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The Latest Breaking News from Treasury Department

Fears one of world's richest people secretly died as $7billion tax deposited in one day

The US Treasury Department said the tax payer would be in the top 100 of the world’s wealthiest people, above the likes of British billionaire James Ratcliffe, who is attempting to buy Manchester United

Daily Mirror

US, UK Sanction 6 Syria-Linked Amphetamine Traffickers

The US and UK on Tuesday slapped sanctions on four Syrians and two Lebanese involved in manufacturing and trafficking the amphetamine drug Captagon, the two governments said. The six include cousins of Syrian President Bashar Assad and notorious Lebanese drug lynchpins. Experts say Captagon is primarily produced in Syria and…

Asharq Al-Awsat

U.S. sanctions Syrian leader Assad's cousins, others over drug trade -Treasury

The United States on Tuesday imposed new sanctions against six people including two cousins of Syrian President Bashar al-Assad for their role in the production or export of Captagon, a dangerous amphetamine, a Treasury Department statement said.

Reuters

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US Targets Network Supporting Iran’s Drone, Weapons Programs

The United States on Tuesday imposed sanctions on four entities and three people in Iran and Türkiye, accusing them of involvement in the procurement of equipment, including European-origin engines of drones, in support of Iran's drone and weapons programs. The US Treasury Department said in a statement the procurement network…

Asharq Al-Awsat

US studies ways to insure all bank deposits if crisis grows

U.S. officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it’s needed to head off a potential financial crisis.

Tribune News Service

US Treasury to give House Republicans a look at financial reports on Biden's family and associates

WASHINGTON — The U.S. Treasury Department is set to allow House Republicans to inspect reports on foreign banking and other business transactions by relatives of President Joe Biden, including his son Hunter Biden and his associates.

Tribune News Service

US Targets ‘Shadow Banking’ Network Helping Iran Evade Sanctions

The United States on Thursday imposed sanctions on 39 entities, including many based in Hong Kong, that Washington said facilitate Iran's access to the global financial system, describing them as a "shadow banking" network that moves billions of dollars. The US Treasury Department in a statement said those targeted had…

Asharq Al-Awsat

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Debt limit action needed by mid-August, analysts warn. Here are 5 possible scenarios

WASHINGTON — Economists at Moody’s Analytics estimate that the Treasury Department will run out of borrowing room by mid-August if Congress doesn’t act to raise or suspend the statutory debt limit by then.

Tribune News Service

Debt limit action needed by mid-August, analysts warn

Economists at Moody’s Analytics estimate that the Treasury Department will run out of borrowing room by mid-August if Congress doesn’t act to raise or suspend the statutory debt limit by then.

Tribune News Service

Debt limit action needed by mid-August, analysts warn - Roll Call

Economists at Moody’s Analytics estimate that the Treasury Department will run out of borrowing room by mid-August if Congress doesn’t act.

Roll Call

Treasury puts price on outbound technology investment scrutiny - Roll Call

The Treasury Department said it’s costing $10 million this year to set up monitoring of U.S. outbound investment in sensitive technology.

Roll Call

US Treasury Imposes New Sanctions on Iranian Companies

The United States imposed new sanctions Thursday on Iran-linked shipping and petrochemical companies, including two shipping firms based in China. The sanctions also target 20 shipping vessels linked to firms in China, Vietnam, and the United Arab Emirates, the Treasury Department's website showed. The sanctions were issued under a 2018…

Asharq Al-Awsat

New U.S. sanctions target Iranian shipping, petrochemicals

The United States imposed new sanctions on Thursday on Iranian or Iran-linked shipping and petrochecmical companies, including two shipping firms based in China, the Treasury Department's website showed.

Reuters

Obscure law contains debt limit escape hatch for Social Security

WASHINGTON — It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Tribune News Service

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Roll Call

Obscure law contains debt limit escape hatch for Social Security - Roll Call

It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

USAFacts

What is the US national debt and how has it grown over time?

The national debt grew by more than $4 trillion in 2020 alone.

The Independent UK

Treasury deputy: Russia sanctions are degrading its military

A top Treasury Department official says Russia’s mounting battlefield losses are a testament to the effectiveness of U.S. and allied sanctions on the Kremlin and its military machine

Tribune News Service

Sanctions waiver for Syria quake victims brings fears of abuse

WASHINGTON — Years-old sanctions on the Bashar Assad regime are receiving new scrutiny amid efforts to speed delivery of humanitarian aid to the tens of thousands of Syrians injured or displaced by this month’s devastating earthquake.

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Roll Call

Sanctions waiver for Syria quake victims brings fears of abuse - Roll Call

Lawmakers and others are worried about easing sanctions on Syria after a devastating earthquake, fearing abuse of aid funding.

The Independent UK

US sanctions Bulgarian officials, firms for corruption

The Treasury Department is imposing sanctions on five current and former Bulgarian officials, as well as five entities accused of illicit personal gain and undermining the country’s democratic institutions

Reason

IRS Plans To Raid Workers' Tip Jars

A coming crackdown on $1.6 billion in unreported tips will continue the IRS' long and ugly history of targeting low-income Americans.

Asharq Al-Awsat

US Sanctions Nine Entities of ‘Critical Role’ in Iranian Petrochemicals, Petroleum Trade

The United States on Thursday imposed sanctions on nine Iranian entities it accused of playing a critical role in the production of petrochemicals and petroleum. Secretary of State Antony Blinken said in a statement that the latest sanctions were part of “continued efforts to enforce US sanctions on Iran’s petroleum…

USAFacts

State of the Union 2023: Data and context behind Biden’s address

Biden highlighted legislative achievements from his past two years and described his economic, health, climate, and safety priorities moving forward. Here are the facts and data.

The Independent UK

Tesla hikes price of Model Y after US alters tax credit rule

Tesla has raised prices on its Model Y in the U.S., apparently due to rising demand and changes in U.S. government rules that make more versions of the small SUV eligible for tax credits

Tribune News Service

What counts as an SUV? Treasury shifts definition for EV tax credits after carmaker complaints

WASHINGTON — The U.S. Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits.

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