Treasury Department

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Justice Decides Against Trump on Tax Returns

Barring another twist, House panel will receive copies of the documents

(Newser) - The Justice Department, in a reversal, says the Treasury Department must provide the House Ways and Means Committee with former President Trump's tax returns, apparently ending a long legal showdown over the records. In a memo dated Friday, the Office of Legal Counsel said the committee chairman "has...

Biden Gives Federal Workers a Choice on Vaccinations

Employees must show proof or face new rules, as administration seeks $100 incentives

(Newser) - President Biden will try to raise the nation's coronavirus vaccination rates by pressuring the people who work for him. More than 2 million federal workers and roughly another 2 million contractors will have to get vaccinated or be subject to newly enacted testing, masking, and distancing rules, the Washington ...

Parents, Check Your Accounts This Week

First of 6 monthly installments for enhanced child tax credit are due out Thursday

(Newser) - If you have kids and fit the eligibility requirements, you could see your first monthly payment from the US Treasury this week. The first installment to 39 million families, comprising 65 million kids, are set to be disseminated on Thursday, either via direct deposit or check. Most families will automatically...

Janet Yellen at Helm of Treasury Is a Big First

Senate OKs Biden's nominee, making her the first woman to lead the department

(Newser) - The Senate on Monday approved President Biden's nomination of Janet Yellen to be the nation's 78th Treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair of the Federal Reserve, was approved by the Senate in an...

Treasury, Commerce Hit by Hackers in Monthslong Breach

'Unacceptable risk' to government tied back to hugely popular server software

(Newser) - US government agencies were ordered to scour their networks for malware and disconnect potentially compromised servers after authorities learned the Treasury and Commerce departments were hacked in a monthslong global cyberespionage campaign, discovered when a prominent cybersecurity firm learned it had been breached. In a rare emergency directive issued late...

US Treasury Gets Hacked, Sources Say

The National Security Council says it's on the case

(Newser) - Sophisticated hackers have stolen data from the US Treasury and an agency that oversees telecom and Internet policies—but those behind it remain unidentified, insiders tell Reuters . "The United States government is aware of these reports and we are taking all necessary steps to identify and remedy any possible...

Report: Biden Has Picked Yellen for Treasury Secretary

She chaired the Fed from 2014 to 2018

(Newser) - The first woman to lead the Federal Reserve is set to become the first female Treasury secretary. Sources tell the Wall Street Journal and the AP that President-elect Joe Biden has tapped 74-year-old labor economist Janet Yellen, who chaired the Fed from 2014 to 2018, for the role. Yellen also...

Munchin's Move Doesn't Sit Well With the Fed

Treasury, central bank differ on pandemic relief

(Newser) - The Treasury Department and the Federal Reserve are suddenly at odds over pandemic relief. On Thursday, Treasury Secretary Steven Mnuchin said he will not extend emergency loan programs set up with the Fed, an action that could hamper the ability of the incoming Biden administration to gain important economic support...

US Sanctions Hong Kong Leader
US Sanctions
Hong Kong Leader

US Sanctions Hong Kong Leader

Carrie Lam said she'd 'laugh off' this very scenario

(Newser) - Hong Kong leader Carrie Lam is facing US sanctions amid accusations that she's working with China to limit political freedoms. Lam is "directly responsible for implementing Beijing's policies of suppression of freedom and democratic processes," the Treasury Department said in a Friday statement. It cited Lam'...

Mnuchin: Let's Forgive Those Small-Business Loans

The treasury secretary echoes a proposal made by banks and trade associations

(Newser) - Good news for small-business owners: You might not have to pay back that federal loan. Treasury Secretary Steven Mnuchin said as much Friday in a House committee meeting where he pushed for another round of Paycheck Protection Program loans to struggling businesses, the Wall Street Journal reports. "One of...

US Mortgage Rate Hits 'Tremendous Benchmark'

'It's also an indication that we remain in a crisis here,' says an economist at Zillow Group Inc

(Newser) - Looking to buy a house? The average 30-year fixed mortgage has sunk below 3% for the first time in Freddie Mac's long history of tracking America's most beloved home loan, the Wall Street Journal reports. It's a "tremendous benchmark," says a Zillow Group Inc economist...

$1.4B in Stimulus Money Went to Dead People

Government watchdog finds that death records weren't reviewed

(Newser) - The Trump administration has some lessons to learn before sending out any new coronavirus stimulus checks . More than 1 million checks for a combined $1.4 billion were distributed to dead people, according to a government watchdog report covering coronavirus relief spending approved by Congress as of April 30. In...

Administration Widens Loan Disclosure, but Watchdogs Want More

Government was under pressure to provide information about who received the money

(Newser) - The Trump administration has relented to public pressure and pledged to provide more details about which small businesses received loans from a $600 billion-plus coronavirus aid program. But government watchdogs say even more transparency is needed to get an accurate picture of who was helped and who was left out,...

Report: Treasury Looking at 'Unprecedented' Control of USPS

'WaPo': Administration may use $10B loan as leverage for more sway over Postal Service

(Newser) - As part of its $2.2 trillion coronavirus relief effort, Congress has authorized the Treasury Department to extend an emergency $10 billion loan to the struggling US Postal Service. But now the Trump administration is reportedly mulling tacking on conditions to that loan that would put some aspects of the...

Stimulus Checks Will Have an Unusual Name on Them

A president's name, for the first time ever

(Newser) - If you're among the Americans checking their mailboxes for a stimulus check, the Washington Post reports that yours will be coming to you a little differently than any other IRS disbursement in history: It will bear the words "President Donald J. Trump" on the left-hand side of the...

Mnuchin Balked on Trump's Tax Returns. Watchdog: OK

Treasury sec's decision was based on DOJ advice, which acting Treasury IG didn't comment on

(Newser) - A watchdog has found that the Treasury Department appropriately handled Congress' request for President Trump's tax returns, which Treasury Secretary Steven Mnuchin has refused to provide. Rep. Richard Neal, the Massachusetts Democrat who chairs the House Ways and Means Committee, asked acting inspector general for the Treasury, Rich Delmar,...

Uh, About Those Coronavirus Checks
Uh, About Those
Coronavirus Checks

Uh, About Those Coronavirus Checks

But Treasury Secretary Steven Mnuchin isn't buying it

(Newser) - Those coronavirus checks might be a while. A congressional memo has already warned that Americans who haven't given the IRS direct deposit information may have to wait up to five months. Now experts and US officials tell USA Today that antiquated technology and reduced staffing at the agency might...

Treasury Does 180 on Stimulus Funds for One Set of Americans

Social Security recipients won't have to file tax return to get money

(Newser) - One of the biggest challenges the Treasury Department has in getting Americans their checks from the $2.2 trillion coronavirus stimulus package is tracking down people who don't file tax returns. Now, at least one key group of nonfilers will see that process expedited. The official word, delivered from...

Report: Pulling of Nomination Linked to Stone, Flynn Cases

Jessie Liu was in line for senior Treasury role

(Newser) - Jessie Liu, the former US attorney for the District of Columbia, had her nomination for a senior Treasury Department role abruptly withdrawn amid controversy over cases linked to Robert Mueller's investigation, insiders say. Liu, who was nominated by President Trump in December for a position overseeing economic sanctions, was...

Treasury Makes 'Unexpected' Move Against China

Labels it a currency manipulator

(Newser) - The US labeled China a currency manipulator in 1994—and bestowed the same designation on it 25 years later. The move, which the AP brands as "unexpected," was made by the Treasury Department and comes after China let the yuan weaken to an 11-year low on Monday, a...

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