As Prepared for Delivery Thank you very much for joining me. One of the most rewarding parts of my job is meeting with innovators, entrepreneurs, and business leaders across the globe. That is especially true in India, which has one of the most dynamic economies in the world.As President Biden has said, India is an indispensable […]
Category Archives: U.S. Treasury
Agencies Issue 2022 Shared National Credit Program Review
The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second half of 2022. Overall, the […]
Targeting Key Sectors, Evasion Efforts, and Military Supplies, Treasury Expands and Intensifies Sanctions Against Russia
Actions Taken in Coordination with G7 Metals and Mining Determination Enables Targeting of Putin Revenue Source Wide Array of Evasion-Related Targets Exposed WASHINGTON – Today, one year after the Russian Federation launched its unprovoked war against Ukraine, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking significant action to diminish […]
Remarks by Secretary of the Treasury Janet L. Yellen During Press Pool Spray with UK Chancellor Jeremy Hunt
As Prepared to Delivery I welcome my first in-person meeting with Chancellor Hunt. The U.S.-UK relationship is extremely strong, and our Treasuries are working closely together to advance a number of shared objectives. In particular, we’ve worked hand-in-hand over the last year to respond to Russia’s unprovoked invasion of Ukraine. We are continuing to impose significant […]
FACT SHEET: Disrupting and Degrading – One Year of U.S. Sanctions on Russia and Its Enablers
The United States, along with an international coalition of over 30 allies and partners, has imposed sweeping sanctions, export controls, and other economic measures since the start of Russia’s unprovoked war against Ukraine. Since February 2022, these measures have made it harder and costlier for the Kremlin to obtain the capital, materials, technology, and support […]
Statement by Secretary of the Treasury Janet L. Yellen on Suspension of Russia from the Financial Action Task Force
WASHINGTON – Today, the Financial Action Task Force (FATF), the international standard-setting body on illicit finance, suspended the Russian Federation from its membership. This is the first time in the FATF’s 34-year history that the body has taken such unprecedented action, a step warranted by Russia’s unlawful, immoral, and unprovoked war against Ukraine. FATF members […]
Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities
Federal bank regulatory agencies today issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and some effective practices to manage those risks. Recent events in the crypto-asset sector have underscored the potential heightened liquidity risks presented by certain sources of funding from crypto-asset-related entities. The […]
Treasury Announces Approval of Up to $339 Million to Support Small Business Success Across Three States and Two U.S. Territories
These State Small Business Credit Initiative funds are awarded to Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin to support local small business financing and investment programs WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of five additional state and territory plans for up to $339 million in funding […]
Statement from Secretary of the Treasury Janet L. Yellen on the Nomination of Ajay Banga to Lead the World Bank
“I applaud President Biden’s decision to nominate Ajay Banga to lead the World Bank. He has the right leadership and management skills, experience living and working in emerging markets, and financial expertise to lead the World Bank at a critical moment in its history, deliver on its core development goals, and evolve the Bank to […]
READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Finance Minister of Indonesia Sri Mulyani Indrawati
BENGALURU – Today, U.S. Secretary of the Treasury Janet L. Yellen met with Indonesian Finance Minister Sri Mulyani Indrawati. During their meeting, Secretary Yellen thanked Minister Sri Mulyani for Indonesia’s continued engagement on the issue of debt vulnerabilities among some emerging and developing economies, and discussed the urgency for accelerated efforts through the G20 to […]