All articles tagged with #treasury department
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.
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.
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.
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.
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.
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.
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.
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.
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.