Category: Treasury Department

Fed Meeting Holds High Stakes for Biden

The New York Times – Business:
The president is counting on the central bank to strike the right balance on jobs and inflation — and to prevent a spiraling financial crisis.
Push to Insure Big Deposits Percolates on Capitol Hill

The New York Times – Business:
The government only insures deposits of less than $250,000, but there is precedent for lifting that cap amid turmoil. It could happen again.
Yellen Says U.S. Banking System Is ‘Stabilizing’

The New York Times – Business:
In prepared remarks, the Treasury secretary pledged that the Biden administration would remain vigilant amid financial turmoil.
The Week in Business: A Banking Crisis

The New York Times – Business:
Meta conducts another round of layoffs. Fresh inflation data shows price increases remain stubborn. And TikTok’s C.E.O. will testify before Congress this week.
Yellen Says U.S. Banking System ‘Remains Sound’ Amid Market Turmoil

The New York Times – Business:
The Treasury secretary also reassured Americans that their savings were safe.
How Washington Decided to Rescue Silicon Valley Bank

The New York Times – Business:
Officials were initially unsure about the need for the measures they eventually announced to shore up the financial system, but changed their minds quickly.
Was This a Bailout? Skeptics Descend on Silicon Valley Bank Response.

The New York Times – Business:
The government took drastic action to shore up the banking system and make depositors of two failed banks whole. It quickly drew blowback.
SVB Collapse Upsets Expectations for Federal Reserve’s Rate Decision

The New York Times – Business:
The Federal Reserve has been rapidly raising interest rates to fight inflation. But making big moves could be tricker amid instability.
Silicon Valley Bank Fails After Run by Venture Capital Customers

The New York Times – Business:
The Federal Deposit Insurance Corporation took control of the bank’s assets on Friday.
Senate Confirms Daniel Werfel as IRS Commissioner

The New York Times – Business:
The new commissioner of the Internal Revenue Service will oversee the agency’s $80 billion overhaul.
Rules to Curb Illicit Dollar Flows Create Hardships for Iraqis

The New York Times – Business:
The regulations were meant to prevent dollar transfers to those targeted by U.S. sanctions on Iran, Syria and Russia. But they have ended up harming ordinary Iraqis who need U.S. currency for business or travel.
War in Ukraine Deepens Divide Among Major Economies at G20 Gathering

The New York Times – Business:
Treasury Secretary Janet L. Yellen urged her counterparts at a summit in India to condemn Russia’s actions, and she defended the cost of supplying aid to Kyiv.