Inflation, Russia-Ukraine war draw G7 finance leaders' focus
Finance ministers for the Group of Seven leading economies are grappling with deepening inflation concerns and the immediate effects of Russia’s war in Ukraine, with U_S_ Treasury Secretary Janet Yellen warning that it all adds up to a “very difficult economic situation.”.
Yellen: Ukraine war fallout threatens 'stagflation,' hunger
Treasury Secretary Janet Yellen is warning that Russia’s February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation.
Crypto meltdown prompts Yellen to call for new regulation
Treasury Secretary Janet Yellen, responding to the recent sharp decline in cryptocurrencies, says additional federal regulation is needed to respond to the wave of speculative investment in the currency whose secrecy is an essential part of its appeal.
Staking, Bridges, WAGMI and More: a Crypto Glossary
Just when you thought you understood the world of crypto, some brain-twisting innovation comes along and you’re lost again. It doesn’t help that a tight-knit community of crypto evangelists throws around buzzwords and slang that are like a foreign language to the uninitiated. Bloomberg has unpacked some of those concepts here.
washingtonpost.comTexas congressional Democrats ask Biden administration to review Operation Lone Star funding – Houston Public Media
The request comes after Gov. Greg Abbott announced last month that Texas would divert about $500 million from state agencies to fund the controversial border mission.
houstonpublicmedia.orgThe latest U.S. sanctions against Russia target a digital currency company, a bank and another oligarch
US President Joe Biden, with Treasury Secretary Janet Yellen (L) and Defense Secretary Lloyd Austin (R), speaks during a meeting with his cabinet at the White House in Washington, DC, on March 3, 2022. The U.S. Treasury Department announced Wednesday that it expanded its wide raft of sanctions to include businesses and individuals that are helping Russia blunt the impact of economic penalties imposed on Moscow. Treasury officials said the department is now targeting Russian commercial bank Transkapitalbank, as well as a network of more than 40 people including oligarch Konstantin Malofeyev it believes are helping the Kremlin skirt a wave of economic punishments. The Biden administration also said it's cracking down on companies operating in Russia's virtual currency mining industry, including Bitriver, that help the country monetize its exports and other natural resources. "The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin's ability to project power and fund its invasion," he added.
cnbc.comUS, 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.
Russia rejects suspension from UN rights council as 'illegitimate'
Russia's deputy ambassador to the UN rejected the country's suspension from the UN Human Rights Council as "illegitimate and politically motivated", while the Chinese ambassador said the vote would "intensify confrontation in the field of human rights." The UN General Assembly has voted to suspend Russia from the UN Human Rights Council as punishment for the invasion of Ukraine.
news.yahoo.comYellen: Russia invasion will have 'enormous repercussions'
Treasury Secretary Janet Yellen warned a House panel Wednesday that Russia’s aggression in Eastern Europe will have "enormous economic repercussions in Ukraine and beyond.” “Globally, spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19," Yellen said in remarks prepared for delivery to the House Financial Services Committee. Yellen said Russia's invasion “including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world.”
news.yahoo.comBiden's 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending
WASHINGTON -- President Joe Biden's 2023 federal budget, released Monday, proposes tax hikes on the ultra-wealthy and corporations while providing billions of dollars in new spending at the Defense Department and the Justice Department. This is paid for, in part, by raising the corporate tax rate from 21% up to 28%, a rate favored by progressive Democrats but opposed by key moderates. Key spending items:Approximately $31 billion in new defense spending, which will bring the total national defense spending up to $813 billion. As part of that defense spending, $6.9 billion is directed to NATO, European defense, Ukraine and countering Russian aggression, according to the White House. Key revenue raisers:Raise the corporate tax rate from its current rate of 21% to 28%.
cnbc.comTreasury Secretary Yellen says Russian oligarch Abramovich 'could face sanctions' by U.S.
Treasury Secretary Janet Yellen said Russian billionaire Roman Abramovich "could face sanctions," despite his claims of being a peace-broker between Ukraine and Russia. The article said the Treasury Department had prepared sanctions against Abramovich, but the White House National Security Council requested a delay. Secretary Yellen told CNBC Friday that Abramovich could still face sanctions. "I would hold open the possibility that — certainly not take off the table the possibility — he or other individuals could face sanctions in the future," she said. "I am not going to comment on the calculus about exactly what determines if he is or isn't sanctioned," Yellen said.
cnbc.comVote on Biden Fed picks delayed as GOP presses for answers on Raskin's ties to firm
Chairman Sherrod Brown (D-OH) questions Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Banking, Housing and Urban Affairs Committee hearing on the CARES Act, at the Hart Senate Office Building in Washington, DC, September 28, 2021. Sen. Sherrod Brown, the chairman of the Senate Banking Committee, said Tuesday afternoon that the committee will delay its votes on five of President Joe Biden's nominees to the Federal Reserve. This is breaking news. Please check back for updates.
cnbc.comUS Treasury confirms Harriet Tubman $20 bill is coming — but here’s why you’ll have to wait
Contrary to the many speculations online, the Harriet Tubman $20 bill is on track to debut to the public in […] The post US Treasury confirms Harriet Tubman $20 bill is coming — but here’s why you’ll have to wait appeared first on TheGrio.
news.yahoo.com