I. Introduction Good afternoon and thank you to the Federal Reserve Bank of Chicago for hosting this event and inviting me to speak. Two years ago, Treasury published a report called The Future of Money and Payments in light of the changing landscape of money and payments.[i] Since then, we have continued to evaluate the […]
Category Archives: U.S. Treasury
U.S. Department of the Treasury Announces Awardees Under Innovative $75 Million Small Business Grant Program
WASHINGTON – Today, the U.S. Department of the Treasury announced the full list of awardees receiving funding to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) following recent announcements of several initial awards. SBOP is a $75 million competitive grant program […]
Treasury Sanctions Sudanese Rapid Support Forces Procurement Director
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Algoney Hamdan Daglo Musa (Algoney), pursuant to Executive Order (E.O.) 14098, for leading efforts to supply weapons to continue the war in Sudan. The war between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) has caused immense devastation, leaving […]
OCC Solicits Research on Artificial Intelligence in Banking and Finance
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on the use of artificial intelligence in banking and finance for submission by December 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in Washington, D.C., […]
OCC Allows National Banks and Federal Savings Associations in Florida Affected by Hurricane Milton to Close
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas of Florida affected by Hurricane Milton. In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe […]
U.S. Department of the Treasury Awards $10 Million to California to Help Small Businesses Grow and Hire
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) announced that the California Office of the Small Business Advocate is being awarded $10 million to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). California’s initiative will be supported by $16.25 million in […]
U.S. Department of the Treasury Issues Proposed Guidance to Clarify Wholly-Owned Tribally Chartered Entities Are Not Subject to Income Tax and Expand Tribal Access to Clean Energy Tax Credits
Proposed rules describe that Tribally chartered entities have same federal tax status as their owning Tribes and clarify Tribal eligibility for elective pay to access Inflation Reduction Act tax credits WASHINGTON – Today, the U.S. Department of the Treasury and the IRS issued a Notice of Proposed Rulemaking (NPRM) clarifying that wholly-owned Tribal entities chartered […]
Treasury Targets Significant International Hamas Fundraising Network
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and one sham charity that are prominent international financial supporters of Hamas, as well as one Hamas-controlled financial institution in Gaza. OFAC also designated a longstanding Hamas supporter and nine of his businesses. These actors play critical […]
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Wisconsin Building Trades Conference
As Prepared for Delivery Let me start by thanking you all for having me here today at the end of your conference. It’s great to be back in Milwaukee and to join the Building Trades. Just four years ago, we wouldn’t be able to have a meeting like this because of the pandemic. COVID upended […]
U.S. Department of the Treasury, IRS Announce 30 Million Americans in 24 States Eligible For Direct File in Filing Season 2025
WASHINGTON – Today, the U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that more than 30 million taxpayers in 24 participating states will be eligible for Direct File in Filing Season 2025. The average American spends $270 and 13 hours filing their taxes. Through Direct File, made possible by the Biden-Harris Administration’s Inflation […]