Markets Wired

Today, Deputy Secretary of the Treasury Wally Adeyemo met virtually with over two dozen NGOs focused on human rights and anti-corruption as part of the Treasury-led review of U.S. economic and financial sanctions. Deputy Secretary Adeyemo thanked the organizations for their interest in and support of the Global Magnitsky (GloMag) sanctions program that represents the an important example of America’s commitment to protect and promote human rights and combat corruption around the world, as well as to protect our financial system from involvement in these malign activities. The Deputy Secretary also told the groups that Treasury is made stronger because of its relationships with NGOs, and that it values the information organizations bring to us to shed light on corruption and human rights abuses seen on the ground.

Deputy Secretary Adeyemo also discussed Treasury’s review of use of economic and financial sanctions. Deputy Secretary Adeyemo noted the review is engaging with a range of internal and external stakeholders to develop a fulsome understanding of the expectations and impacts of the gamut of U.S. economic and financial sanctions, and to ensure a diverse set of views are taken into account during the review including from the private sector, civil society organizations, Congress, and other U.S. government agencies. The Deputy Secretary explained that the Treasury Department is balancing the benefits against the costs of sanctions use with an eye towards ensuring they remain a strong, viable option for policymakers for decades to come. Through the sanctions review, the Deputy Secretary said he seeks to have the ability to use this important economic and financial tool in a way that reflects America’s values abroad and protects the domestic financial system.

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