The Biden administration on Friday imposed what it called “swift and severe” sanctions on Russia in response to Russian President Vladimir Putin’s move earlier in the day to annex four territories of Ukraine. The wide-ranging sanctions by the Treasury, State, and Commerce departments target more than 1,000 Russian people and companies, in retaliation for Putin’s annexation…

A former employee at New York’s financial regulator, who once lived in China and got a bachelor’s degree at a Chinese Communist Party-controlled university, has taken up an important position in the Biden administration. The Office of the Comptroller of the Currency—a Treasury Department bureau overseeing the country’s largest banks and federal savings associations—has named…

Commentary The independence of the Federal Reserve was never granted; rather, it was fought for. Although the first chairman of the Federal Reserve “System” Marriner Stoddard Eccles failed to fight for independence, his effort after demotion (from chairman to normal committee member) did reward his successors. Another long-sitting successor after him was William McChesney Martin…

A top House Republican is demanding Treasury Secretary Janet Yellen release records on Hunter Biden’s foreign business activities, alleging that the Biden administration’s reluctance to release such details suggest an effort to shield the Biden family from scrutiny. In a letter on July 6, Rep. James Comer (R-Ky.), a ranking member on the House Committee…

A top House Republican is demanding Treasury Secretary Janet Yellen release records on Hunter Biden’s foreign business activities, alleging that the Biden administration’s reluctance to release such details suggest an effort to shield the Biden family from scrutiny. In a letter on July 6, Rep. James Comer (R-Ky.), a ranking member on the House Committee…

Sen. Marco Rubio (R-Fla.) has expressed concern regarding the Treasury Department’s quiet updates to its sanctions related to the Chinese military. Rubio referred to the updates, which were posted as “Frequently Asked Questions” notes, as “unacceptable” and running “directly counter to U.S. national security priorities.” He strongly urged the department to reverse its change in policy….

WASHINGTON/LONDON—The U.S. Treasury Department has banned U.S. money managers from buying any Russian debt or stocks in secondary markets, on top of its existing ban on new-issue purchases, in its latest sanctions on Moscow over its invasion of Ukraine. Despite Washington’s sweeping sanctions in recent months, Americans were still allowed to trade hundreds of billions…

The U.S. Treasury Department unveiled a new policy proposal to ensure the 15 percent global corporate minimum tax is properly instituted.   As part of President Joe Biden’s $5.8 trillion 2023 budget documents published Monday, the Treasury put forward the new Undertaxed Profits Rule (pdf). This would replace the present U.S. Base Erosion Anti-Abuse Tax,…

Commentary It’s an election year, and that means two things. More volatility in the stock market … and more giveaway promises from politicians. A recent headline in The Wall Street Journal mentioned President Joe Biden’s promise to forgive student debt had stalled. I’d expect that discussion to regain some legs going into the coming election….

American taxpayers could be in for a “frustrating season” when it comes to filing their taxes this year due to delays caused by the COVID-19 pandemic and budget cuts to the IRS, Treasury Department officials warned on Monday. The IRS will start accepting and processing 2021 returns on Jan. 24 and the filing deadline for most taxpayers…