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☆ U.S. to sanction five Turkey-based firms over accusations of Russia support
▼ + stars: | 2023-09-14 | by ( ) www.cnbc.com time to read: +2 min

Russian President Vladimir Putin grimaces during his joint press conference with Turkish President Recep Tayyip Erdogan (not pictured), September 4,2023, in Sochi, Russia. Getty ImagesThe Biden administration is set to impose sanctions on five Turkish companies and a Turkish national on Thursday, accusing them of helping Russia evade sanctions and supporting Moscow in its war against Ukraine, a senior Treasury official said. Multiple senior U.S. officials, including Deputy Treasury Secretary Wally Adeyemo, have traveled to Turkey since Russia's February 2022 invasion of Ukraine as part of a pressure campaign to prevent any Turkish companies from helping Russia circumvent U.S. curbs. Wally Adeyemo, deputy U.S. Treasury secretary, speaks during a news conference at the Department of Justice in Washington, D.C., U.S., on Monday, Nov. 8, 2021. "These designations reflect our ongoing commitment to target individuals and entities who provide material support to sanctioned entities," the official added.

Persons: Vladimir Putin grimaces, Recep Tayyip Erdogan, Biden, reconvenes, Wally Adeyemo, Ting Shen, we've Organizations: Turkish, Getty, Treasury, NATO, U.S, Department of Justice, Washington , D.C, Bloomberg Locations: Sochi, Russia, Moscow, Ukraine, Turkey, Washington, Ankara, Sweden, United States, Sea, Washington ,, Turkish

☆ Deputy Treasury Secretary to Visit Nigeria to Bolster Economic Ties
▼ + stars: | 2023-09-13 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Biden administration is dispatching Wally Adeyemo, the deputy Treasury secretary, to Nigeria next week as it seeks to deepen economic ties with Africa and counter China’s influence on the continent. The United States has been trying to make up lost ground in the geopolitical contest with China and Russia to cultivate relations in Africa. The Biden administration believes Nigeria, a democracy that is rich with natural resources, has the potential to be an economic anchor for the United States on the continent. Several Biden administration officials, including Secretary of State Antony J. Blinken, have visited Nigeria during Mr. Biden’s first term. However, Mr. Adeyemo is a unique emissary: He was born in Ibadan, one of Nigeria’s largest cities, and emigrated with his family to California when he was 2 years old.

Persons: Biden, Wally Adeyemo, Bola Tinubu, Antony J, Biden’s, Adeyemo Organizations: United Locations: Nigeria, Africa, United States, China, Russia, Ibadan, California

☆ As China’s economy hits turbulence, a top Treasury official heads to Hong Kong to deepen ties with Beijing
▼ + stars: | 2023-09-12 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —A top US Treasury official is heading to Hong Kong as the White House continues its quest to ease tensions with Beijing and avoid a destabilizing crisis. During the trip, Neiman — the highest-ranking Treasury official to visit Hong Kong since 2019 — plans to meet with government officials, private sector economists and executives from the financial and legal sectors. He is also set to meet with US companies that are members of the American Chamber of Commerce in Hong Kong as well as with students. “Neiman will stress the United States’ focus on securing and advancing our economic and national security interests, along with those of our allies, and protecting human rights,” the Treasury official told CNN. Hong Kong is a semi-autonomous Chinese territory that is also the country’s international financial center.

Persons: Brent Neiman, Neiman, ”, “ Neiman, Ilaria Mazzocco, Joe Biden, Antony Blinken, John Kerry, Janet Yellen, Gina Raimondo, Yellen’s, Biden, Raimondo’s, can’t, Mazzocco, Yellen, Raimondo, “, ’, ” Clayton Allen, ” Allen, ” Nikki Haley, Nikki Haley, CNN’s Jake Tapper, Wally Adeyemo, it’s, ” Adeyemo, CNN’s Poppy Harlow, Andrew King Organizations: New, New York CNN, US Treasury, US, Treasury, CNN, American Chamber of Commerce, Center for Strategic & International Studies, Washington, Apple, Huawei, Eurasia Group, Republican, Future Union Locations: New York, Hong Kong, Beijing, China, States, Washington, West, United States, “ China

☆ Treasury's Adeyemo calls for eliminating subsidies, including to energy companies
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +2 min

Jim Lo Scalzo/Pool via REUTERS Acquire Licensing RightsSept 11 (Reuters) - The United States should think about eliminating corporate subsidies, including to energy companies, U.S. Deputy Treasury Secretary Wally Adeyemo said in New York on Monday. Adeyemo defended President Joe Biden's budget proposal for fiscal 2024, noting that achieving fiscal sustainability would include modest tax increases, boosting tax revenue collections and finding other ways to cut costs. "None of us thinks it makes sense to subsidize energy companies in light of how they're doing in this country. But there are probably other subsidies and other things we can do to make the budget more efficient." Adeyemo said he hoped to engage with Republicans in the House of Representatives about the issue, without giving any further details.

Persons: Wally, Adeyemo, Jim Lo Scalzo, Wally Adeyemo, Joe Biden's, Donald Trump's, Republican Ronald Reagan, Bill Clinton, Andrea Shalal, Deepa Babington Organizations: Senate, Treasury, Washington , D.C, REUTERS Acquire, Economic, of New, Big Oil, Republican, Thomson Locations: Dirksen, Washington ,, United States, New York, of New York, Ukraine

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

☆ A UAW strike could drive up inflation, push Michigan into a recession, and even hurt Biden in the election
▼ + stars: | 2023-09-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A United Auto Workers union strike could occur as soon as Friday. A 10-day strike could cost the economy $5.6 billion and hurt Biden in the election. A 10-day strike of over 143,000 workers could reduce the nation's gross domestic product by $5.6 billion, AEG found, which could push Michigan into a recession. Despite a lack of inventory, industry profits skyrocketed, even though 2022 was the worst year for sales for the auto industry in over a decade. A UAW strike could damage the Fed's progress in bringing inflation down to its 2% target.

Persons: Biden, Power, Shawn Fain, Fain, Joe Biden's, Wally Adeyemo, Biden's, Brian Sullivan Organizations: United Auto Workers, UAW, Ford, GM, Service, General Motors, Anderson Economic, AEG, Michigan, Deutsche Bank, Reuters, Bloomberg, CNBC Locations: Wall, Silicon, Detroit, Michigan, Wisconsin

☆ We should be worried about China's long-term structural challenges, says Treasury's Adeyemo
▼ + stars: | 2023-09-11 | 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 EmailWe should be worried about China's long-term structural challenges, says Treasury's AdeyemoDeputy Treasury Secretary Wally Adeyemo joins 'Squawk Box' to discuss China's economic weakness, whether Xi Jinping is the guy China needs to get them out of their weakness, and more.

Persons: Treasury's, Wally Adeyemo, Xi Jinping Locations: China

☆ Exclusive: Deputy Treasury chief Adeyemo says US well-prepared to weather China headwinds
▼ + stars: | 2023-08-24 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Adeyemo told Reuters during a visit to the Chickahominy Tribe in southeastern Virginia that the Treasury is closely monitoring economic developments in China, where growth is faltering amid a worsening property slump, weak consumer spending and tumbling credit growth. "You're seeing the Chinese economy demonstrate weakness that has global implications. Because of the decisions we've made, we're probably best prepared to deal with the headwinds that this has created," Adeyemo said, referring to the United States. These investments will help the U.S. economy overcome the headwinds created by slower growth and demand in China, the world's second-largest economy, he said. "We're going to continue to monitor what's happening there, but our goal really is to make sure that we take the steps here to make sure the American economy can grow despite the headwinds," Adeyemo said.

Persons: Wally Adeyemo, Adeyemo, we've, we're, David Lawder, Jonathan Oatis Organizations: ., Reuters, Treasury, COVID, U.S, Thomson Locations: PROVIDENCE FORGE , Virginia, U.S, Chickahominy, Virginia, China, United States, Asia, Beijing

☆ Russian troops are running out of equipment and feel 'at war' with their own commanders: experts
▼ + stars: | 2023-08-22 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Citing Russian military bloggers, an important source of independent information about the Russian military, US think tank The Institute for the Study of War said that the problems extend "along the entire front line." It reported that in one area, Russian forces lacked light vehicles essential for moving equipment around quickly. In the Kherson region in south Ukraine, Russian military requests for boats have not been met, the ISW said, as Ukraine launches attacks across the Dnipro River on Russian defensive positions. Russian forces began experiencing artillery systems shortages and claimed that Russian forces began to receive "outdated" types of long-range gun, it said. But it is facing strong Russian defenses protected by miles of minefields and is experiencing ammunition and equipment shortages of its own.

Persons: Vladimir Putin, Putin, Wally Adeyemo, Russia's, Wagner Organizations: Institute for, Service, Kremlin Locations: Russia, Ukraine, Wall, Silicon, Kherson, Russian, Dnipro

☆ Some of America's poorest communities are landing clean energy projects
▼ + stars: | 2023-08-16 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

This is just one example of a struggling community that has landed a major investment in clean energy since President Joe Biden signed the Inflation Reduction Act into law exactly one year ago Wednesday. The $750 billion law — the largest climate investment in US history — has helped spark a boom in private investment, especially in clean energy, electric vehicles and batteries. Importantly, many of these clean energy projects are set to be built in communities that really need the help. New plants could bring people into the labor force who have been left behind,” the Treasury analysis finds. The $4.4 billion investment is expected to create 300 new jobs and support countless existing ones.

Persons: Joe Biden, —, Wally Adeyemo, ‘, it’s, ” Daniel Yergin Organizations: New, New York CNN, Adams Fork Energy, CNX Resources, Treasury Department, CNN, Honda, LG Energy, Treasury, Bank of America, ” Bank of America, P, P Global Locations: New York, Mingo County , West Virginia, Mingo County, Fayette County , Ohio, Columbus, Marysville , Ohio

☆ Deputy Treasury Secretary weighs in on Biden's clampdown on investment in Chinese tech
▼ + stars: | 2023-08-10 | 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 EmailDeputy Treasury Secretary weighs in on Biden's clampdown on investment in Chinese techDeputy Treasury Secretary Wally Adeyemo joins 'Squawk on the Street' to discuss the U.S. executive order to restrict investment in China, whether diplomatic excursions are now more complex, and more.

Persons: Wally Adeyemo Locations: China

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

☆ Russia economy: Former CIA chief David Petraeus says US needs to 'tighten the screws'
▼ + stars: | 2023-07-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

‘An economy that is hemorrhaging’Western sanctions have not delivered a deathblow to the Russian economy. Some, including economist Larry Summers, argue that economic penalties on Russia haven’t bitten as hard as anticipated because not enough countries have imposed sanctions. Others, like Yale professor Jeffrey Sonnenfeld, say sanctions are “working tremendously” well against Russia. Petraeus praised the Treasury Department’s “very impressive” sanctions campaign, led by Deputy Treasury Secretary Wally Adeyemo. But the former CIA chief noted the complexity involved in modern sanctions, where target countries often find ways to evade restrictions.

Persons: Vladimir Putin, David Petraeus, “ Putin, ” Petraeus, month’s Wagner, Petraeus, Putin, ”, “ They’ve, Larry Summers, Russia haven’t, Jeffrey Sonnenfeld, ” Sonnenfeld, Wally Adeyemo, “, Biden, Washington hasn’t, ’, you’re Organizations: New, New York CNN, CNN, KKR Global Institute, Reuters, US Central Command, CIA, Yale, KKR Locations: New York, Washington, Moscow, Russian, Europe, Russia, “ Russia, Ukraine, Kyiv

☆ ‘Do You Even Want Us to Exist?’ A Bank Chief Fights to Survive.
▼ + stars: | 2023-06-14 | by ( Rob Copeland | ) www.nytimes.com time to read: +1 min

Mr. Vecchione said he had never spoken to Ms. Yellen or her staff before this year, and now he receives check-in calls from the deputy Treasury secretary, Wally Adeyemo. He said he had been asking regulators lately, “Do you even want us to exist?”There is a model for a more concentrated banking sector. In Canada, six banks dominate 90 percent of the market, versus about 50 percent for the six largest banks in the United States. Experts say there is little incentive for banks in Canada to take outsize risks, though there is also relatively little competition, which means borrowers may face higher interest rates. “I don’t think we want to get to the point of six banks, because that would really stifle lending,” said Ben Gerlinger, a regional bank analyst at Hovde Group.

Persons: Jamie Dimon, Janet L, Yellen, Vecchione, Wally Adeyemo, ”, Ben Gerlinger Organizations: JPMorgan, Experts, Hovde Group Locations: Canada, United States

☆ Feds pave the way for cities and nonprofits to get climate-bill tax credits
▼ + stars: | 2023-06-14 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

"For the first time, tax-exempt entities will be able to receive a payment equal to the full value of the tax credit for building qualifying clean energy projects," Podesta said. "That's a game-changer for our ability to spread the benefits of clean energy to every community in America." "The Inflation Reduction Act's biggest tools are tax credits, which provide an unprecedent 10 years of policy certainty for the clean energy sector," Podesta said. Conventionally, states, territories, tribes, local governments and nonprofits have not been not eligible for tax credits, because they do not derive profits from which to deduct the value of a tax credit. Taken together, the two bits of guidance stand to grease the flywheel of climate tech investment already being spurred by the Inflation Reduction Act.

Persons: Podesta, John Podesta, Joe Biden, what's, Wally Adeyemo, Adeyemo, Michelle Moore, Moore Organizations: US Department of Energy, U.S . Department of, Treasury, Internal Revenue Service, Biden, Washington DC, White, IRS, of, Washington , D.C Locations: Medicine Bow , Wyoming, America, Washington, USA, Washington ,, U.S, Baltimore, of Refuge, , Maryland , Illinois, Georgia, New York

☆ Energy Tax Credits, Meant to Help U.S. Suppliers, May Be Hard to Get
▼ + stars: | 2023-06-09 | by ( Lydia Depillis | ) www.nytimes.com time to read: +1 min

The law offers tax credits that could cover up to 70 percent of a renewable energy project’s cost if it checks several boxes meant to support American workers and communities. The resulting frustration is emblematic of the current stage of climate action: an eye-straining haze of technical rule-making that reflects a tension between urgency and ensuring that the benefits of the energy transition are widely shared. Wally Adeyemo, the deputy secretary of the Treasury, expressed confidence that in combination, the rules would strike that balance. “It isn’t about any one rule, it’s about an ecosystem of rules that have been created under the I.R.A. that put us in a position to go from a country that had underinvested in the clean energy transition to being at the head of the pack.”

Persons: Biden, —, Wally Adeyemo, Mr, Adeyemo Organizations: Treasury Locations: United States

May 26 (Reuters) - Deputy U.S. Treasury Secretary Wally Adeyemo said on Friday that the U.S. government does not have the capability to "triage" payments if the debt ceiling is not raised, adding that invoking the 14th amendment to issue debt will not solve the government's challenges. After warnings of possible U.S. downgrades from credit ratings agencies, Adeyemo said he hoped that would not happen, but the debt ceiling standoff was already raising the cost of U.S. debt. He said government payment systems are not set up to allow payments to be delayed. "We don't have a Plan B that allows us to meet the commitments that we've made to our creditors, to our seniors, to our veterans, to the American people," Adeyemo said on CNN. Reporting by Doina Chiacu and David Lawder; Writing by David Lawder Editing by Doina ChiacuOur Standards: The Thomson Reuters Trust Principles.

☆ The White House does not 'have a plan B' if lawmakers fail to raise the debt ceiling — and Biden will not solve the crisis without Congress, the Deputy Treasury Secretary says
▼ + stars: | 2023-05-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The White House doesn't have a backup plan if Congress doesn't raise the debt ceiling, Deputy Treasury Secretary Wally Adeyemo said. He added that Biden will not consider using the 14th Amendment to address the crisis. Still, Democrats want Biden to prepare to go that route with a default possible in as soon as six days. "The 14th Amendment can't solve our challenges," Adeyemo said on CNN on Friday morning. And Rep. Alexandria Ocasio-Cortez recently told Politico that the 14th Amendment is an option where "the president should absolutely have this on the table."

☆ An Untested Oil Price Cap Has Helped Choke Revenue to Russia
▼ + stars: | 2023-05-18 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

Data from Russia and international agencies suggest Moscow’s revenues have dropped, forcing budget choices that administration officials say could be starting to hamper its war effort. Russia’s oil revenues in March were down 43 percent from a year earlier, the International Energy Agency reported last month, even though its total export sales volume had grown. This week, the agency reported that Russian revenues had rebounded slightly but were still down 27 percent from a year ago. “The Russian price cap is working, and working extremely well,” Wally Adeyemo, the deputy Treasury secretary, said in an interview. They say the most frequently cited data on the prices that Russia receives for its exported oil is unreliable.

☆ Premarket stocks: The Fed could be on the verge of repeating its 1970s mistake
▼ + stars: | 2023-05-08 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

But Gary Richardson, a Federal Reserve historian, is worried policymakers — now contemplating taking a breather — still risk repeating mistakes from that era. A premature retreat could cause the Fed to lose its handle on the situation, presenting even grimmer options down the road. Quick rewind: The chair of the Federal Reserve at the time, Arthur Burns, hiked interest rates dramatically between 1972 and 1974. Inflation later roared back, forcing the hand of Paul Volcker, who took over at the Fed in 1979, Richardson said. But the comparisons reveal the high stakes for the Federal Reserve at a moment of acute uncertainty.

☆ Senior Treasury officials reiterate dire warnings if debt ceiling isn’t lifted, pour cold water on invoking the 14th Amendment
▼ + stars: | 2023-05-07 | by ( Sam Fossum | ) edition.cnn.com time to read: +3 min

2, Deputy Treasury Secretary Wally Adeyemo, both painted a stark picture of “economic chaos” if the debt ceiling isn’t lifted and confirmed that the latest Treasury data still indicates the US could default as soon as June 1st. Her comments come as some have speculated about the possibility of President Biden invoking the 14th Amendment, or taking other extreme action, if the debt ceiling is not raised in time. “I haven’t gotten there yet,” President Biden said in an interview Friday night when asked about such a move. “There is no way to protect our financial system and our economy other than Congress doing its job and raising the debt ceiling,” Yellen said. Adeyemo also tamped down the feasibility of using the 14th Amendment when asked about it Sunday, saying the “the only way” to “guarantee” that the US can pay its bills is to raise the debt ceiling.

WASHINGTON, May 7 (Reuters) - U.S. Treasury Secretary Janet Yellen on Sunday warned that a failure by Congress to act on the debt ceiling could trigger a "constitutional crisis," with consequences for financial markets and interest rates. Yellen in an interview on ABC News's "This Week" said debt ceiling negotiations should not take place "with a gun to the head of the American people," and reiterated a warning to lawmakers the government could pay its bills only through early June without increasing the limit, which the government hit in January. Deputy Treasury Secretary Wally Adeyemo also sounded the alarm on Sunday about the risks of a default during an interview on MSNBC's "The Sunday Show." "If we were to default on our debt, it would have a terrible impact on interest rates." Reporting by John Kruzel, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury Looks to Curb ‘De-risking’ at Banks
▼ + stars: | 2023-04-26 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

Deputy Treasury Secretary Wally Adeyemo. Photo: Andrew Harnik/Associated PressThe Biden administration is looking to address actions taken by U.S. banks to unbank certain customers and groups over their perceived connections to higher money-laundering risks. Banks’ decisions to limit exposure to certain categories of customers over increased illicit finance risks could hurt those communities and pose a national security risk by driving financial activities out of the regulated banking system, the U.S. Treasury Department said.

☆ Digital euro not a 'Big Brother' project, says EU official
▼ + stars: | 2023-04-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Johanna Geron/PoolLONDON, April 19 (Reuters) - A digital euro will offer choice in making payments and is not a "Big Brother" project that seeks to control people, the European Union's financial services commissioner Mairead McGuinness said on Wednesday. But critics say a digital version of the euro could be used to pry on people's activities, and make it harder to use cash for making payments and purchases. "This is not a Big Brother project," McGuinness told the European Parliament. If the EU decides to grant formal 'legal tender' status to a digital euro, the bloc would need to do likewise for the cash version of the single currency, McGuinness said. The court said legal tender means mandatory acceptance of the euro at full face value, along with power to discharge from payment obligations or release from debt.

☆ Global economy has outperformed IMF predictions, says U.S. Dep. Treasury Sec. Wally Adeyemo
▼ + stars: | 2023-04-14 | 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 EmailGlobal economy has outperformed IMF predictions, says U.S. Dep. Treasury Sec. Wally AdeyemoU.S. Deputy Treasury Secretary Wally Adeyemo joins 'Squawk on the Street' to discuss the resilience of the United State's economy, bank deposit protection, and forging a path forward with China.

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