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☆ 'Manufactured' debt ceiling crisis would damage U.S. economic rebound, key Treasury official says
▼ + stars: | 2023-04-14 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

WASHINGTON — A failure by Congress to raise the U.S. debt ceiling could spark a "manufactured" crisis that derails economic progress, Deputy Treasury Secretary Wally Adeyemo said Friday. Adeyemo, who has been meeting with world financial leaders in Washington this week during the International Monetary Fund's spring meetings, said continued delays in hiking the $31.4 trillion debt limit threaten international confidence in the U.S. economy. "It's critical that Congress lift the debt limit," the top Treasury official told CNBC's "Squawk on the Street" on Friday. "The last thing we need is a manufactured crisis in our country." Pushing off a bill to avoid debt default "will take away from that confidence that the world is showing" the U.S. and "would slow down the momentum that we had," Adeyemo said.

WASHINGTON, April 13 (Reuters) - Senior officials from the United States, Europe and Britain met on Thursday with financial institutions to brief them on efforts by Russia to evade Western sanctions imposed over its invasion of Ukraine, a senior U.S. Treasury official told reporters. The firms - from the United States, Britain and Europe - assured the officials that they were working hard to avert Russian efforts to evade sanctions and export controls, said the official, speaking on condition of anonymity. Washington on Wednesday imposed sanctions on over 120 targets, including entities linked to Russian state-held energy company Rosatom and firms based in partner nations like Turkey in a sign of stepped-up enforcement. Treasury's top sanctions official, Undersecretary Brian Nelson, will visit Switzerland next week to discuss further moves to crack down on sanctions evasion, with additional stops in Italy, Austria and Germany, Reuters reported last week. Elizabeth Rosenberg, Treasury's assistant secretary for terrorist financing and financial crime, will travel separately to Kazakhstan and Kyrgyzstan.

☆ U.S. IRS to hire nearly 20,000 staff over two years with $80 bln in new funds
▼ + stars: | 2023-04-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

[1/2] Signage is seen at the headquarters of the Internal Revenue Service (IRS) in Washington, D.C., U.S., May 10, 2021. But a significant portion of these new hires will replace the nearly 12,000 IRS employees expected to retire over the next two years -- including more than 4,700 enforcement staff, a U.S. Treasury official said. Those audit targets include wealthy individuals, corporations and complex partnerships, which have grown in number while IRS audit staff has shrunk by nearly half over the past decade, new IRS Commissioner Danny Werfel told reporters. REPUBLICAN BACKLASHThe plan drew fresh complaints from Republicans who want to repeal the IRS funding as part of their demands for raising the $31.4 trillion federal debt ceiling. He said that the percentage of Criminal Investigation staff would not change from its current proportion of about 3% of the IRS workforce.

☆ China has not provided extensive assistance to Russia as part of its war against Ukraine even as the two countries forge closer ties, senior Treasury officials say
▼ + stars: | 2023-04-07 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

One senior Treasury official said that China is, as of now, unwilling to provide material support to Russia at scale and in a significant way, pointing instead to Russian efforts to source material from North Korea and Iran. The US and its allies have also taken more direct action, sanctioning a Chinese satellite company providing intelligence to Russian forces in January and putting some Chinese companies on the US export control list. But in recent months officials have also begun to see some results from their public and private efforts. Turkish officials told the US last month that their government has been taking further action to block the transit of sanctioned goods directly to Russia, according to a source familiar with the discussion. In a speech earlier this year on the anniversary of Russia’s invasion, US Deputy Treasury Secretary Wally Adeyemo publicly warned Russian intelligence services that the US is monitoring their efforts and is cracking down.

☆ The IRS released its $80 billion funding plan. Here's what it means for taxpayers
▼ + stars: | 2023-04-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

IRS Commissioner Daniel Werfel testifies before a Senate Finance Committee hearing on Feb. 15, 2023. Kevin Lamarque | ReutersThe IRS on Thursday released a plan for the nearly $80 billion in agency funding enacted through the Inflation Reduction Act in August — including expected boosts for customer service, technology and enforcement. "Now that we have long-term funding, the IRS has an opportunity to transform our operations and provide the service that people deserve," IRS Commissioner Danny Werfel told reporters on a press call. IRS tools will help taxpayers identify their mistakes before filing returns, and upgrades may help resolve filers' errors more quickly. "That's a departure from the organization's traditions," said Mark Everson, a former IRS commissioner and current vice chairman at Alliantgroup.

☆ US IRS to hire 30,000 staff over two years as it deploys $80 bln in new funding
▼ + stars: | 2023-04-06 | by ( David Lawder | ) www.reuters.com time to read: +2 min

Including those new employees, customer services hiring will total 13,883 full-time-equivalent staff over the two-year period, according to the 148-page plan. But a significant portion of these new hires will replace the nearly 12,000 IRS employees expected to retire over the next two years -- including more than 4,700 enforcement staff, a U.S. Treasury official said. The $80 billion in new funding from last year's climate-focused Inflation Reduction Act is aimed at rebuilding the agency's audit capabilities and 1960s-era computer technology after a decade of funding cuts mostly by Republican-controlled Congresses. The Treasury has used estimates as high as $400 billion over the decade, with higher collections beyond the 10-year budget window. The agency's ability to deploy new technology to automate many functions would help dictate future staffing needs, he said.

The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. "Communities like coal communities have the knowledge, infrastructure, resources and know-how to play a leading role in the move to a clean energy economy," U.S. Deputy Treasury Secretary Wally Adeyemo said. The bonus credit also is available to other "energy communities" - areas that have significant employment or local tax revenues from fossil fuels and higher than average unemployment. The Treasury said it will open project applications for the first round of coal and energy communities tax credits on May 31. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

☆ Biden administration pushes to revitalize coal communities with clean energy projects
▼ + stars: | 2023-04-04 | by ( Emma Kinery | ) www.cnbc.com time to read: +5 min

The Biden administration is channeling hundreds of millions of dollars from recent legislation into its efforts to turn coal communities into clean energy hubs, the White House said Tuesday. The effort includes $450 million from the Bipartisan Infrastructure Law that the Department of Energy will allocate to an array of new clean energy demonstration projects on former mine lands. Many of the initiatives are made possible through the Bipartisan Infrastructure Law, Chips and Science Act and the Inflation Reduction Act. The administration touted the potential benefits of the Inflation Reduction Act, a bill passed by Democrats to spur clean energy investments last year. The Biden administration said the working group has funneled over $14.1 billion in federal investments into the select communities.

April 4 (Reuters) - The Biden administration on Tuesday will release final guidance on how clean energy companies can secure additional tax credits when investing in U.S. communities economically tied to fossil fuels like oil and coal. The boosted tax credit is central to the administration’s goal of ensuring areas long dependent on fossil fuels benefit from clean energy. It also helped secure West Virginia Democrat Joe Manchin's essential support for the bill. "Communities like coal communities have the knowledge, infrastructure, resources and know-how to play a leading role in the move to a clean energy economy," U.S. Deputy Treasury Secretary Wally Adeyemo said. Those minerals are crucial to producing clean energy technologies like batteries and solar panels.

March 22 (Reuters) - U.S. authorities are set to explore ways to bolster financial stability, along with steps to tackle the problems facing First Republic Bank, as central banks assess whether turmoil in banking makes interest rate rises less pressing. SVB's collapse kicked off a tumultuous 10 days for banks which led to the 3 billion Swiss franc ($3.2 billion) Swiss engineered takeover of Credit Suisse by rival UBS (UBSG.S). While that deal brought some respite to battered banking stocks, U.S. lender First Republic (FRC.N) remains firmly in the spotlight. Reuters Graphics Reuters Graphics'HEAD IN SAND'The wipeout of Credit Suisse's Additional Tier-1 (AT1) bondholders has sent shockwaves through bank debt markets. For now, the Swiss bank rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. lenders (.SPXBK).

But an unexpected jump in UK inflation last month led investors to bet heavily that the Bank of England will raise interest rates by at least another 25 bps on Thursday. SVB's collapse kicked off a tumultuous 10 days for banks which led to the 3 billion Swiss franc ($3.2 billion) Swiss regulator-engineered takeover of Credit Suisse by rival UBS. While that deal brought some respite to battered banking stocks, U.S. lender First Republic remains firmly in the spotlight. First Republic (FRC.N) shares fell 9% in extended trade on Tuesday, having surged as much as 60% at one stage. For now, the Swiss bank rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. lenders (.SPXBK).

The Fed's relentless rate hikes to rein in inflation have been partly blamed for sparking the biggest meltdown in the banking sector since the 2008 financial crisis. For now, Credit Suisse's rescue appears to have assuaged the worst fears of systemic contagion, boosting shares of European banks (.SX7P) and U.S. regional lenders. The S&P 500 banks index (.SPXBK) rallied 3.6%, its largest one-day gain since November. Still, Australia's prudential regulator has started asking the country's banks to declare their exposure to startups and crypto-focused ventures following the collapse of Silicon Valley Bank, according to the Australian Financial Review. Market cap of US regional banks included in the S&P 500 regional bank indexDeputy Treasury Secretary Wally Adeyemo said a review of the failures of Silicon Valley Bank and rival Signature Bank was in order.

☆ U.S. bank deposit outflows, unrelated to Credit Suisse, have stabilized, U.S. official says
▼ + stars: | 2023-03-19 | by ( David Lawder | ) www.reuters.com time to read: +1 min

WASHINGTON, March 19 (Reuters) - U.S. bank deposits have stabilized, with outflows slowing or stopping and in some cases reversing, an official said on Sunday, adding the problems of Credit Suisse are unrelated to recent deposit runs on U.S. banks. After officials in Switzerland announced a deal for UBS to acquire Credit Suisse on Sunday, the U.S. official said that U.S. banks have limited exposure to Credit Suisse, after reducing their exposures to the No. Speaking on condition of anonymity, the official said that U.S. banking regulators were in touch with Swiss counterparts on the Credit Suisse situation. The official's comments on U.S. deposit outflows from smaller and mid-size banks to larger institutions prompted by Silicon Valley Bank's failure follow similar comments by U.S. Deputy Treasury Secretary Wally Adeyemo on Friday. Adeyemo attributed the stabilization to the systemic protection guarantees granted to uninsured depositors in Silicon Valley and Signature Bank, along with the creation of new Fed facilities that allow banks to access adequate liquidity to cover outflows.

☆ Investors are still worried about a run on deposits of some ailing banks while massive lifelines buy more time
▼ + stars: | 2023-03-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Shares of First Republic and Credit Suisse continued to sell off despite massive lifelines. First Republic is receiving $30 billion in deposits from Wall Street giants and large regional banks. Meanwhile, Switzerland's central bank provided Credit Suisse with $54 billion in liquidity. In the case of Credit Suisse, depositors have been fleeing since well before SVB failed. Bank mergers could help, and UBS is in talks to acquire all or parts of Credit Suisse, according to reports.

☆ Actions giving banks more time to address organization, US's Adeyemo says
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 17 (Reuters) - Global markets will need time to process actions by regulators and banks this week, U.S. Deputy Treasury Secretary Wally Adeyemo told CNBC on Friday, adding that U.S. officials will remain vigilant going into the weekend. Adeyemo said deposits have stabilized over the course of this week and backed actions by large U.S. banks on Thursday to give San Francisco-based First Republic Bank (FRC.N) a $30-billion lifeline. "The market is taking time to price in the actions that have been taken by regulators but also by the biggest banks," he told CNBC. Adeyemo said a number of U.S. banks pre-positioned themselves by utilizing the Federal Reserve's discount window, but they have been taking less funds as the week progressed. "What we expect to see over time, is that they're going to need less liquidity from the discount window," he told CNBC.

☆ Fed loans, account guarantees helped stabilize 'deposit flows' at regional banks, Treasury official says
▼ + stars: | 2023-03-17 | by ( Christina Wilkie | ) www.cnbc.com time to read: +3 min

Following the collapse of California-based Silicon Valley Bank and New York-based Signature bank last Friday and Sunday, respectively, regulators announced a series of emergency measures to stabilize the nation's banking system. "It will take time for markets to catch up with the actions that have been taken by us and by these banks," Adeyemo said on CNBC's " Squawk on the Street ." The result of the actions was a dramatic turnaround in the fortunes of numerous banks, said Adeyemo. That included banks that had anticipated potential mass withdrawals, and pledged collateral ahead of time expecting to need emergency loans. "Are all uninsured depositors in the U.S. banking system protected right now?"

☆ Deposit stability is returning to small and regional banks: Deputy Treasury Secretary Wally Adeyemo
▼ + stars: | 2023-03-17 | 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 EmailDeposit stability is returning to small and regional banks: Deputy Treasury Secretary Wally AdeyemoDeputy Treasury Secretary Wally Adeyemo, joins 'Squawk on the Street' to discuss stabilizing deposit flows in small and regional banks, restoring confidence in the banking sector, and more.

☆ Op-ed: Biden's American Rescue Plan props up underserved communities with jobs, education
▼ + stars: | 2023-03-11 | by ( U.S. Deputy Treasury Secretary Wally Adeyemo | ) www.cnbc.com time to read: +6 min

This started with policies like the Advance Child Tax Credit, which under the Rescue Plan offered monthly payments to families and helped lift 3.5 million children out of poverty. Expanding our labor force is another area where efforts to support communities of color and other underserved communities is helping to unleash economic gains for all Americans. Last year, I visited Orlando, Florida, where the mayor took me on a tour of a workforce training center funded by the President's American Rescue Plan. The benefits of this effort will be particularly powerful in underserved communities. For too long, racism and discrimination have limited the ability of underserved communities to fully contribute to our civic and economic advancement.

☆ Russia is showing off advanced military tech around the world while its troops in Ukraine struggle with obsolete Soviet-era weapons
▼ + stars: | 2023-03-03 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +3 min

Russia has been showing off advanced military technology around the world, according to the UK MOD. But its soldiers are struggling in Ukraine with Soviet-era equipment and limited supplies. This comes at the same time as Russia's own soldiers are dying in droves in Ukraine using old Soviet-era equipment. TASS also said that other Russian defense companies were due to show off "more than 200 full-scale samples of weapons and military equipment, ammunition and gear" at the event. As a result, the country's military has had to take Soviet-era tanks out of storage to fight, and has been using less-accurate Soviet-era missiles.

☆ Continuing Sanctions Against Russia Mark ‘Tectonic’ Shift
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. Prof. Sonnenfeld and Mr. Tannebaum both have been personally sanctioned by Russia, which has accused critics of engaging in a “Russophobic” campaign. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ A Year After Russia’s Invasion of Ukraine, Tough Sanctions Linger
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Russia’s invasion of Ukraine a year ago prompted a volley of tough sanctions from the U.S. and its allies, a historic use of economic measures that will likely have lasting implications for businesses. Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

☆ NATO is seeing signs China might help Russia wage its war, but the US has threatened 'serious consequences' if it does
▼ + stars: | 2023-02-23 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

NATO's chief said Wednesday that there are "some signs" China may send lethal aid to Russia. The US has repeatedly threatened "serious consequences" if China further involves itself in the war. Stoltenberg then called the potential of China sending lethal aid a "blatant violation of international law." "We reinforced there that, again, there will be consequences for China should this partnership with Russia further deepen," Singh said. Blinken also said that the US has seen China "provide non-lethal support to Russia for use in Ukraine."

"India is not keen to discuss or back any additional sanctions on Russia during the G20," said one of the officials. "The existing sanctions on Russia have had a negative impact on the world." Japan's finance minister said on Tuesday that financial leaders of the Group of Seven (G7) nations will meet on the sidelines of the G20 meeting to discuss measures against Russia. "Russia themselves want to discuss the economic impact of sanctions." However, neither the Russian finance minister nor the central bank chief were expected to attend the meeting and they will be represented by their deputies.

☆ Russia is 'running out of munitions and has lost as much as 50% of its tanks' in Ukraine, senior US official says
▼ + stars: | 2023-02-22 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Russia lost some 50% of its tanks in the past year, US Deputy Treasury Secretary Wally Adeyemo said. However, data suggests that Russia's economy in 2022 shrunk less than initially forecasted. Deputy Treasury Secretary Wally Adeyemo made the assessment at an event Tuesday held by the Council of Foreign Relations think tank in Washington, DC. "Russia is also running out of munitions and has lost as much as 50% of its tanks," he continued, and had to "turn to mothballed Soviet-era weapons." Adeyemo argued that after a year of war, "Russia's economy looks more like Iran and Venezuela's than a member of the G20," referring to two other heavily-sanctioned nations.

[1/2] The Gateway of India monument in Mumbai is lit up to mark India's G20 presidency on December 13, 2022. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Feb 22 (Reuters) - India does not want the Group of 20 nations to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi's one-year presidency of the bloc, six senior Indian government officials told Reuters. "India is not keen to discuss or back any additional sanctions on Russia during the G20," said one of the officials. "The existing sanctions on Russia have had a negative impact on the world." India has also sharply raised purchases of oil from Russia, its biggest supplier of defence hardware.

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