Joint Statement by Secretary Janet L. Yellen and Secretary Antony J. Blinken Commending the United Kingdom’s Anti-Corruption Sanctions

The United States welcomes the United Kingdom’s announcement today to impose further sanctions under its Global Anti-Corruption Sanctions (GACS) regime, which is designed to fight corruption and illicit finance. We commend the UK’s actions today against four corrupt individuals already designated by the United States and a fifth whose U.S.-based assets purchased with corrupt proceeds were successfully forfeited in U.S. courts.

Corruption has a corrosive effect on society: it undermines democratic institutions, hinders economic development, drains the wealth of nations, and keeps people in poverty. The United States is committed to working with, and supporting, our partners and allies in the fight against corruption. Today’s action by the United Kingdom is an important step in this effort.

Sanctions regimes such as the UK’s GACS and the U.S. Global Magnitsky sanctions program promote accountability for corrupt actors and help limit their access to the international financial system. Effective implementation of our programs can break the cycle of poor governance and poverty sustained by corruption, while supporting global efforts to address systematic vulnerabilities.

The United States will continue working with the United Kingdom and other likeminded allies and partners to impose tangible and significant consequences on those who engage in corruption, as well as to protect the global financial system.

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More than 2.2 million additional Economic Impact Payments disbursed under the American Rescue Plan

WASHINGTON — The U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.

Today’s announcement covering the most recent six weeks of the effort brings the total disbursed so far under the American Rescue Plan to more than 171 million payments. They represent a total value of more than $400 billion since these payments began rolling out to Americans in batches on March 12.

Here is additional information on the last six weeks of payments, which includes those with official payment dates through July 21:

  • In total, this includes about 2.2 million payments with a value of more than $4 billion.
  • About 1.3 million payments, with a value of approximately $2.6 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return. 
  • This also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. In the last six weeks, there were more than 900,000 of these “plus-up” payments, with a value of more than $1.6 billion. In all, the IRS has made more than 9 million of these supplemental payments this year worth approximately $18.5 billion.

The IRS will continue to disburse Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for “plus-up” payments.

Special reminder for those who don’t normally file a tax return

Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for monthly advance payments of the 2021 Child Tax Credit, which began earlier this month.

For example, some federal benefits recipients may need to file a 2020 tax return – even if they don’t usually file – to provide information the IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible to be considered for an additional payment for their qualifying dependents.

People who don’t normally have an obligation to file a tax return and don’t receive federal benefits may qualify for these Economic Impact Payments. This includes those experiencing homelessness, the rural poor, and other historically under-served groups. Individuals who didn’t get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for the 2020 Recovery Rebate Credit, but they’ll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren’t required to file a tax return.

The IRS has provided an online Non-Filer tool to allow individuals who weren’t required to file (and have not filed) a tax return for 2020 to file a simplified tax return. This simplified tax return allows eligible individuals to register for advance Child Tax Credit payments and the third Economic Impact Payment, as well as claim the 2020 Recovery Rebate Credit. Free tax return preparation is also available for qualifying people.

The IRS reminds taxpayers that the income levels in this third round of Economic Impact Payments have changed. This means that some people won’t be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The payments end at $80,000 for individuals ($160,000 for married filing jointly); people with Adjusted Gross Incomes above these levels are ineligible for a payment.

Individuals can check the Get My Payment tool on IRS.gov to see the payment status of these payments. Additional information on Economic Impact Payments is available on IRS.gov.

 

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Secretary of the Treasury Janet L. Yellen’s Discussion with National Latino Leaders

WASHINGTON – Earlier today, Secretary of the Treasury Janet L. Yellen hosted a group of national Latino leaders from civil rights, advocacy, and small business organizations alongside UnidosUS President Janet Murguía for a virtual roundtable discussion on the state of the economy, economic barriers impacting the Latino community, and what Treasury is doing to advance equity through its programs, policies, and recruitment process. The group discussed measures to narrow the racial wealth gap and promote ownership through critical access to capital programs like the Community Development and Financial Institutions Fund. Secretary Yellen also emphasized the Administration’s commitment to an equitable recovery and underscored efforts to make sure much needed relief programs, such as emergency rental assistance and the newly advanced, monthly Child Tax Credit (CTC) benefit reaches Latino communities and families.
A list of meeting attendees is below.

  • David Adame, President, Chicanos Por La Causa (CPLC)
  • Marla Bilonick, President & CEO, National Association for Latino Community Asset Builders (NALCAB)
  • Sindy Benavides, CEO, League of United Latin American Citizens (LULAC)
  • Maria Teresa Kumar, CEO, Voto Latino
  • Janet Murguía, President and CEO, UnidosUS
  • Nathalie Rayes, President and CEO, Latino Victory Project
  • Héctor Sánchez Barba, Executive Director and CEO, Mi Familia Vota
  • Arturo Vargas, CEO, National Association of Latin Elected and Appointed Officials (NALEO)
  • Brent Wilkes, Senior Vice President, Hispanic Federation

Treasury Data: Amount of June Emergency Rental Assistance Resources to Households More Than All Previous Months Combined

New grantee performance data for the month of June on the Emergency Rental Assistance (ERA) program, released today by the Treasury Department, shows a significant increase in the number of households served and the amount of funds provided to households as state and local programs continued to ramp up their efforts. More than $1.5 billion in assistance was delivered to eligible households in the month of June, more than the assistance provided all three previous reporting periods combined. The number of households served in June grew by about 85% over the previous month and nearly tripled since April. In June, 290,000 households were served, up from 160,000 served in May and approximately 100,000 in April. This represents significant progress, but there is still much further work to go to ensure tenants and landlords take advantage of the historic funding available to help cover rent, utilities, and other housing costs and keep people in their homes.

This increase in program performance month-over-month throughout the second quarter reflects the efforts of many grantees during the first quarter to build their systems, staffing, and capacities to take on this major effort. ERA is helping develop a new national infrastructure for rental assistance and eviction prevention that did not previously exist, and as programs are created, they are able to scale quickly. This helps to explain how, for example, the State of Illinois went from reporting zero assistance deployed in May to being the second highest provider of rental assistance among all grantees in June. Across the country, programs are being established to distribute funds both in the short-term as the federal eviction moratorium expires at the end of July, and to support renters over the life of the programs, which – in the case of the ERA under the American Rescue Plan Act of 2021 (ERA2) – will continue until 2025.

On Friday, July 16, Deputy Treasury Secretary Adeyemo visited Houston and Harris County, where he highlighted one of the nation’s strongest local ERA programs. Houston and Harris County operate their ERA program in a regional partnership through two high-capacity, culturally competent non-profit agencies.  Together, they have delivered more than $137 million in assistance to more than 36,000 eligible renters in the Houston metro area. During his visit, the Deputy Secretary learned how the program was working closely with strong, community-based nonprofit agencies that have the ability to provide culturally and linguistically relevant services, calling it “critical for achieving an equitable distribution of these emergency resources.” Administrators have seen success moving programs away from a “first come, first serve” strategy and instead using tactics like prioritizing households with a rental obligation below fair market rent as a proxy for vulnerability to housing insecurity and providing extra support to applicants with an active eviction case. 
While more households are getting help, in many states and localities, funds are still not flowing fast enough to renters and landlords. Treasury is continuing an all-out effort, in coordination with the White House and interagency partners, to get the word out about the availability of rental assistance and to support grantees in ramping up their efforts.

Over the past few months, Treasury has worked with the White House and other agencies as part of a whole-of-government effort to get state and local grantees to speed up assistance by:

  • Publishing guidance and FAQs encouraging direct assistance to tenants, streamlined documentation requirements, cultural competency in programs, and ensuring that funds can assist individuals experiencing homelessness.
  • Highlighting successful grantee programs through roundtables and promising practices.
  • Reaching out to state and local grantees that have yet to distribute rental assistance in their communities to offer additional support.

Treasury has also reiterated its grantees that it will use every tool available to get aid to struggling renters, including by using its statutory authority to reallocate funds that have not been obligated beginning in the fall.

Later today, Treasury will participate in the White House’s second virtual convening on eviction prevention – a follow up to last month’s Eviction Prevention Summit – where the Administration will continue to call for an all-hands-on-deck effort by state and local governments, courts, community organizations, and the legal community to prevent evictions, including moving more quickly to get emergency rental assistance to families in need.

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Emergency Rental Assistance Compliance Report

Interagency Statement on Community Reinvestment Act Joint Agency Action

News Release 2021-77 | July 20, 2021

Joint Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) are committed to working together to jointly strengthen and modernize regulations implementing the Community Reinvestment Act (CRA).

The agencies have broad authority and responsibility for implementing the CRA. Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods.

 

Media Contacts

Federal Reserve
Susan Stawick
(202) 452-2955

FDIC
Julianne Breitbeil
(202) 340-2043

OCC
Bryan Hubbard
(202) 649-6870

OCC Statement on Rescinding its 2020 Community Reinvestment Act Rule

News Release 2021-76 | July 20, 2021

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve (Board) and the Federal Deposit Insurance Corporation (FDIC) to put forward a joint rulemaking that strengthens and modernizes the CRA.

This decision follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.

“To ensure fairness in the face of persistent and rising inequality and changes in banking, the CRA must be strengthened and modernized,” said Acting Comptroller Hsu. “The disproportionate impacts of the pandemic on low and moderate income communities, the comments provided on the Board’s Advanced Notice of Proposed Rulemaking, and our experience with implementation of the 2020 rule have highlighted the criticality of strengthening the CRA jointly with the Board and FDIC. While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start. This is why we will propose rescinding it and facilitating an orderly transition to a new rule. I look forward to working with the other agencies to develop a joint Notice of Proposed Rulemaking and building on the ANPR proposed by the Board in September 2020.”

Media Contact

Bryan Hubbard
(202) 649-6870

Readout of Secretary of the Treasury Janet L. Yellen’s Meeting with His Majesty King Abdullah II ibn Al Hussein of Jordan

Today, Secretary of the Treasury Janet L. Yellen met with His Majesty King Abdullah II ibn Al Hussein, King of the Hashemite Kingdom of Jordan. Secretary Yellen underscored the broad partnership between the United States and Jordan. She noted the challenges Jordan faced, complicated by COVID, and encouraged His Majesty to continue to implement reforms that will help Jordan to boost sustainable growth and job creation. The Secretary also welcomed the partnership between the two countries in combatting terrorist finance in the region.

READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Roundtable Discussion with Bipartisan Former Sanctions Senior Leaders

WASHINGTON – Yesterday, Deputy Secretary of the Treasury Wally Adeyemo led a virtual discussion with a bipartisan group of six former U.S. government sanctions leaders who served in the last three Administrations to discuss the application of U.S. economic and financial sanctions. The Deputy Secretary underscored Treasury’s commitment to ensuring sanctions remain relevant, rigorous, and fit to purpose, effectively advancing the national security, foreign policy, and economic aims of the United States. Deputy Secretary Adeyemo highlighted his deep respect for the career staff, and their robust internal processes for the development, implementation, and enforcement of sanctions. The Deputy Secretary expressed his deep appreciation for the career civil servants that have worked on sanctions across Administrations.

The group of former senior sanctions leaders, who served Republican and Democratic Administrations, shared their experiences in developing and applying sanctions, and noted that U.S. economic and financial sanctions are not an end to themselves, but are most effective when employed in the context of a broader U.S. government strategy to address a foreign policy or national security threat, and to maintain the integrity of the U.S. financial system.  They also discussed the need to effectively calibrate sanctions to limit the unintended consequences on U.S. businesses, foreign partners, and other third parties—including entities engaged in legitimate humanitarian activities.

The roundtable is part of a series of engagements across sectors that Deputy Secretary Adeyemo is leading as part of Treasury’s sanctions review to identify opportunities for and challenges to improving the use and process for U.S. economic and financial sanctions.

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BRP TO RESUME OPERATIONS SHORTLY AFTER FIRE OCCURRED IN THE YARD OF ONE OF ITS JUAREZ, MEXICO FACILITIES (JUAREZ 2)

VALCOURT, Quebec, July 19, 2021 BRP (TSX:DOO; NASDAQ:DOOO) announces that on July 17, 2021, there was a fire in the storage yard of the Juarez 2, Mexico facility. All employees on site were safely evacuated and there are no reported injuries. No damage was caused to the manufacturing facility, where side-by-side vehicles are produced. The Company is ready to resume production and is expecting to receive clearance from authorities by mid-week.

“I am pleased that all our employees are safe and followed our health and safety protocols. We appreciate the quick assistance of the firefighters, local businesses and authorities. We do not anticipate any material impact to our business”, stated José Boisjoli, President & Chief Executive Officer, BRP.

The Company is working with authorities and internal and external experts to determine the cause of this incident. Some SSV units that were in our storage yard were lost, representing approximately 6 days of production. 

While we expect this incident will delay certain SSV deliveries, dealers and customers can be assured we are putting measures in place to mitigate its impact.

About BRP

We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, boats and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.0 billion from over 130 countries, our global workforce is made up of more than 14,500 driven, resourceful people.

www.brp.com   

@BRPNews  

 

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Quintrex, Stacer, Savage and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements about the Company’s prospects, expectations, anticipations, estimates and intentions, results, performance, objectives, targets, goals or achievements, priorities and strategies, financial resources, capabilities, beliefs, research and product development activities, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of Canadian and United States securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements, by their nature, involve inherent risks and uncertainties and are based on assumptions, both general and specific. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Actual results or future events or developments may differ materially from those expressed or implied by the forward-looking statements due to a number of factors, including the impact of adverse economic conditions such as those resulting from the ongoing COVID-19 health crisis as well as those identified in BRP’s annual management’s discussion and analysis and audited consolidated financial statements for its fiscal year 2021 and the other recent and future filings with applicable Canadian and U.S. securities regulatory authorities, available on SEDAR at sedar.com or EDGAR at sec.gov, respectively. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. The forward-looking statements contained in this press release are made as of the date of the press release and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities regulations. In the event that the Company does update any forward-looking statements contained in this press release, no inference should be made that the Company will make additional updates with respect to that statement, related matters or any other forward-looking statement.

 

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For more information:

Communications Department

[email protected]

Readout of the Meeting of the President’s Working Group on Financial Markets to Discuss Stablecoins

WASHINGTON — Today, Secretary of the Treasury Janet L. Yellen convened the President’s Working Group on Financial Markets (PWG), joined by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, to discuss stablecoins. In the meeting, participants discussed the rapid growth of stablecoins, potential uses of stablecoins as a means of payment, and potential risks to end-users, the financial system, and national security. The Secretary underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place.

The group also heard a presentation from Treasury staff on the preparation of a report on stablecoins, which would discuss their potential benefits and risks, the current U.S. regulatory framework, and the development of recommendations for addressing any regulatory gaps. The PWG expects to issue recommendations in the coming months.

In attendance were:

  • Janet L. Yellen, Secretary of the Treasury
  • Jerome Powell, Chair, Board of Governors of the Federal Reserve System
  • Gary Gensler, Chair, Securities and Exchange Commission
  • Rostin Behnam, Acting Chairman, Commodity Futures Trading Commission
  • Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
  • Michael J. Hsu, Acting Comptroller of the Currency
  • Randal Quarles, Vice Chair for Supervision, Board of Governors of the Federal Reserve System
  • J. Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury

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