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Treasury Department

All articles tagged with #treasury department

business6 days ago•4 min saved

Druckenmiller acknowledges AI help in WSJ op-ed critiquing Bessent

Billionaire investor Stanley Druckenmiller admitted using AI to draft a Wall Street Journal op-ed that attacked Treasury Secretary Scott Bessent’s plan to double government buybacks. He defended AI use as a tool and said the piece reflected his own views, while WSJ editors emphasized content integrity and noted AI inputs are reviewed. NOTUS claimed its AI-detection tool flagged the piece. The op-ed argued that to durably lower long-term yields, the primary deficit must be addressed and entitlements reformed gradually and honestly.

via New York Post|

#artificial-intelligence #business #scott-bessent

economy11 days ago•2 min saved

US national debt crosses $40 trillion, with charts outlining its rise

US debt has topped $40 trillion, up from about $5.8 trillion in 2000 (roughly $116,800 per American) and has grown nearly 600% since 2000; four charts show the rise, how deficits and spending evolved under Obama, Trump and Biden (Trump up 39.1% in his term, Biden up 30.5%), and the largest dollar increase of $8.45 trillion during Biden’s presidency, with the last federal surplus in 2001 and a graphic comparing $1 trillion to median household income.

via WCVB|

#deficits #economy #fiscal-policy

politics1 month ago•10 min saved

Massie slams Trump’s $1 coin plan as a ‘grifters’ scheme

Rep. Thomas Massie (R-KY) blasted the Treasury/US Mint for minting a new $1 coin honoring Donald Trump, calling it a “grifters” money grab and suggesting such commemoratives are unaffordable; the coin will be color-only and made from non-precious metals, with a fall release, tying it to Trump’s broader and controversial coin ventures.

via HuffPost|

#massie #politics #treasury-department

policy1 month ago•2 min saved

Bisignano to lead expanded Trump Accounts rollout, Treasury confirms

The Treasury Department says Frank Bisignano will oversee the expanded rollout of Trump Accounts, a tax-advantaged savings program that debuted July 4, while retaining his roles as IRS chief and SSA commissioner. Accounts allow up to $5,000 per year per child into a tax-deferred account, with withdrawals generally allowed at 18 and taxes/penalties for early withdrawals (with some exceptions). The program already has about 6.5 million participating families and includes a one-time $1,000 government contribution for children born 2025–2028 as part of broader access expansion aimed at boosting participation in stock-market gains.

via CNBC|

#frank-bisignano #irs #policy

business2 months ago•2 min saved

IRS grants gift-tax relief for Trump Account contributions

Guidance from the IRS and Treasury says contributions to Trump Accounts are not subject to gift tax reporting under the safe harbor, allowing up to $5,000 a year in after-tax dollars per recipient and counting toward the 2026 $19,000 annual exclusion; 530A accounts for under-18s also feature a $1,000 pilot program for newborns 2025–2028, with over 6 million children already enrolled.

via CNBC|

#annual-gift-tax-exclusion #business #gift-tax

world2 months ago•2 min saved

U.S. Considers Iranian Assets to Finance Gulf Rebuilding Efforts

The Treasury is exploring using Iranian assets to help Gulf allies repair damage linked to Iran, directing authorities to estimate repair costs and determine which assets—such as frozen cash or hard assets—could be unlocked for rebuilding, while sanctions relief remains a factor as indirect talks continue.

via CBS News|

#gulf-allies #iran #iranian-assets

world2 months ago•39 min saved

U.S. tightens pressure on Havana with sanctions on Cuba’s Díaz-Canel

The United States, via the Treasury Department, imposed sanctions on Cuban President Miguel Díaz-Canel and four other individuals—including Alejandro Castro Espín—as part of expanded sanctions following an executive order signed by Trump. The move, tied to Havana’s ongoing economic crisis and to recent charges against Raúl Castro, signals renewed U.S. pressure on Cuba’s leadership.

via AP News|

#cuba #diaz-canel #raul-castro

policy3 months ago•24 min saved

Treasury pushes summer crypto rules as bitcoin reserve advances at deliberate pace

Treasury Secretary Scott Bessent urged lawmakers to back the Clarity Act to regulate digital assets, saying the department is moving with deliberate speed to establish a strategic bitcoin reserve; with Senate debates and looming budget and elections, time is running short to pass the legislation this summer.

via The Block|

#clarity-act #policy #senate-finance-committee

politics3 months ago•2 min saved

Treasury official performing IRS commissioner duties, not acting, amid Trump tax-scrutiny

At a Senate Finance Committee hearing, Treasury Secretary Scott Bessent said he is performing the duties of the IRS commissioner, not acting in the role, after taking over duties in March. Democrats pressed for clarity on his authority and whether others affected by a former IRS contractor’s leaked returns would receive the same immunity tied to Trump’s settlement. The DOJ indicated a planned $1.8 billion ‘anti-weaponization’ fund would not proceed, and emphasized ongoing litigation governs protections for those taxpayers.

via CNBC|

#irs #politics #scott-bessent

business3 months ago•4 min saved

Trump Accounts app launches to open child investment accounts with up to $1,000 seed

The U.S. Treasury's Trump Accounts app launches to open 530A (child) investment accounts; eligible families can sign up now via IRS Form 4547, with a potential $1,000 Treasury seed for births 2025–2028. Funding starts July 4, and annual contributions can reach up to $5,000 per child (employer contributions up to $2,500) to be invested in broad U.S. equity index funds, with activation occurring in waves after identity verification.

via CNBC|

#530a-accounts #business #child-investment-accounts

politics3 months ago•5 min saved

Treasury General Counsel Leaves as Trump Funds Anti-Weaponization Initiative

Brian Morrissey, the Treasury Department’s general counsel, resigned the same day the Trump administration announced a roughly $1.776 billion ‘anti-weaponization fund’ to settle Trump’s lawsuit over IRS-leaked tax returns; financed through the federal judgment fund and overseen by a five‑member commission appointed by the attorney general, the move drew bipartisan criticism over the appearance of self‑dealing.

via Politico|

#anti-weaponization-fund #bipartisan-criticism #brian-morrissey-resignation

business3 months ago•33 min saved

Treasury orders US banks to flag Iran-linked money-laundering networks

The U.S. Treasury Department directed banks to identify and report suspected Iran-associated money-laundering networks to tighten enforcement against illicit finance and sanctions evasion.

via Yahoo|

#banks #business #iran

policy4 months ago•22 min saved

Coinbase’s Armstrong backs Clarity Act as crypto-regulation push gains momentum

Coinbase CEO Brian Armstrong publicly endorses passing the Clarity Act, signaling a shift from Coinbase’s earlier stance and aligning with Treasury Secretary Scott Bessent’s push for a clear U.S. crypto framework amid ongoing regulatory talks.

via The Block|

#brian-armstrong #clarity-act #coinbase

business5 months ago•2 min saved

Treasury Seeks Retraction Over FT Story on Fed Oversight Plan

The U.S. Treasury formally demanded the Financial Times retract a March story about Scott Bessent’s alleged push for tighter Federal Reserve oversight modeled on the Bank of England, disputing several claims and the headline. The Treasury says the statements are false, while the FT stands by its reporting and included Treasury responses. The episode, coming amid Trump-era pressure on the Fed and market sensitivity to the central bank’s independence, highlights ongoing tensions over monetary policy and oversight.

via theguardian.com|

#business #federal-reserve #financial-times

politics5 months ago•4 min saved

Trump's signature to appear on all new U.S. currency, Treasury breaks with tradition

The U.S. Treasury announced that President Trump’s signature will appear on all new paper currency, a first for a sitting president and a break from the usual signatures of the Treasury Secretary and Treasurer, as part of commemorations around America’s 250th birthday; the plan has drawn political debate and raises questions about the legality of depicting a living president on currency, with support and criticism from lawmakers and experts.

via PBS|

#currency #federal-reserve #politics