US announces sweeping action against Chinese fentanyl supply chain producers
The Biden administration is taking aim at the fentanyl trafficking threat, announcing a series of indictments and sanctions against Chinese companies and executives blamed for importing the chemicals used to make the deadly drug.
US says price caps on Russia's oil are cutting revenue nearly in half and weakening its economy
When the Group of Seven nations, the European Union and Australia last year announced a plan to cap the price of Russian oil, U.S. officials said it would deliver a most effective blow to Russia’s economy, undermining its greatest revenue source.
Republicans get their IRS cuts; Democrats say they expect little near-term impact
While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector.
Russian arms dealer, son and front firms hit with sanctions
A Russian arms dealer, his son and a group of front companies across Asia, Europe and the Middle East and their leadership have been targeted for U.S. sanctions in an effort to quell Russia’s access to weapons to continue its invasion of Ukraine.
US, allies aim to force Russia to shift money away from war
A Treasury Department official says the United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia’s money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine.
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
US sanctions Ukrainian officials accused of helping Russia
The U.S. Treasury Department says it's levying new sanctions against four Ukrainian officials, including two current members of parliament who administration officials say are part of a Russian influence effort to set the pretext for further invasion of Ukraine.
US issues sanctions, visa bans to mark Human Rights Day
The U.S. issued financial sanctions and visa bans on former and current government officials and entities in nine countries Friday — including China, Myanmar and Russia — as part of coordinated actions with Canada and the U.K. to coincide with International Human Rights Day.
Treasury says it needs to modernize its economic sanctions
The Treasury Department says that the economic and financial sanctions the United States has employed over the past two decades to battle global terrorism, nuclear proliferation, drug cartels and other threats need to adapt to a rapidly changing financial world.
President-elect Joe Biden announces senior economic team
With unemployment still high and the pandemic threatening yet another economic slump, President-elect Joe Biden is assembling a team of liberal advisers who have long focused on the nation’s workers and government efforts to address economic inequality. Biden also named Cecilia Rouse as chair of his Council of Economic Advisers, and Heather Boushey and Jared Bernstein as members of the council. Biden also selected Wally Adeyemo to be Yellen’s deputy, which would make him the first Black deputy treasury secretary. She first made her mark in the Clinton orbit, and served as policy director for Hillary Clinton’s 2008 presidential race. Bernstein has also worked as a social worker and was an economist at the Economic Policy Institute, a labor-supported think tank.