WASHINGTON – An August 8, 2020, Presidential Memorandum directed the Secretary of the Treasury to use his authority to allow employers to defer the withholding, deposit, and payment of certain payroll taxes for employees who are paid less than $4,000 on a bi-weekly basis. The payroll taxes eligible for deferral are those imposed on wages paid […]
Category Archives: U.S. Treasury
Readout from a Treasury Spokesperson on Secretary Mnuchin’s Meeting with Egyptian Ambassador to the United States Motaz Zahran
WASHINGTON – Today U.S. Treasury Secretary Steven T. Mnuchin met with Egyptian Ambassador to the United States Motaz Zahran. Secretary Mnuchin and Ambassador Zahran reaffirmed the strong bilateral economic relationship between the United States and Egypt and discussed the negotiations on the Grand Ethiopian Renaissance Dam and opportunities for continued collaboration on economic and security […]
Statement of Secretary Steven T. Mnuchin Before the Financial Services Committee on September 22, 2020
Chairwoman Waters, Ranking Member McHenry, and members of the Committee, I am pleased to join you today to update you on how the Department of the Treasury and the Federal Reserve have been partnering over the last six months to provide relief for American workers and liquidity to credit markets, businesses, non-profit organizations, state and […]
Treasury Continues Pressure on Illegitimate Regime Officials Undermining Democracy in Venezuela
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated five key figures that have facilitated the illegitimate Maduro regime’s efforts to undermine democracy in Venezuela. These individuals, including Maduro-supporting members of the Venezuelan National Assembly (Asamblea Nacional or AN), have acted as part of a broader scheme to […]
Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities
News Release 2020-125 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including […]
OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives
News Release 2020-124 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct. The settlements include: (1) a prohibition order and $925,000 civil […]
Acting Comptroller of the Currency Statement on Federal Reserve Board’s Action to Modernize the Community Reinvestment Act
News Release 2020-123 | September 21, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today released the following statement in appreciation of the Federal Reserve Board’s Advance Notice of Proposed Rulemaking (ANPR), which solicits stakeholder comment on how to improve Community Reinvestment Act (CRA) regulations for state-chartered banks that are members of […]
Treasury Sanctions Key Actors in Iran’s Nuclear and Ballistic Missile Programs
Action taken in support of the re-imposition of UN sanctions on Iran lifted under UNSCR 2231 WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three Deputy Directors of the Atomic Energy Organization of Iran (AEOI) and a number of its subsidiaries. Companies supplying equipment for Iran’s ballistic […]
Statement on TikTok from Treasury Spokesperson Monica Crowley
WASHINGTON – The President has reviewed a deal among Oracle, Walmart, and TikTok Global to address the national security threat posed by TikTok’s operations. Oracle will be responsible for key technology and security responsibilities to protect all U.S. user data. Approval of the transaction is subject to a closing with Oracle and Walmart and necessary documentation and conditions to be approved by CFIUS. Related posts: READOUT: Secretary of the Treasury Janet L. Yellen’s […]
United States and Republic of Indonesia Sign Cooperation Framework to Strengthen Infrastructure Finance and Market Building
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin and Minister of Finance Sri Mulyani Indrawati of the Republic of Indonesia remotely completed the signing of the Cooperation Framework to Strengthen Infrastructure Finance and Market Building on September 18, 2020. This cooperative initiative is designed to achieve the mutual goals of the United States and the Republic of Indonesia […]