President Biden plans to appoint Lynn Malerba to be the treasurer of the U.S., selecting the first Native American to oversee the printing and minting of the nation’s currency. With the appointment, the Treasury Department will also create a new Office of Tribal and Native affairs headed by Ms. Malerba, who is the chief of … Read more
WASHINGTON—The federal budget ran a $66 billion deficit during May, a 50% decline from a year earlier as the government slashed spending on pandemic programs. Federal outlays in May fell by 24% to $455 billion, not adjusting for calendar differences, the Treasury Department reported Friday. That reflected a reduction in spending on pandemic programs at … Read more
WASHINGTON—Treasury Secretary Janet Yellen said elevated gasoline prices—near $5 a gallon—are likely to persist, but she doesn’t see a slowing U.S. economy slipping into recession. Disruptions in global oil markets caused by Russia’s war against Ukraine and the subsequent sanctions imposed on Russia are likely to keep oil prices elevated, she said Thursday. Oil prices … Read more
The IRS’s midyear adjustment was the agency’s first since 2011. Photo: caroline brehman/Shutterstock Updated June 9, 2022 4:19 pm ET WASHINGTON—The Internal Revenue Service raised the mileage rate used for calculating business tax deductions for vehicle use, making a rare midyear change in response to increasing gasoline prices. The new rate for the final six … Read more
WASHINGTON—Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China as a means of helping to ease decades-high inflation. Ms. Yellen, speaking at a House Ways and Means Committee hearing on Wednesday, said she expected the administration to have additional information on its plans in the coming … Read more
WASHINGTON—Treasury Secretary Janet Yellen will face lawmakers this week as she and the Biden administration face scrutiny over high inflation and how they have addressed it. Ms. Yellen will appear before the Senate Finance Committee on Tuesday and the House Ways and Means Committee on Wednesday to discuss the administration’s annual budget request. With inflation … Read more
WASHINGTON—Treasury Secretary Janet Yellen denied that she tried to decrease the size of the $1.9 trillion rescue package Democrats approved in early 2021, defending legislation that is now a focus of debate about the causes of currently high inflation. Ms. Yellen’s statement Saturday comes after Bloomberg News reported that a forthcoming biography about Ms. Yellen … Read more
Kohl’s Corp. KSS 2.44% received takeover bids from private-equity firm Sycamore Partners and retail holding company Franchise Group Inc., FRG -0.69% according to people familiar with the matter. Sycamore’s bid values the Wisconsin department-store chain in the mid-$50s a share, while Franchise Group offered around $60, some of the people said, equating to around $7 … Read more
Treasury Secretary Janet Yellen said Tuesday her inflation projections were wrong in statements she made last year as consumer prices began a surge to their highest level in decades. “I think I was wrong then about the path that inflation would take,” Ms. Yellen said in a CNN interview Tuesday evening. “There have been unanticipated … Read more
WASHINGTON—The Treasury Department moved to cut off Russia’s ability to make payments on its dollar-denominated sovereign debt, putting Russia on a path toward defaulting on its foreign debts this summer and deepening the country’s economic isolation after its invasion of Ukraine. Since imposing a raft of sanctions on Russia this year, the U.S. had maintained … Read more