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☆ Fmr. CISA Director Chris Krebs explains the potential AI risks on financial systems
▼ + stars: | 2023-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. CISA Director Chris Krebs explains the potential AI risks on financial systemsChris Krebs, PinnacleOne president and former Cybersecurity and Infrastructure Security Agency director, joins 'Squawk Box' to discuss the the potential risks of AI on financial systems, after the Treasury Department's Financial Stability Oversight Council flagged the use of AI in financial services as a system vulnerability, what it means for financial organizations going forward, and more.

Persons: Chris Krebs, PinnacleOne Organizations: Infrastructure Security Agency, Treasury

☆ The workplace is transforming because workers want good jobs, not just jobs
▼ + stars: | 2023-12-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

Despite threats to job security such as layoffs, the rise of return-to-office mandates, and the prospect of artificial intelligence taking over jobs, workers have realized what's akin to letting a genie out of the bottle: Their jobs don't have to be just jobs. The push to make jobs back into careers, and good jobs, is just beginning. "And we've also seen just the massive gap between CEO salaries and frontline worker pay." Even so, there's been what Bruno called a "national consciousness raising" around what a quality job is. And thinking toward a future full of quality jobs is a message workers are taking to heart.

Persons: Ingrid Vilorio, She's, Vilorio, It's, Rob Bruno, Bruno, what's, —, Julie Su, Biden, Biden administration's, Su, there's, Zers —, Federal Reserve Banks, Keith Wardrip, Wardrip Organizations: University of Illinois, Workers, Treasury Department, Gallup, United Auto Workers, BI, Federal Reserve, Federal Reserve Bank of Philadelphia Locations: California, University of Illinois Urbana, Champaign, America, Philadelphia, Atlanta

☆ Treasury’s Hidden Stash of Covid Cash
▼ + stars: | 2023-12-04 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: EV dealers ask Biden where they're supposed to put the glut. Images: AP/Shutterstock Composite: Mark KellyIf you thought Washington’s pandemic-cash bonanza was behind us, keep an eye on the Treasury Department. The Biden Administration made a quiet move late last month to let states spend up to $90 billion of leftover “emergency” money. The rule change pushes back the deadline for states to claim cash from the State and Local Fiscal Recovery Funds, a pandemic aid giveaway that President Biden set up through the 2021 American Rescue Plan Act. Now Treasury plans to give out unspent cash beyond next year, as long as states say what they’ll spend it on by April.

Persons: Biden, they're, Mark Kelly Organizations: Treasury Department, The Biden Administration, State, Treasury

☆ Supply chains, trade top agenda for Yellen Mexico trip
▼ + stars: | 2023-12-04 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

US Treasury Secretary Janet Yellen hosts Leaders from Americas Partnership for Economic Prosperity (APEP) countries at the Treasury Department in Washington, DC, on November 3, 2023. WASHINGTON — Treasury Secretary Janet Yellen will travel to Mexico City this week to strengthen economic ties with America's top trading partner, the Treasury Department said Monday. Yellen will meet with Mexican counterparts, including President Andres Manuel Lopez Obrador, from Dec. 5-7 on creating supply chains spanning the bordering nations to spur job growth and bolster economic security, according to a release. Imports and exports between the U.S. and Mexico reached nearly $600 billion so far in 2023, per the International Trade Administration, and exceeded $850 billion in 2022, according to Treasury. Direct investments between the nations include manufacturing, wholesale trade, real estate and finance and insurance, according to the U.S. Trade Representative.

Persons: Janet Yellen, Yellen, Andres Manuel Lopez Obrador, Joe Biden, Xi Jinping Organizations: Americas Partnership, Economic Prosperity, Treasury Department, WASHINGTON —, Mexican, U.S, International Trade Administration, Treasury, U.S . Trade, Jalisco Nueva Generacion, U.S . Locations: Washington ,, Mexico City, Mexico, United States, Jalisco, U.S

WASHINGTON (AP) — Treasury Secretary Janet Yellen is heading to Mexico this week to promote her agency's new strike force to help combat illicit fentanyl trafficking as the U.S. and China step up efforts to stop the movement of the powerful opioid and drug-making materials into the United States. “Combating the flow of deadly fentanyl into communities across the United States is a top priority for President Biden as well as the Treasury Department,” Treasury Secretary Janet Yellen in a statement. Many of the GOP presidential candidates have said they would use military force against Mexico in response to the trafficking of fentanyl and other synthetic opioids. Nelson will co-chair the strike force with IRS Criminal Investigations Chief Jim Lee. Nelson said the strike force "will act quickly and decisively with the top specialists from across the department to nimbly respond to the newest threats.”

Persons: Janet Yellen, —, Biden, Joe Biden, Xi Jinping, ”, Brian Nelson, Nelson, Jim Lee Organizations: WASHINGTON, —, Strike, Treasury, IRS, Drug, Treasury Department, Disease Control, GOP, Banking, Armed Services Committees Locations: Mexico, China, United States, Mexico City, Yellen, California, America, U.S

☆ Biden administration announces new financial strike force to curb deadly fentanyl trade
▼ + stars: | 2023-12-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

“The Treasury Department’s Counter-Fentanyl Strike Force will allow us to bring the Department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic. The strike force will be led by the department’s top sanctions official, Brian Nelson, and the chief of the Internal Revenue Service’s criminal investigations unit, James Lee. It will “redouble Treasury’s existing work streams, including using financial intelligence to understand risks and map transnational criminal organization (TCO) financial networks,” according to a news release. Several key units within the Treasury Department that specialize in financial crimes, sanctions, and tracking terrorist and illicit financing will be part of the new strike force. The new strike force will also help streamline the Treasury Department’s efforts to coordinate with local and federal law enforcement bodies on potential financial leads.

Persons: Janet Yellen, Brian Nelson, James Lee, ” Nelson, Xi Jinping, Joe Biden, Biden, Yellen, Nelson, “ Organizations: Washington CNN, Monday, Treasury Department, Treasury, Network, Foreign Assets Control, of Intelligence, US Treasury Department, Strike Force, Department, Drug Enforcement Agency, Department of Homeland Security, Department of Justice, US Centers for Disease Control, CNN, Mexican, Biden Locations: United States, China, Ukraine, Mexico

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

☆ The forever labor shortage is pitting parents and their childfree coworkers against each other
▼ + stars: | 2023-12-03 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +12 min

Childfree workers told Business Insider they often feel pressured to cover for parents at work. Benson's not alone in experiencing the tension of splitting work between childfree workers and those with kids. For childfree workers, it may lead to resentment, or feeling like their time isn't as valuable. And that might, in turn, lead to childfree workers being asked to take on more. But the childfree workers, parents, and experts that Business Insider spoke with say that making it a worker-to-worker dispute takes the onus off of companies and policy.

Persons: —, Kira Benson, Benson, Benson's, isn't, tenable, It's, aren't, Amanda Pericles, JessieMay Reed, they've, I'm, Benson doesn't, Arindrajit Dube, Claudia Goldin, Dube, " Dube, Evi, Nardi, Pericles, Pericles isn't, Reed, Kitty Richards, Richards, Betsy Cardenas, She's, Cardenas, we're Organizations: Business, Service, Bloomberg Law, University of Massachusetts Amherst, Treasury Department, of Labor Statistics, monopsony Locations: Seattle, —

☆ North Korea says any US interference with its ‘space assets’ will be deemed ‘declaration of war’
▼ + stars: | 2023-12-01 | by ( Akanksha Sharma | ) edition.cnn.com time to read: +3 min

CNN —North Korea has warned any potential interference or attack on its “space assets” by the United States will be “deemed a declaration of war,” the state media outlet KCNA reported on Saturday. DPRK stands for Democratic People’s Republic of Korea, the official name of North Korea. Neither South Korea, the United States nor Japan, all of which are experiencing increasing military tensions with North Korea, could confirm “Malligyong-1,” had made it into orbit. The November launch was condemned by North Korea’s neighbors Japan and South Korea, with Seoul calling it a “clear violation” of a UN Security Council resolution that prohibits North Korea from using ballistic missile technology. North Korea subsequently vowed to deploy new military hardware along the military demarcation line.

Persons: “, ”, KCNA Organizations: CNN, DPRK, KCNA, Democratic People’s, South, SpaceX, Space Command, American, US Department of Treasury’s, Foreign Assets, Treasury, UN Locations: Korea, United States, Democratic People’s Republic of Korea, North Korea, Pyongyang, Japan, South Korea, Seoul

DENVER (AP) — President Joe Biden will try to turn Rep. Lauren Boebert of Colorado into the embodiment of Republican opposition to his agenda as he visits her congressional district on Wednesday. Biden plans to tour CS Wind, the world’s largest facility for wind tower manufacturing, in the town of Pueblo. The White House said the data indicates that Biden's policies are expanding economic opportunity. He spoke at a Tuesday night fundraiser in Denver, where he said Trump and Republicans wanted to abandon his administration's efforts. Biden also said Republicans want to cut Social Security and Medicare, benefits that are crucial for many elderly Americans.

Persons: Joe Biden, Lauren Boebert, Biden, Donald Trump, MAGA, Boebert, Adam Frisch, Rosalynn Carter, Jimmy Carter, Trump, “ We’re, ” Biden, ”, “, ___ Megerian Organizations: DENVER, Republicans, CS, Democratic, Treasury Department, White, MAGA Republicans, Congressional, Social Security, Pueblo Locations: Colorado, Pueblo, Israel, Pennsylvania, ”, Atlanta, Denver, America, United States, Washington

☆ US sanctions cryptocurrency mixer Sinbad over alleged North Korea ties
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 29 (Reuters) - The United States on Wednesday imposed sanctions on a virtual currency mixer the Treasury Department said has processed millions of dollars worth of cryptocurrency from major heists carried out by North Korea-linked hackers. Lazarus, which has been sanctioned by the U.S., has been accused of carrying out some of the largest virtual currency heists to date. In March 2022, for example, it allegedly stole about $620 million in virtual currency from a blockchain project linked to the online game Axie Infinity. A virtual currency mixer is a software tool that pools and scrambles cryptocurrencies from thousands of addresses. Those that engage in certain transactions with the mixer also risk being hit with sanctions.

Persons: Lazarus, Wally Adeyemo, Sinbad, Daphne Psaledakis, Kanishka Singh, Paul Grant, Chizu Nomiyama, Paul Simao Organizations: Treasury Department, North, Federal Bureau of Investigation, FBI, United Nations, Blender, Treasury, Thomson Locations: United States, North Korea, heists, U.S, Finland, Netherlands

☆ New Bidder Aims to Save Bankrupt Trucking Firm, if Treasury Goes Along
▼ + stars: | 2023-11-27 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

When Yellow abruptly shuttered its operations in the summer and filed for bankruptcy protection, few thought that a buyer would emerge and try to revive the long-troubled trucking giant. The plan rests, however, on getting the Treasury Department to allow Yellow to postpone repayment of a $700 million rescue loan that it made to the company in 2020. But the Treasury may not accept the plan because there are legal obstacles to extending the loan. Some trucking analysts say reviving Yellow will be hard because many of its customers will have moved on to other trucking companies that are much better run than the old Yellow. But Sarah Riggs Amico, the trucking executive leading the deal, said only her plan could bring back thousands of jobs, adding that she had the experience to build a leaner company in partnership with the Teamsters and assemble an executive team that can win back customers.

Persons: Sarah Riggs Amico Organizations: International Brotherhood of Teamsters, Treasury Department, Teamsters Locations: Delaware

WASHINGTON (AP) — Argentina's right-wing President-elect Javier Milei will meet with President Joe Biden's national security adviser on Tuesday in Washington, according to the White House. National Security Council spokesman John Kirby told reporters on Monday that Milei will meet with White House national security adviser Jake Sullivan and other administration officials. The Treasury Department said in a statement that Milei's economic policy advisers will also meet with senior Treasury Officials on Tuesday. That meeting is expected to focus on the incoming Milei administration's economic policy priorities. Argentina’s president-elect has said he wants to move Argentina’s embassy in Israel from Tel Aviv to Jerusalem, emulating a move made by Trump.

Persons: —, Javier Milei, Joe Biden's, John Kirby, Milei, Jake Sullivan, Biden, Rosalynn Carter, ” Kirby, Donald Trump, Trump, ” Milei, Menachem Mendel Schneerson, Schneerson, he’s, hasn’t, “, Israel, ” ___ Politi, Fatima Hussein, Chris Megerian Organizations: WASHINGTON, House . National Security, White House, Milei, Treasury Department, International Monetary Fund, Lubavitch, Catholic, Israel, Trump, Associated Press Locations: Washington, Georgia, Colorado, Argentina, United States, New York City, Kirby, New York, Queens, Israel, Tel Aviv, Jerusalem, Buenos Aires

☆ Fed may need four years to recoup income loss, St. Louis Fed study says
▼ + stars: | 2023-11-27 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The pincer movement of these two policy actions drove the Fed to start losing money in September 2022. The central bank captures the net negative income situation in an accounting measure called a deferred asset, which as of Nov. 22 stood at $120.4 billion. As the Fed sees it, the deferred asset is what must be covered before the central bank can again return excess earnings to the Treasury. The Fed has repeatedly stressed that losing money in no way impacts its ability to operate and conduct monetary policy. The research from the St. Louis Fed estimates it will cover the deferred asset by mid-2027.

Persons: Louis, Joseph Wang, Michael S, Andrea Ricci Organizations: Federal, U.S . Treasury, Federal Reserve Bank of St, Fed, Treasury, Louis Fed, Treasury Department, Reuters, New York Fed, Thomson

☆ Here's why the U.S. stock market and economy don't need or even miss China
▼ + stars: | 2023-11-26 | by ( Jim Cramer | ) www.cnbc.com time to read: +16 min

Yet, the Fed chief was roundly criticized for avoiding tightening because the economy wouldn't slow down; nor would inflation. The country adopted a strict Covid policy that prevailed through 2022 causing its GDP to fall to 3% way below the Chinese government's 5.5% target. Meanwhile, Chinese President Xi Jinping acted as if nothing had weakened and only strengthened his hold on lifetime power. The S&P 500 advanced 14% over the next two years, but China's market sank nearly 1.5% during the same period. Meanwhile, Chinese President Xi Jinping acted as if nothing had weakened and only strengthened his hold on lifetime power.

Persons: Jerome Powell, couldn't, Powell, Donald Trump, Joe Biden, Nancy Pelosi, Pelosi, Biden, Xi Jinping, Xi, It's, China hasn't, Trump, Jim Cramer's, Jim Cramer, Jim, Tasos Katopodis, Brendan Smialowski Organizations: Federal Reserve, Fed, Initiative, Taiwan Semiconductor Manufacturing Company, Nike, Apple, Starbucks, Trump, Nvidia, United Auto Workers, UAW, Pfizer, CNBC, Federal, Financial, Treasury Department, Capitol, Reuters, Economic Cooperation, Afp, Getty Locations: U.S, China, United States, Taiwan, San Francisco, Mexico, Washington , U.S, Asia

REUTERS/David Swanson/File photo Acquire Licensing RightsNov 24 (Reuters) - Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Clean energy experts interviewed by Reuters say the mounting setbacks will make the United States' ambitious targets to decarbonize by mid-century even harder to reach. Solar energy facilities account for two thirds of those delays due in part to U.S. import restrictions. "These are the normal ups and downs of clean energy development and deployment," Reicher said.

Persons: David Swanson, Joe Biden’s, Biden, John Hensley, Wood Mackenzie, “, Ali Zaidi, Prakash Sharma, that's, Vic Abate, it's, Robert Walther, Walther, Dan Reicher, Reicher, Nichola Groom, Richard Valdmanis, Alistair Bell Organizations: REUTERS, Soaring, Ford, Reuters, American Clean Power Association, United Nations, White, Dominion Energy Inc, TEN, GE, Biden, Treasury Department, Trump, Stanford University, Thomson Locations: Palm Springs , California, U.S, Washington, Nations, Egypt, Dubai, United States, Paris, Virginia, Gulf of Mexico

☆ Binance was slapped with a $4.3 billion fine because it let groups like Hamas and ISIS receive funds: Treasury Department
▼ + stars: | 2023-11-22 | by ( Kai Xiang Teo | Matthew Loh | ) www.businessinsider.com time to read: +4 min

The treasury department says the company enabled transactions from Hamas, the Islamic State, and Al Qaeda. The treasury department said Binance failed to report over 100,000 suspicious transactions involving terrorist groups, ransomware, child sexual exploitation material, and scams. Lim had been told about "HAMAS transactions," and responded by saying that terrorists often send "small sums" of money because "large sums constitute money laundering," the CFTC complaint said. Advertisement"I HAZ NO CONFIDENCE IN OUR GEOFENCING," Lim was told by a Binance employee, who was tasked with reporting money laundering, the complaint said. The justice department opened an investigation into Binance's compliance with anti money laundering law in 2018.

Persons: Binance, —, Samuel Lim, Lim, Zhao, Merrick Garland, Richard Teng —, Binanace, Yesha Yadav Organizations: Service, Zhao, Brigades, Hamas, Islamic, Futures Trading, AK, New York Times, Vanderbilt University, Reuters, Futures Trading Commission, Securities and Exchange Commission Locations: Islamic State, Al Qaeda, Iraq, Syria

The plea deals end a years-long investigation into the crypto exchange. Binance holds around $2.8 billion worth of BNB tokens, according to Nansen. Binance remains the world's largest crypto exchange globally, processing billions of dollars in trading volume every year. "This, combined with the likely imminent approval of an ETF based on bitcoin quotes, could positively impact the crypto market in the long term," said Drozdz. Binance has agreed to forfeit $2.5 billion to the government and to pay a fine of $1.8 billion.

Persons: Binance's, Changpeng Zhao, Ben Mcshane, Sportsfile, Nansen, Binance, Grzegorz Drozdz, Bitcoin, Drozdz, Zhao, Yesha Yadav, Milton R, Underwood, General Merrick Garland, Garland, Richard Teng, Teng, Janet Yellen, Al, Yellen Organizations: Getty, Department of Justice, ., SEC, Conotoxia, CNBC, DOJ, Vanderbilt University, Justice Department, U.S, Monetary Authority of Singapore, Binance, Futures Trading Commission, Treasury Department, The Securities, Exchange Commission, ISIS Locations: Lisbon, Portugal, Binance, Nansen, U.S, Abu Dhabi

☆ U.S. Case Details Binance’s Knowledge About Criminal Users
▼ + stars: | 2023-11-22 | by ( Emily Flitter | More About Emily Flitter | ) www.nytimes.com time to read: +1 min

For years, the Binance founder Changpeng Zhao and other senior employees at the cryptocurrency exchange knew that some of its users were criminals. Yet, despite regular warnings from some of its own employees that some transactions on Binance.com were violating anti-money-laundering laws, the firm was reluctant to cut them off. Those allegations, which were made public on Tuesday in a sweeping federal case against Binance and Mr. Zhao, show how thoroughly he and his deputies understood that criminals were using their trading platform — and how little they did to stop them. Mr. Zhao and Binance pleaded guilty on Tuesday to violations of the Bank Secrecy Act and agreed to pay hefty fines. The Binance official acknowledged the report, then tried to persuade the tech company’s representatives to downplay Binance’s role in the transactions, according to the filing, which FinCEN posted on its website on Tuesday.

Persons: Changpeng Zhao, Zhao, Binance, FinCEN Organizations: Binance, Network, Treasury Department, FinCEN, Qassam

Just this week, the SEC sued Kraken, another crypto exchange, alleging that it is operating as an unregistered securities exchange. Binance is exiting the US as part of the agreement the crypto exchange made with law enforcement agencies. That also includes the Justice Department, the Commodity Futures Trading Commission , and the Treasury Department. There is even a National Cryptocurrency Enforcement Team within the Justice Department actively identifying and investigating criminal cases involving digital assets. That is precisely how the feds secured the first ever corporate settlement with a crypto exchange.

Persons: Sam Bankman, Zhao, Binance, Brian Armstrong, Coinbase, ” Armstrong, “, General Merrick Garland, ” Changpeng Zhao, Anthony Kwan, cryptocurrencies, ethereum, Bitcoin, ’, it’s, Ethereum, Treasury Department —, Kraken, Tiffany Hagler, ” Garland, Lisa Monaco, Tuesday’s presser, “ I’ve, Benham Organizations: New, New York CNN, Justice Department, Bloomberg, Getty, Washington DC, US Department of Justice, Department of Justice, Treasury, Securities and Exchange Commission, Treasury Department, SEC, Geard, Futures Trading Commission, Cryptocurrency, feds Locations: New York, United States, Binance, Washington, U.S, “, rulemaking

☆ US authorities set to unveil settlement with Binance -source
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

Smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Nov 21 (Reuters) - U.S. government authorities are expected to unveil a settlement with Binance Holdings on Tuesday, resolving a years-long investigation into the world's largest crypto exchange, according to a source familiar with the matter. The deal, which will include charges against individuals and resolve allegations of violations of the Bank Secrecy Act and other U.S. laws, involves multiple U.S. agencies: the Justice Department, the Commodity Futures Trading Commission and the Treasury Department's Financial Crimes Enforcement Network, the source said. Reporting by Chris PrenticeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Chris Prentice Organizations: REUTERS, Binance Holdings, Justice Department, Futures Trading Commission, Treasury, Network, Thomson

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview. It circulated ideas from a dozen experts on how a commission could offer up solutions for taming deficits and debt. Other recommendations included subjecting high-income earners to more Social Security taxes and gradually raising the age for full retirement benefits to 69 from the current 67. A commission, said independent Senator Bernie Sanders, who caucuses with Democrats, would simply be "a backdoor way to get into cutting Social Security." Sanders embraced lifting the cap on taxable income to extend the life of the Social Security trust fund.

Persons: Kevin Wurm, Mike Braun, Braun, Moody's, Fitch, Michael Peterson, Peter G, Mark Zandi, Dana Peterson, Lori Esposito Murray, Joe Manchin, Mitt Romney, Bernie Sanders, Sanders, Richard Cowan, Moira Warburton, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, Congress, Treasury Department, Republican, AAA, Peterson Foundation, Conference Board, Democratic, Representatives, Social Security, Social, Thomson Locations: Washington , U.S

☆ Fed gave no indication of possible rate cuts at last meeting, minutes show
▼ + stars: | 2023-11-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

watch nowFederal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday. Ultimately, the market expects that the Fed will enact the equivalent of four quarter percentage point cuts before the end of 2024. No mention of cutsHowever, the minutes gave no indication that members even discussed when they might start lowering rates, which was reflected in Chairman Jerome Powell's post-meeting news conference. "The fact is, the Committee is not thinking about rate cuts right now at all," Powell said then. The meeting occurred amid market worries over rising Treasury yields, a topic that appeared to generate substantial discussion during the meeting.

Persons: Jerome Powell's, Powell Organizations: Federal Reserve, Market Committee, Traders, Fed, Treasury Department, Treasury

☆ The Coming Deluge for Small Business
▼ + stars: | 2023-11-20 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report:What was accomplished by applauding China's leader? Images: Zuma Press Composite: Mark KellySmall businesses are often hit hardest by regulation, and the latest federal dragnet is no exception. Under a statute aimed at reducing money laundering, millions of small businesses may soon be snared by onerous reporting requirements and fines for noncompliance. In 2021 Congress enacted the Corporate Transparency Act (CTA) in a broad effort to tighten money-laundering laws. The CTA assigns the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with identifying shell companies used for illegal transactions and creating a registry of businesses with less than $5 million in annual sales and fewer than 20 employees.

Persons: China's, Mark Kelly Small Organizations: CTA, Treasury

☆ Sex Workers Have Been Shunned by Banks, Even When Their Work Is Legal
▼ + stars: | 2023-11-18 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +2 min

“We do not prohibit people in this industry from having personal bank accounts with us,” she added. One of the risks associated with sex work is money laundering and human trafficking, where victims, mostly women, are forced or coerced to engage in commercial sex acts. Many banks and other financial platforms avoid doing business with these industries altogether. “That is the problem we have — trying to recognize potential human trafficking that we would have to report.”Beyond banks, many financial services apps have blanket bans, which state they won’t process any transactions related to adult content or services. CashApp — which, like Square, is owned by Block — lists “selling adult content and services” on its “not allowed” list.

Persons: Trish Wexler, Chase, ”, — Organizations: Treasury, PayPal, Block Locations: OnlyFans

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