Tag Archives: Treasury Department

Rolling Stone reports: President-elect Donald Trump’s Treasury Secretary pick, a billionaire who has been accused of evading taxes, says that “the most important economic issue of the day” is extending Trump’s tax cuts for the ultra rich. Scott Bessent spoke about his economic plans while sitting for his confirmation hearing before the Senate Banking Committee on Thursday. Bessent is an …

The Associated Press reports: Thursday’s hearings include Doug Burgum for the Interior Department, Scott Turner for the Housing and Urban Development Department, Lee Zeldin for the EPA, Scott Bessent for the Treasury Department and Pam Bondi will go before the Senate Judiciary Committee for a second day. Bessent, the billionaire money manager from South Carolina, will take questions from members …

Reuters reports: Chinese state-sponsored hackers broke into the U.S. Treasury Department earlier this month and stole documents from its workstations, according to a letter to lawmakers, that was provided to Reuters on Monday. The hackers compromised a third-party cybersecurity service provider and were able to access unclassified documents, the letter said, calling it a “major incident.” According to the letter, …

Axios reports: Treasury Secretary Janet Yellen warned Congress on Friday that “extraordinary measures” will be necessary as early as Jan. 14 unless Congress acts to raise or otherwise suspend the debt ceiling. President-elect Trump has voiced support to abolish the debt limit despite some of his supporters historically opposing action to raise the debt ceiling during Democratic administrations. The debt …

Reuters reports: Fitch made its decision to downgrade the U.S. credit rating due to fiscal concerns and a deterioration in U.S governance as well as polarization which was reflected in part by the Jan. 6 insurrection, Richard Francis, a senior director at Fitch Ratings, told Reuters on Wednesday. In a move that took investors by surprise, Fitch downgraded the United …

Reuters reports: The U.S. Treasury Department reiterated Monday it expects to be able to pay the U.S. government’s bills only through June 1 without a debt limit increase, leaving just 10 days for White House negotiators and congressional Republicans to reach a deal. In her third letter to Congress in three weeks, Treasury Secretary Janet Yellen said it was “highly …

Via press release from the Justice Department: A Florida man pleaded guilty today for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a $318,000 Lamborghini sports car for himself. Authorities seized the Lamborghini and $3.4 million from the bank accounts of David T. Hines, 29, of Miami, at the …

The Washington Post reports: Janet Yellen was confirmed as the first female treasury secretary in American history by the U.S. Senate Monday evening. Yellen’s confirmation process garnered little controversy as the former Federal Reserve chair has long-standing ties to Senate policymakers and extensive economic and government credentials. The final vote was 84-15, with Senate Minority Leader Mitch McConnell (R-Ky.) among …

The Las Vegas Journal-Review reports: A Nevada man has been charged with fraudulently obtaining nearly $2 million in federal Paycheck Protection Program money, meant for struggling small businesses, to purchase luxury cars and two luxury condominiums in Las Vegas. Federal prosecutors from the U.S. Attorney’s office in Nevada said, in an unsealed criminal complaint that charges Jorge Abramovs with one …

Politico reports: The Treasury Department announced a new spate of sanctions on Monday targeting the “inner circle” of Andrii Derkach, the pro-Russian Ukrainian lawmaker who aided Rudy Giuliani’s efforts to probe unsubstantiated allegations of wrongdoing by President-elect Joe Biden and his family. The department had previously designated Derkach himself for sanctions related to foreign interference in the 2020 election in …

CNBC reports: The Trump administration began sending stimulus payments of up to $600 to millions of Americans Tuesday evening as part of the recently passed Covid relief bill, the second such direct payment to Americans amid historic unemployment and ongoing business closures. The second round of payments will be distributed automatically in the following breakdown: up to $600 for eligible …

CBS News reports: Email accounts used by the Treasury Department’s senior leadership were compromised by suspected Russian government hackers who carried out a massive cyber-espionage campaign against several U.S. federal agencies, according to Senator Ron Wyden of Oregon. The ranking Democrat on the Senate Finance Committee said the “full depth” of the Treasury hack “isn’t known.” Senate Finance Committee staff …

The New York Daily News reports: The Trump administration admitted Friday to stripping millions of dollars from an FDNY fund that foots healthcare bills for 9/11 survivors and promised to try to put an end to the heartless practice. The administration’s about-face came after the Daily News exclusively reported Thursday that the Treasury Department has over the past four years …

More diligent oversight by the Treasury Department: Two South Florida men used fake and stolen identities to steal over $3 million in coronavirus relief funds, authorities said. Jean Fleuridor, 41, of Weston, and Hasan Brown, 44, of Miami, made separate appearances this past week in Miami federal court on bank fraud conspiracy charges, according to court records. According to a …

The Washington Blade reports: A gay former assistant superintendent and contracting liaison for the Catholic Archdiocese of Washington has been charged with fraudulently obtaining more than $2.1 million in funds for personal use from two federal coronavirus relief programs. A statement released on Tuesday by the Office of the U.S. Attorney for the District of Columbia says Kenneth P. Gaughan, …

The Freedom From Religion Foundation reports: The audio of two calls between religious leaders and the White House, made available today by FFRF, confirms that the White House secretly worked to give church leaders special access to PPP, ensuring they could receive top dollars from U.S. taxpayers. The first such conference call took place on April 3, just as the …

Via press release from the Justice Department: A California man was arrested today and charged with fraudulently seeking over $8.5 million in Paycheck Protection Program (PPP) loans. Andrew Marnell, 40, of Los Angeles, California, was charged by criminal complaint, unsealed today upon his arrest, in the Central District of California with one count of bank fraud. The complaint alleges that …

The Daily Beast reports: An exclusive California golf course that has counted Treasury Secretary Steven Mnuchin among its members is seeing plenty of the taxpayers’ green. The Riviera Country Club, located in a posh enclave of Los Angeles, received $2 million to $5 million in assistance through the Paycheck Protection Program—a multibillion-dollar initiative intended to carry small businesses and their …

The Wall Street Journal reports: The federal government’s Paycheck Protection Program designed to help small businesses weather fallout from the coronavirus pandemic helped a broad swath of organizations, including prominent restaurant chains, law firms and non-profits. Among the recipients the Trump administration disclosed Monday: Boies Schiller Flexner LLP, the law firm headed by antitrust litigator David Boies; Newsmax Media Inc., …

One day we’ll learn who got the kickbacks: The Treasury Department on Wednesday approved a $700 million loan to YRC Worldwide, a financially-troubled trucking company that is also being sued by the Defense Department (DOD) for overpricing shipping costs. “We are pleased for Treasury to make this loan pursuant to the CARES Act,” Treasury Secretary Steven Mnuchin said in a …