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The Latest Breaking News from the Treasury Department

IRS Sets December Hearing on Proposed Tax-Exempt Rules for Racial Nondiscrimination at Private Schools

The Internal Revenue Service has scheduled a December public hearing on proposed regulations that would update federal tax-exemption rules governing racial nondiscrimination at private schools.

The Free Financial Advisor

Treasury secretary backs Trump’s $5,000 checks but refuses to say how the country will pay for it

Trump has faced bribery accusations after promising Americans $5,000 if voters help Republicans keep control of Congress during the midterm elections

The Independent UK

Scott Bessent dared the $32 trillion bond market with 'I am the house now' statement. It didn’t listen

After helping lift the yen, Bessent is finding the much larger Treasury market harder to tame as yields push toward 5%.

Fortune

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US targets Iran’s aviation sector with sanctions on 27 airlines and foreign firms

The US Treasury sanctioned 27 Iranian airlines and related foreign firms to curb weapons transport and technology access. Meanwhile, Iranian President Masoud Pezeshkian stated that Tehran opposes war but will continue its resistance against aggression until the "aggressors" face complete regret.

The Economic Times

The U.S. Is Escalating Its Economic Pressure Campaign Against Iran. Over Two Dozen Airlines Are Being Targeted.

"Let this be a warning to anyone doing business with Iran's remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system," said Scott Bessent.

International Business Times

US sanctions all remaining Iranian airlines in 'economic D-Day' push, says Tehran's aviation sector is out of the market

The United States has sanctioned all remaining Iranian airlines and supporting companies. These actions target thirty-six entities for aiding Iran's aviation sector. The Treasury Department stated this move aims to choke Tehran financially. Firms in the UAE, Turkey, and Malaysia also face penalties. This escalates economic pressure in the ongoing…

The Economic Times

The U.S. Is Seeking To Cut Iran Off From The Global Financial System. It Is Targeting A Turkish Bank To Do So.

The sanctions are part of Operation Economic Outcast, a broader campaign targeting the financial networks Tehran uses as its war with the U.S. continues.

International Business Times

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Trump proposes stripping tax-exempt status from 18,000 schools over race-based benefits

The Trump administration has proposed stripping private schools, colleges and other educational institutions of their tax-exempt status if they provide admissions, scholarships or other benefits to students based on race.

The Times of India

US targets Egyptian bank's UAE branches under new push for Iran's economic isolation

The Trump administration is limiting an Egyptian bank's operations in the United Arab Emirates and accusing the financial institution of supporting Iran's leadership

The Independent UK

Bitcoin Is Back Above $80,000. Now Fed Chair Kevin Warsh Could Decide Whether The Rally Keeps Going.

Treasury moves to support the long end of the bond market helped fuel Bitcoin's latest advance, but crypto traders are now focused on what Warsh says about inflation, rates and financial innovation.

International Business Times

Treasury proposes ESG restrictions for Trump Accounts

In this week’s edition of Economy and Society:

Ballotpedia

Scott Bessent, Stanley Druckenmiller and a hedge-fund legend hoist on his own petard

The protege, the mentor, and a hedge-fund global macro strategy turned against its own pioneer as the bond vigilantes ride again.

Fortune

Trump Admin Unleashes 'Operation Economic Outcast': US Tightens Iran Sanctions To Choke off Regime's Cash

The Trump administration's 'Operation Economic Outcast' aims to isolate Iran economically by targeting five key sectors, warning global entities of secondary sanctions for aiding Tehran.

International Business Times UK

Treasury Secretary Scott Bessent becomes the tip of the spear in the war on Iran and the bond vigilantes as the U.S. readies more financial firepower

"And any nation that serves as a financial artery of a withering regime should expect to share in its isolation."

Fortune

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Fortune

Forget AI, debt has become the main character on Wall Street as markets just now decided that it's gotten out of control after years of warnings

"When does debt become unsustainable? When the global financial markets say it is. That appears to be happening."

Benzinga

Treasury Doubles Bond Buybacks to $4 Billion — Market Strategist Slams Scott Bessent, Says It’s ‘Debt Reshuffling, Not Debt Reduction’ as Yields Surge

The U.S. Treasury doubled its debt buybacks to support the bond market as long-term yields rose, but investment firm Creative Planning‘s Chief Market Strategist Charlie Bilello said the move did not reduce the nation’s overall debt.

The Economic Times

Gold hovers near early-June high on lower bond yields

Gold prices soared close to a two-month peak on Thursday after the U.S. Treasury announced bolstered liquidity measures. With yields falling and the dollar weakening, gold became increasingly attractive to investors. This move comes in light of persistent inflation fears and looming interest rate hikes, highlighting gold's reputation as a…

Ballotpedia

Hall Pass: Your Ticket to Understanding School Board Politics, Edition #219

Welcome to Hall Pass, a newsletter written to keep you plugged into the conversations driving school board governance, the politics surrounding it, and education policy.

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Kiplinger

Stocks Snap Losing Streak as Treasury Yields Ease: Stock Market Today

Yields on the 10-year and 30-year Treasuries pulled back Wednesday after the Treasury Department announced new buyback levels.

International Business Times

The Treasury Will More Than Double Its Government Debt Repurchases. Stocks Edged Up.

Bond yields also fell following the announcement.

International Business Times

The Treasury Will More Than Double Its Government Debt Repurchases. Yields Are Sharply Lower.

The Treasury will specifically target the 10-to20-year and 20-to-30 year portion of the market.

International Business Times

Trump Family-Linked Trust Gets Conditional Approval To Set Up a Bank. It Could Issue Its Own Stablecoins.

The Treasury Department's Office of the Comptroller of the Currency granted preliminary approval to World Liberty Trust Company to establish a bank charter.

Benzinga

Student Debt Could Take a Chunk Out of Older Americans’ Social Security — Sanders, Warren Back New Bill to Stop It

Older Americans and borrowers with disabilities who default on federal student loans could get new protection from having their Social Security benefits garnished under legislation introduced Monday by Democratic lawmakers.

Benzinga

US Drops Key Business Ownership Reporting Rule for Americans as Scott Bessent Hails 'Victory' for Small Businesses—'Gift to ‌Cartels,' Warns Elizabeth Warren

The Treasury Department has finalized a rule that exempts U.S. firms and individuals from reporting beneficial ownership information to its Financial Crimes Enforcement Network (FinCEN).

Reason

A Federal Judge Rejects National Firearms Act Regulations, Saying Their Tax Rationale No Longer Applies

When Congress eliminated taxes on suppressors, short-barreled rifles, and short-barreled shotguns, it also eliminated the constitutional justification for regulating them.

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