All articles tagged with #treasury department
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.
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.
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.
The U.S. Treasury announced it will put President Trump’s signature on all new paper currency, a first for a sitting president, with the Treasury Secretary’s signature also appearing. The move is framed as commemorating the nation’s 250th birthday but is expected to draw political and legal scrutiny and criticism from opponents.
The U.S. Treasury says President Donald Trump’s signature will soon appear on paper dollar bills, marking the first time a sitting president’s signature is on U.S. currency and tying into the 250th anniversary celebrations; the move has raised legal questions since living presidents have been restricted from appearing on currency, and Democrats have introduced legislation to ban such depictions.
The Treasury announced that President Trump will have his signature printed on U.S. dollar bills to mark the nation’s 250th anniversary, a first for a sitting president; currency signatures have historically come from the treasurer and the secretary of the treasury, with Treasury Secretary Scott Bessent praising the move. A related Trump-appointed commission approved a design for 24-karat commemorative gold coins featuring Trump’s image (still awaiting Treasury approval). The article frames the effort as part of Trump’s broader push to imprint his name on national symbols.
The Trump administration will shift the collection of defaulted federal student loans from the Education Department to the Treasury, with Treasury eventually providing operational support for current loans as part of a broader effort to overhaul a $1.7 trillion federal student debt portfolio.
Education officials unveiled a three-phase plan to gradually transfer the roughly $1.7 trillion federal student loan portfolio from the Education Department to the Treasury, starting with defaulted loans, then non-defaulted loans, and finally program enforcement, aiming for a seamless transition but drawing questions from critics about oversight and potential red tape.
The Education Department will transfer its roughly $1.7 trillion federal student aid portfolio to the Treasury, which will handle defaulted loan collections and, in a later phase, administer FAFSA, as part of interagency moves critics say amount to dismantling the department. Officials say the changes aim to fix long‑standing mismanagement and improve programs without requiring borrowers to take action, while unions and lawmakers warn of confusion and higher costs amid staff cuts and ongoing servicer performance concerns.
John Hurley, Undersecretary for Terrorism and Financial Intelligence at the Treasury Department, is leaving his post after privately opposing White House-backed plans to crack down on alleged fraud within Minneapolis' Somali immigrant community, according to seven people familiar with the matter.
Kevin Warsh, Trump’s candidate to lead the Fed, advocates a gradual overhaul of the central bank’s asset holdings and balance sheet to coordinate with a Treasury that also seeks lower rates; while designed to reduce borrowing costs and mortgage rates, the plan could raise long-term rates and disrupt markets, requiring careful, incremental steps and broad support on the Fed’s rate‑setting committee, with questions about whether the benefits justify the costs.
Trump has filed a federal Miami lawsuit seeking at least $10 billion from the IRS and Treasury, alleging an IRS contractor leaked his and his sons’ and the Trump Organization’s tax returns to media in 2020, causing reputational and financial harm; the suit cites the contractor’s 2024 conviction and notes ongoing litigation as part of Trump’s broader series of lawsuits.
Trump and his sons filed a $10 billion civil lawsuit in a Miami federal court against the IRS and the Treasury Department, alleging they failed to prevent a former contractor from leaking confidential tax information to media outlets, causing reputational and financial harm; the contractor, Charles Littlejohn, pleaded guilty and was sentenced to five years in prison.
Major employers will match the Treasury’s $1,000 contribution for newborns’ government-created investment accounts as part of the One Big Beautiful Bill, signaling a closer alliance between the White House and corporate America.
The U.S. Treasury canceled all contracts with Booz Allen Hamilton after a former IRS contractor leaked tax information for thousands of people, including President Trump. The leak—linked to a 2024 sentencing of Charles Littlejohn—affected about 406,000 individuals, and Treasury faulted Booz Allen for inadequate data safeguards. Booz Allen Hamilton currently holds 31 contracts with Treasury totaling about $4.8 million annually and $21 million in total obligations. The firm did not comment on the action.