critics of the law. “Congress sometimes enacts smart laws that violate the Constitution,” Judge Burke wrote in a 53-page filing. “This case, which concerns the constitutionality of the Corporate Transparency Act, illustrates that principle.”

Persons: Judge Liles C, Burke, ” Organizations: Treasury Department, U.S Locations: Huntsville, Ala

☆ Stocks hate this one weird trick from the calendar
▼ + stars: | 2024-02-29 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Leap Day might seem like fun and games — until you consider Wall Street. To account for that gap, Julius Caesar in 45 BC decreed that an extra day be added every four years, leading to the Julian calendar. Pope Gregory XIII in 1582 AD created the Gregorian calendar, coined the term “leap year” and established February 29 as the official leap day. He adds that a leap day can also help marginally raise corporate earnings, since companies get an extra day in a fiscal quarter to operate. History shows that stocks tend to perform worse when an additional day is added to the calendar.

Persons: Julius Caesar, Pope Gregory XIII, Matt Weller, Weller, Dow, ”, “ Barbie ”, “ Oppenheimer, ’, Samantha Delouya, It’s, Read, Sam’s, Sam, Matt Egan, Banks Organizations: CNN Business, Bell, New York CNN, Dow Jones, Bulls, Research, AMC Entertainment, AMC, Treasury Department, CNN, Treasury Locations: New York, FOREX.com

☆ These were February's biggest stock winners. Here's where analysts see them going next
▼ + stars: | 2024-02-29 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Here's a look at the top 20 stock gainers in the past month and where consensus analyst price targets imply they're heading next, based on the CNBC Pro Stock Screener tool. Chipmaker Nvidia notched a 24% gain in the past month, and analyst consensus price targets call for nearly 9% upside ahead. NVDA mountain 2024-02-01 Nvidia stock. Over the past month, the stock popped more than 41%. CEG mountain 2024-02-01 Constellation Energy stock.

Persons: Citi's Chris Danely, Meta, Meta's, Justin Post, Anthony Crowdell, Crowdell Organizations: Dow Jones, Constellation Energy, CNBC, Stock, Nvidia, AMD, Broadcom, Bank of America, Mizuho Securities, Treasury Locations: stoke

☆ This notorious Russian hacking group is threatening to release Trump court documents
▼ + stars: | 2024-02-29 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

Hackers are threatening to leak stolen Trump court documents unless they get a ransom. LockBit is a Russia-based ransomware group that's made millions already by hacking victims. AdvertisementLockBit, a group of notorious Russian hackers, is threatening to release court documents it claims it stole from Georgia officials unless it gets paid a ransom. It's the latest scheme from a group that's frustrated international authorities and dodged shutdown attempts. LockBit is threatening to release Trump court documents it stole from the Fulton County, Georgia, election interference case unless the county paid up.

Persons: Trump, LockBit, —, Biden, that's, It's, aren't, Donald Trump's Organizations: Service, Trump, US Department of, Treasury, Treasury Department, Justice Department, Infrastructure Security Agency, Boeing, National Health Service, Royal Mail, Commercial Bank of China, Business, Fulton, FBI, Crime Agency Locations: Russia, Georgia, Fulton County , Georgia

☆ AI is Uncle Sam’s new secret weapon to fight fraud
▼ + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.

Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, ”, ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong

☆ Treasury watchdog on a 'full court press' to spread awareness of new business registry rules
▼ + stars: | 2024-02-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Brian Nelson, US Treasury under secretary for terrorism and financial crimes, during a House Financial Services Committee hearing in Washington, DC, US, on Wednesday, Feb. 14, 2024. The hearing is titled "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." WASHINGTON — Over 700,000 companies have submitted data to Treasury's new beneficial ownership information registry, a senior Treasury official said on Wednesday. Nelson said the agency has been "on a full court press" to spread awareness about the registry. Nelson said Treasury has been utilizing multi-lingual guidance, informational webinars, YouTube, and is collaborating with Secretaries of State and Chambers of Commerce to inform business owners.

Persons: Brian Nelson, Nelson Organizations: US, Financial, Terrorism, Financial Intelligence, Treasury, year's, Treasury Department, Hudson Institute, Network, New, YouTube, of State, Chambers of Commerce, Force Locations: Washington , DC, WASHINGTON, United Kingdom, United States

☆ I've lent people more than $63 million to buy homes and start businesses: 'If you see a problem, fix the problem'
▼ + stars: | 2024-02-24 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +11 min

Today, I'm the owner of a barber shop and the founder of the Washington Barber College. Courtesy of Story SyndicateI took $500 from the check and put it down on a rental space for a barber shop. I later purchased another barber shop, and with the profits from that business, bought an additional shop that was going out of business. AdvertisementThe People Trust Community Loan Fund. We would also pick up homeless individuals and bring them to the barber shop to provide haircuts.

Persons: Arlo Washington, —, Oscar, Barber, it's, Syndicate I'm, we've, We've, Mr, We're, Little, I've, It's Organizations: Service, Washington, Washington Barber College, Syndicate, People Trust Loan Fund, People Trust, Federal Credit Union, University of Arkansas, Little, Trust Community Loan Fund, Winthrop Rockefeller Foundation, The Treasury Department, Trust Loan, People Trust Loan, Depository Institution Locations: Little Rock , Arkansas, Local, Washington, Arkansas, Little, Central Arkansas, Little Rock, Rock, Wrightsville , Arkansas

☆ Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief
▼ + stars: | 2024-02-22 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The IRS, with billion of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy taxpayers, partnerships and large companies. The Inflation Reduction Act gave the IRS an $80 billion infusion, yet congressional Republicans won a deal last year to take $20 billion of the funding back. The Treasury Department said last week it estimates greater IRS enforcement to result in an additional $561 billion in tax revenue between 2024 and 2034 — a higher projection than it had initially stated. The IRS is touting its early success with a program to collect unpaid taxes from millionaires. So far, the IRS has collected more than $480 billion from the group, "and we are still going," Werfel said.

Persons: Danny Werfel, Werfel, Ting Shen Organizations: Internal Revenue Service, IRS, CNBC, Congress, Republicans, Treasury Department, Bloomberg, Getty Locations: Washington , DC

☆ The Quiet Diplomat Who Shaped Biden’s Global Economic Policy
▼ + stars: | 2024-02-20 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

In the fall of 2022, two top Biden administration officials met in New York with a key European diplomat. Over dinner outdoors, they strategized about how best to throttle Russia’s oil revenues in retaliation for its invasion of Ukraine. Europe, Mr. Seibert said, had big problems with President Biden’s sweeping new climate law. They were worried the president was trying to ensure the future of U.S. manufacturing at the expense of some of America’s closest allies. The exchange set off months of behind-the-scenes talks, a major regulatory concession from the Treasury Department and high-level negotiations between Mr. Biden and fellow world leaders, all meant to soothe those concerns.

Persons: Bjoern Seibert, Mike Pyle, Wally Adeyemo, Seibert, Biden’s, Mr, Biden Organizations: Biden, National Security Council, European Commission, European Union, Treasury Department, Mr Locations: New York, European, Ukraine, United States, America

Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.

Persons: Biden, ”, penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, “, Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com

WASHINGTON (AP) — The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system. The Treasury Department's Financial Crimes Enforcement Network — known as FinCEN — proposed a regulation on Tuesday that would require investment advisers to develop anti-money laundering programs and file reports with the government when suspicious activity is detected by clients, among other things. Treasury last week proposed a rule that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. The risk assessment also identified cases of Chinese and Russian individuals using investment advisers to access sensitive information and emerging technology, Treasury said.

Persons: —, Biden, ”, Andrea Gacki, Janet Yellen Organizations: WASHINGTON, Treasury, House Locations: U.S, United States

☆ Treasury proposes rule to extend anti-money laundering regs to investment advisers
▼ + stars: | 2024-02-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

The Treasury Department's corruption watchdog on Tuesday issued new proposed regulations that would extend major pieces of the anti-money laundering (AML) rules that apply to banks to some investment advisers. The new rules would apply to investment advisers who are registered with or report to the Securities Exchange Commission, leaving out what FinCEN estimates to be at least 17,000 state-registered investment advisers. The proposed regulations stop short of requiring investment advisers to adopt formal customer identification programs, like banks do. Investment advisers manage tens of trillions of dollars, but until now, they have been largely exempt from the AML regulations arising from the 1970 Bank Secrecy Act and subsequent legislation. In 2003 and 2015, FinCEN proposed similar rules that would have expanded BSA provisions to cover investment advisers.. to combat money laundering and terrorist financing.

Persons: Janet Yellen, FinCEN, Andrea Gacki Organizations: Financial, Treasury, Securities Exchange Commission, Investment Locations: Vienna , Virginia, FinCEN, China, Russia

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