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The Latest Breaking News from Treasury Department

Higher Interest Rates Raise Risk of Future Fed Losses

The Federal Reserve's plans to raise interest rates aggressively to combat high inflation could have an overlooked and uncomfortable side effect for the central bank: capital losses.

Bangkok Post

Bitcoin and crypto prices are extremely volatile ⁠— What to do when they’re crashing

If there’s one word that describes Bitcoin and cryptocurrency, it’s volatile. Crypto prices soar and then seem to crash almost as quickly, while rumors, sentiment and fundamental developments are quickly factored into the market. Even seemingly reliable stablecoin TerraUSD has plunged as concerns quickly developed about its solvency, and the…

Tribune News Service

Fed nominee Michael Barr calls inflation 'far too high'

President Joe Biden’s pick to be the Federal Reserve’s top banking regulator pledged Thursday to help reduce high inflation and provide clear rules to govern financial innovation

The Independent UK

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U.S. sanctions Lebanese businessman, his companies over Hezbollah links

The U.S. Treasury Department on Thursday issued new Hezbollah-related sanctions, designating Lebanese businessman and the Iran-backed group's financial facilitator, Ahmad Jalal Reda Abdallah, and his companies.

Reuters

US set to block Russian debt payments, raising odds of default

WASHINGTON — The Biden administration is poised to fully block Russia’s ability to pay U.S. bondholders after a deadline expires next week, a move that could bring Moscow closer to the brink of default.

Tribune News Service

Suspicions spark call to halt EEC water bids

The House Committee on Budgeting Study and Budget Administration will on Tuesday call on Prime Minister Prayut Chan-o-cha to scrap the latest bidding for the main water transmission pipeline system for the Eastern Economic Corridor (EEC), citing the transparency of the process.

Bangkok Post

Watchdog investigating whether Texas misspent Covid aid on border crackdown, report says

The Treasury Department announced on Tuesday that they were initiating a “review” into the state’s spending

The Independent UK

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US sanctions alleged IS child trafficking financiers

The U.S. announced Monday it is imposing financial penalties on five people accused of fundraising for the Islamic State group and using the funds to help traffic children to serve as fighters for the organization

The Independent UK

A treacherous lot

The next few months could be the most politically treacherous time for Prime Minister Prayut Chan-o-cha although toppling him and cutting short the life of his administration may be easier said than done.

Bangkok Post

Politics in the pipeline?

A ruckus over the bidding concession for a 25.6-billion-baht water pipeline project in the eastern region has become the latest setback for the government. Yet, the issue needs a clear mind for it to be best resolved.

Bangkok Post

Opposition applies heat over eastern pipeline bid

Pheu Thai Party says it will make transparency a key issue during a no-confidence debate expected in July in relation to the bidding for a major water project in the country's eastern region.

Bangkok Post

Kyiv's envoy backs using frozen Russian state assets to rebuild Ukraine - Roll Call

The government of Ukraine backs the United States seizing frozen Russian government assets and using them to rebuild the country.

Roll Call

Eviction filings are up sharply as pandemic rental aid starts to run out

The federal rental aid program expects to distribute the rest of its money by mid-summer. Some cities have already run out of funding, pushing eviction filings higher than before the pandemic.

WEKU

Lawyer leading case against Daniel Kinahan wants €19m payout in light of US sanctions

“Obviously things have changed so we’re going to be looking for a significant amount more of money,” he said

Irish Mirror

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Tribune News Service

Trump administration's $700 million loan to Kansas trucking company under fire in Congress

WASHINGTON — Federal officials Wednesday were asked to investigate whether an Overland Park, Kansas, trucking company broke federal law when securing a $700 million loan through a federal pandemic aid program — a sum that accounted for 95% of the money allocated to the program.

The Independent UK

Top Trump officials intervened to give $700m ‘national security’ loan to trucking company

The report questions whether Mr Mnuchin made false statements to a Congressional Oversight Commission regarding the loan’s approval

Bangkok Post

Court returns encroached Doi Suthep land in Chiang Mai to Treasury Dept

CHIANG MAI: The Region 5 Appeal Court on Wednesday handed over to the Treasury Department a plot of land at the foot of Doi Suthep, the site of a controversial housing project for judicial officials.

Tribune News Service

Senate confirms Brainard as Fed vice chair but COVID-19 trips Democrats on Cook vote

The Senate voted 52-43 Tuesday to confirm Lael Brainard, a member of the Federal Reserve board, to become vice chair, but fell short of the votes needed to move forward with Lisa Cook’s nomination to join the board.

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Roll Call

Senate confirms Brainard as Fed vice chair but COVID-19 trips Democrats on Cook vote - Roll Call

Lisa Cook, who would become the first Black woman to join the Fed board, encountered another obstacle in COVID-19 cases among Democrats.

The Independent UK

US to provide $500 million more in financial aid to Ukraine

The United States will provide $500 million more in financial assistance for Ukraine to sustain critical government operations as it fends off the Russia invasion

Reuters

Special Report: Sanctioned weapons mogul who supplied Russia’s troops has ties to Philip Morris

A longtime Russian business associate of American tobacco giant Philip Morris International Inc - a billionaire whose holdings have included a major stake in a weapons plant supplying Russia’s military - has been sanctioned in Europe for aiding Russia’s invasion of Ukraine, according to a Reuters review of business registries…

Reuters

New U.S. sanctions imposed for Russian bank, oligarchs, crypto miner BitRiver

The United States on Wednesday imposed sanctions on dozens of people and entities, including a Russian commercial bank and a virtual currency mining company, hoping to target Moscow's evasion of existing sanctions over Russia's invasion of Ukraine.

Sports Illustrated

MTK Global Folds Amid Daniel Kinahan Sanctions

The boxing management company announced it would cease operations after its co-founder was hit by sanctions from the U.S. Treasury Department.

Reuters

Yellen tells Indonesian finance minister: 'No business-as-usual' for Russia

U.S. Treasury Secretary Janet Yellen told her counterpart from Indonesia that there will be no "business-as-usual" for Russia in the global economy given its invasion of Ukraine, the Treasury Department said in a statement on Wednesday.

The Independent UK

US Treasury Secretary Janet Yellen will skip some G20 sessions to encourage pressure on Russia

The Treasury Department will concentrate on cracking down on those seeking to evade sweeping sanctions imposed on Russia over the war

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