In the days after November’s midterm elections, Treasury Secretary Janet Yellen was feeling upbeat about the fact that Democrats had performed better than expected and maintained control of the Senate. But as she traveled to the Group of 20 leaders summit in Indonesia that month, she said Republicans taking control of the House posed a … Read more
U.S officials are looking at ways to temporarily expand Federal Deposit Insurance Corp (FDIC) coverage to all deposits, Bloomberg News reported on Monday. U.S. Treasury Department staff are studying whether federal regulators have enough emergency authority to insure deposits above the current $250,000 cap on accounts without the consent of Congress, the report said, citing … Read more
President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency. The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, … Read more
The U.S. government could start missing payments on its bills as soon as Dec. 21 if Congress fails to raise a legal limit on public borrowing, the Bipartisan Policy Center said on Friday. The think tank’s projection, based on updated official data on tax receipts and government spending, underscores the mounting pressure on President Joe … Read more
India has been exemplary in publishing its foreign exchange market intervention, the US Department of Treasury said in a report to Congress on Friday. It said that like most emerging market currencies, the rupee was buffeted in 2020 by substantial swings in global risk appetite and associated shifts in capital flows. India’s goods trade surplus … Read more
The Trump administration is launching an investigation into the trade practices of Vietnam, faulting the country for currency practices and invoking the same trade law the U.S. used in imposing sweeping tariffs on Chinese imports. The Office of the U.S. Trade Representative Friday evening said it would pursue an investigation into Vietnam’s “acts, policies, and practices that … Read more
The U.S. and European Union imposed sanctions against Belarus officials on Friday, part of a coordinated effort by Western allies to censure the authoritarian regime over accusations of political repression and rigging elections. The EU reached an early morning deal to advance a sanctions package against more than three dozen Belarusian individuals deemed responsible for … Read more
A high-level meeting between officials from the U.S. and Qatar this week offers a chance for the Middle Eastern country to work toward healing a rift with its neighbors, as well as helping Washington solidify a key relationship in the volatile region. U.S. Secretary of State Mike Pompeo, Treasury Secretary Steven Mnuchin and Commerce Secretary … Read more
The Trump administration on Tuesday blacklisted two former Lebanese government ministers it says have aided Iran-backed Hezbollah and are part of systemic corruption that the U.S. says is contributing to the country’s economic and political crises. The Trump administration said the action against Yusuf Finyanus, a former minister of transportation and public works, and Ali … Read more
WASHINGTON—Hackers tied to the North Korean government are trying to rob banks across the globe by draining ATMs and initiating fraudulent money transfers, in an effort by the cash-strapped Pyongyang regime to fund its nuclear weapons program, multiple federal government agencies warned Wednesday. The campaign includes so-called spearphishing attacks—which use fraudulent email to infect a … Read more