Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
US Treasury Cash Balance Shrinks to Alarming Levels Amid Debt Ceiling Battle
The U.S. Treasury cash balance inside its bank account at the Federal Reserve continues to shrink at an alarming level as the department attempts to prevent the federal government from defaulting. According to the latest Daily Treasury Statement, the Treasury General Account (TGA) opening balance was $87.431 billion on May 16, down from about $143…
Cryptocurrency Trading Should Be Regulated as Gambling, Says UK Treasury Committee
A UK government committee has suggested cryptocurrencies pose risk for consumers, serve no social purpose, consume large amounts of energy, and are used by criminals for fraud, and as such should not be regulated as financial services. The Treasury Committee called on May 17 for unbacked crypto assets to be regulated as gambling, given their…
McCarthy Says Delayed Debt Ceiling Talks ‘Not In a Good Place’ Ahead of Tuesday Meeting
May 16, 2023
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House Speaker Kevin McCarthy said on Monday that debt limit talks with Democrats and President Joe Biden are “not in a good place,” saying that Biden had delayed talks for 100 days. A debt ceiling meeting has been scheduled for 3 p.m. ET on Tuesday. The meeting was originally set for last Friday but was postponed. Adding…
Bank Rates Are Up. How to Avoid Leaving Money on the Table
April 29, 2023
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NEW YORK—Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds…
Lawmakers Question Treasury Officials on Efforts to Sanction Enemies of America
At a hearing of a subcommittee of the House Financial Services Committee on April 27, lawmakers addressed and questioned Treasury officials about the actions, ability, and commitment of the Biden administration to place effective financial sanctions on—and disrupt the flow of money to—governments and other entities that support actions hostile to the United States. A…
Lawmakers Question Treasury Officials on Efforts to Sanction Hostile Nations
At a hearing of a subcommittee of the House Financial Services Committee on April 27, lawmakers addressed and questioned Treasury officials about the actions, ability, and commitment of the Biden administration to place effective financial sanctions on—and disrupt the flow of money to—governments and other entities that support actions hostile to the United States. A…
IRS Says Major Changes Are Coming to Electric Vehicle Tax Credits Next Month
The Internal Revenue Service (IRS) announced Friday that it would propose rules that would make it more difficult for a number of new electric vehicles (EVs) to qualify for tax breaks, according to a news release. Starting April 18, the IRS will enforce a domestic sourcing requirement for minerals and components used in EV batteries,…
Janet Yellen’s Remarks See First Republic’s Stock Tumbling
March 23, 2023
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First Republic Bank, which has suffered significant losses since the onset of the banking crisis on March 8, saw its stock tank by 15 percent due to market concerns around the fate of the bank’s deposits. The chances of a full deposit insurance program being introduced by the Federal Deposit Insurance Corporation (FDIC) still hang…
Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows
Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed. The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest”…
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