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Department of the Treasury

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Janet Yellen won overwhelming Senate confirmation as the first woman to lead the U.S. Treasury on Monday, setting her quickly to work with Congress on coronavirus relief, reviewing U.S. sanctions policy and strengthening financial regulation.

The Senate voted 84-15 to confirm Yellen, with all opposition coming from Republicans, several of whom have expressed concerns about President Joe Biden’s proposed $1.9 trillion coronavirus aid plan, tax hikes and other spending initiatives.


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Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on coronavirus relief spending, arguing that the economic benefits far outweigh the risks of a higher debt burden.

In more than three hours of confirmation hearing testimony, the former Federal Reserve chair laid out a vision of a more muscular Treasury that would act aggressively to reduce economic inequality, fight climate change and counter China’s unfair trade and subsidy practices.


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President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as U.S. Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression.

The move, confirmed by Democratic allies to the Biden campaign, will shift Treasury’s focus heavily toward progressive efforts to tackle growing economic inequality and fighting climate change away from the Trump administration’s emphasis on cutting taxes and easing financial regulations.


AP News | Equities.com |

The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits.

The Treasury Department reported Thursday that the federal government ran up a record October deficit of $284.1 billion, nearly double the red ink of the same month a year ago, as revenues declined while spending to deal with the impact of the coronavirus soared.

The October deficit was almost double the $134.5 billion deficit logged in October 2019. It smashed the previous October record of a $176 billion deficit set in 2009, when the government was spending heavily to lift the country out of a deep recession caused by the 2008 financial crisis.


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U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs.

Airlines have been pushing Congress for months to back a new $25 billion bailout and extend payroll assistance to prevent passenger airline layoffs for another six months. The $25 billion payroll assistance in the “CARES” act approved in March required no layoffs by airlines through Sept. 30.


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A government watchdog says millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records.

The Government Accountability Office, Congress’ auditing arm, said in a report Monday that possibly 8.7 million or more individuals who are eligible for the economic impact payments have yet to receive those payments because of inadequate IRS and Treasury Department records.

That was one of a number of findings in the latest GAO report on the handling of the unprecedented $2.6 trillion in support passed by Congress last spring to cushion the impact from a sharp recession triggered by the global pandemic.


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Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and other media reported on Sunday, citing confidential documents submitted by banks to the U.S. government.

The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinC...


AP News | Equities.com |

The Trump administration on Thursday charged a Russian national in a sweeping plot to sow distrust in the American political process and also imposed sanctions against a Ukrainian lawmaker accused of interfering in the U.S. presidential election in November.

The criminal charges accuse Artem Mikhaylovich Lifshits of stealing American identities to open fraudulent banking accounts and promote messaging aimed at undermining confidence in the political system. The plot calls to mind the foreign influence in 2016 described by special counsel Robert Mueller, who charged Russian nationals with stirring up discord on divisive social issues.