Treasury Department

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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

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

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...

IRS Memo Contradicts Administration on Trump Tax Returns

It rejects Mnuchin's reason for withholding them

(Newser) - A draft Internal Revenue Service memo obtained by the Washington Post directly undercuts Treasury Secretary Steven Mnuchin's rationale for refusing to give President Trump's tax returns to House lawmakers—and may expose a rift in the IRS over the issue. The legal memo prepared last fall states that...

Mnuchin, IRS Chief Hit With Subpoenas on Trump Tax Returns

They have a deadline of 5pm next Friday to deliver the goods to House Democrats

(Newser) - The Treasury Department and IRS have been put on alert, and they've got a deadline. Politico reports on the ongoing Democratic effort to obtain President Trump's tax returns, with the latest move involving subpoenas from Richard Neal, chair of the House Ways and Means Committee, to Treasury Secretary...

Treasury Misses Deadline for Trump Tax Returns

Mnuchin cites concerns about Democrats' request

(Newser) - If Democrats want to see President Trump's tax returns, they might have to go through the courts. Treasury Secretary Steven Mnuchin set up a potential legal battle Wednesday by telling House Democrats the department wouldn't meet that day's deadline for handing over six years of the president'...

National Debt Hits Another New Milestone

Public debt now stands at $22T

(Newser) - The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department's daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Trump took office on Jan. 20, 2017. The debt...

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