Joint Statement from the U.S. Department of the Treasury and the State Bank of Vietnam

WASHINGTON – U.S. Secretary of the Treasury Janet L. Yellen and State Bank of Vietnam Governor Nguyen Thi Hong met virtually today. At the conclusion of their meeting, Secretary Yellen and Governor Hong issued the following joint statement:

The United States and Vietnam are trusted partners with friendship grounded in mutual respect.  In keeping with this strong partnership, the U.S. Department of the Treasury (Treasury) and the State Bank of Vietnam (SBV) share the goals of maintaining the strength, stability, development, and resilience of each country’s economy and financial system.

Treasury and the SBV have had constructive discussions in recent months through the enhanced engagement process, and reached agreement to address Treasury’s concerns about Vietnam’s currency practices as described in Treasury’s Report to Congress on the Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.

The SBV underscores that the focus of its monetary policy framework is to promote macroeconomic stability and to control inflation. Vietnam confirms that it is bound under the Articles of Agreement of the IMF to avoid manipulating its exchange rate in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage and will refrain from any competitive devaluation of the Vietnamese dong. The SBV is also making ongoing efforts to further modernize and make more transparent its monetary policy and exchange rate framework. In support of these efforts, the SBV will continue to improve exchange rate flexibility over time, allowing the Vietnamese dong to move in line with the stage of development of the financial and foreign exchange markets and with economic fundamentals, while maintaining macroeconomic and financial market stability.

The SBV will continue to provide necessary information for Treasury to conduct thorough analysis and reporting on the SBV’s activities in the foreign exchange market in Treasury’s semiannual Report to Congress on the Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.

Treasury will inform other U.S. government agencies that it has reached agreement with the SBV to address Treasury’s concerns about Vietnam’s currency practices.

“I welcome the constructive dialogue between the Department of the Treasury and the State Bank of Vietnam on currency policy, and the mutual understanding we have reached,” said Secretary Yellen. “I believe the State Bank of Vietnam’s attention to these issues over time not only will address Treasury’s concerns, but also will support the further development of Vietnam’s financial markets and enhance its macroeconomic and financial resilience.”

“I highly appreciate the work done by the technical levels of our institutions towards a shared understanding on currency matters based on the principles of partnership and mutual respect. The State Bank of Vietnam will continue to manage exchange rate policy within its general monetary policy framework to safeguard the proper functioning of the monetary and foreign exchange markets, to promote macroeconomic stability and to control inflation, not to create an unfair competitive advantage in international trade,” said Governor Hong.

Secretary Yellen and Governor Hong are committed to maintaining close cooperation between Treasury and the SBV, and look forward to addressing other shared challenges, such as supporting a strong and inclusive recovery from the COVID-19 pandemic.

####

Readout of Financial Stability Oversight Council Meeting on July 16, 2021

WASHINGTON – U.S. Treasury Secretary Janet L. Yellen today convened a meeting of the Financial Stability Oversight Council (Council) in executive session by videoconference. 

At the meeting, the Council received an update on the Federal Reserve Board’s recently announced bank stress test results for 2021.  

The Council also heard a presentation from Federal Housing Finance Agency staff on recent trends in housing markets, including prices, sales, and mortgage forbearance rates. 

The Council also received an update from Treasury staff regarding progress in developing the Council report to be issued under the Executive Order on Climate-Related Financial Risks.  

In addition, the Council voted to approve the minutes of its previous meeting on June 11, 2021. 

In attendance at the Council meeting today by videoconference were the following members:

  • Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)
  • Jerome Powell, Chair, Board of Governors of the Federal Reserve System
  • Michael J. Hsu, Acting Comptroller of the Currency
  • David Uejio, Acting Director, Consumer Financial Protection Bureau
  • Gary Gensler, Chair, Securities and Exchange Commission
  • Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
  • Rostin Behnam, Acting Chairman, Commodity Futures Trading Commission
  • Sandra L. Thompson, Acting Director, Federal Housing Finance Agency
  • Todd Harper, Chairman, National Credit Union Administration
  • Thomas Workman, Independent Member with Insurance Expertise
  • Steven Seitz, Director, Federal Insurance Office (non-voting member)
  • Charles G. Cooper, Commissioner, Texas Department of Banking (non-voting member)
  • Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, Securities Division (non-voting member)

Additional information regarding the Council, its work, and the recently approved meeting minutes is available at http://www.fsoc.gov.

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READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Community Engagements in Houston, Texas

WASHINGTON – Earlier today, Deputy Secretary of the Treasury Wally Adeyemo attended a series of engagements in Houston, Texas to discuss the American Rescue Plan – including the expanded, monthly Child Tax Credit (CTC) and the Emergency Rental Assistance (ERA) program – which have enabled communities to recover from the pandemic. The Deputy Secretary joined Congressman Al Green and Congresswoman Sylvia Garcia to visit VN Teamwork, Inc.‘s Golden Bamboo Village to meet with community partners and advocates who are signing up families for the CTC, and parents who have already seen the benefits. This event follows Treasury and IRS’s announcement this week that roughly $15 billion were paid to families that include nearly 60 million children, in the first monthly payment. The group discussed plans to continue to reach out to eligible families who are eligible for this historic tax relief.
 
Deputy Secretary Adeyemo also attended a roundtable discussion hosted by the Greater Houston Partnership to discuss the city’s economic recovery and how the Administration’s American Families Plan and American Jobs Plan will help build a strong economic future. The Deputy Secretary underscored the Administration’s commitment to supporting American businesses, including with investments in infrastructure like roads, bridges, and broadband that boost the nation’s competitiveness.
 
In addition, Deputy Secretary Adeyemo joined Harris County Judge Lina Hidalgo and Mayor Pro Tem Dave Martin at the BakerRipley Gulfton Sharpstown Campus to discuss the Houston-Harris County successes with the ERA program. On campus, Deputy Secretary attended an ERA program navigator enrollment event to meet with grantees and discuss how they have successfully deployed resources to ensure families can stay in their homes. Grantees shared best practices resulting from the city-county partnership, strong community based organization support, and robust outreach efforts, particularly in the most vulnerable communities.
 

Secretary of the Treasury Janet L. Yellen to Convene a Meeting of the President’s Working Group on Financial Markets to Discuss Stablecoins

WASHINGTON — Today, Secretary of the Treasury Janet L. Yellen announced plans to convene the President’s Working Group on Financial Markets (PWG), in addition to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, to discuss interagency work on stablecoins. The group will meet Monday, July 19.
“Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system,” Secretary Yellen said. “In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.”

This interagency work builds on the PWG’s December 2020 PWG “Statement on Key Regulatory and Supervisory Issues Relevant to Certain Stablecoins.” The PWG will examine the current regulation of stablecoins, identify risks, and develop recommendations for addressing those risks. The PWG expects to issue written recommendations in the coming months.

The PWG was established to enhance the integrity, efficiency, orderliness, and competitiveness of U.S. financial markets. In addition to the Secretary of the Treasury, the PWG members are the Chair of the Board of Governors of the Federal Reserve System, the Chair of the Securities and Exchange Commission, and the Acting Chairman of the Commodity Futures Trading Commission.

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OCC Marks the First Anniversary of Project Reach

News Release 2021-75 | July 15, 2021

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today marked the first anniversary of Project REACh by hosting participants to celebrate the project’s accomplishments and to challenge them to set their sights even higher over the next two years.

“Project REACh has generated a great deal of excitement and made great strides in its first year toward tearing down barriers that prevent everyone from benefitting from our economy and financial system,” said Acting Comptroller Hsu. “We are at a critical point in our nation where will and resolve match the need to act to reduce inequality. While Project REACh is one of many initiatives addressing the legacy problems facing our society, it is unique in that it assembles leaders of civil rights and community groups, banks, and technology firms to work hand in hand to solve problems previously seen as intractable.”

REACh stands for Roundtable for Economic Access and Change, and the project brings together a range of leaders to reduce specific barriers that prevent full, equal, and fair participation in the nation’s economy. The project launched July 10, 2020, and began by focusing on reducing the number of credit invisibles, improving access to affordable housing, promoting the strength of minority banks, and expanding access to capital and credit for minority-owned small businesses.

“The first year of Project REACh has been a great start,” Mr. Hsu said. “The time is right to aim higher. Project REACh can be transformative, helping to reverse the harmful effects of economic inequality.” Mr. Hsu challenged the workstream leads to devise “moonshot” goals for the next two years of Project REACh—goals to motivate and inspire action and outcomes that underserved communities will be able to feel and that will make a difference.

As part of the anniversary, Acting Comptroller Hsu also announced the expansion of regional efforts to replicate the success of the project’s national workstream. While the first regional effort centered on Los Angeles, the Acting Comptroller announced efforts will begin soon in Washington, D.C.; Dallas; and Detroit.

“While we share some problems across the nation, every community differs and requires local insight and participation to make a lasting difference,” Mr. Hsu said. “That’s why regional REACh efforts are so important.”

To help mark the anniversary, the agency published material providing greater detail regarding the work accomplished over the last 12 months.

Related Links

Media Contact

Bryan Hubbard
(202) 649-6870

Treasury and IRS Announce Families of Nearly 60 Million Children Receive $15 Billion in First Payments of Expanded and Newly Advanceable Child Tax Credit

Treasury and the IRS also release state-by-state data showing historic, nationwide relief for America’s families 

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced today that roughly $15 billion were paid to families that include nearly 60 million eligible children in the first monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan passed in March. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.

“For the first time in our nation’s history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor’s visits, school supplies, and groceries,” said Secretary Janet L. Yellen. “This major middle-class tax relief and step in reducing child poverty is a remarkable economic victory for America – and also a moral one.”   

The American Rescue Plan expanded the Child Tax Credit for 2021 to get more help to more families. The credit increased from $2,000 per child in 2020 to $3,600 for each child under age 6. For each child ages 6 to 16, it’s increased from $2,000 to $3,000. It also makes 17-year-olds eligible for the $3,000 credit. To get money to families sooner, the IRS is sending out half of the 2021 Child Tax Credit this year in monthly payments.

Experts have projected the American Rescue Plan will lift more than five million children out of poverty this year, cutting child poverty by more than half – and the expanded Child Tax Credit is the single largest contributor to this historic reduction. Prior to the American Rescue Plan, lower-income families often received a smaller Child Tax Credit than families with higher earnings because the tax credit was only partially refundable.

  • Treasury estimates that families containing more than 26 million children who would have received less than the full Child Tax Credit under the previous rules because their incomes were too low will now receive the full, expanded credit.
  • For a married couple earning a combined $60,000 per year and two children under six, their Child Tax Credit will equal $7,200, and this year’s expansion means an additional $3,200 per year in tax relief.
  • For a married couple earning a combined $24,000 per year and two children under six, they’ll get a total credit of $7,200 – this means that because of the changes in the American Rescue Plan their credit increased by $4,400. Not only did the amount of the credit increase, but prior to the American Rescue Plain the full credit was not available to them because it was not refundable.

Taxpayers who filed an income tax return in either 2019 or 2020 and who claimed an eligible child, or who signed up to get an Economic Impact Payment and claimed an eligible child last year, generally do not need to take any action to receive their payments. Roughly 86% of the families who received payments today did so by direct deposit, and the remainder will receive checks in the mail. These payments will continue to be made on the 15th of each month (unless the 15th falls on a weekend or holiday, in which case the payment will be made the preceding business day).

Low-income families with children are eligible for this crucial tax relief – including those who don’t make enough money to be required to file Federal income taxes. This first set of payment recipients automatically included families that signed up for Economic Impact Payments, also known as stimulus checks, last year, even if they do not normally file a tax return because their income is below the federal filing requirement. Treasury estimates that the families containing more than 720,000 children who otherwise wouldn’t have received a Child Tax Credit will receive payments starting this month because they signed up for Economic Income Payments last year. Eligible families that did not sign-up in time to receive their Child Tax Credit in this first round of payments can receive increased monthly payments to catch-up for previous months after they sign up.

Since President Biden signed the American Rescue Plan in March, the White House has led a cross-agency effort to ensure the expanded Child Tax Credit reaches the families who need it most. Within months, the IRS launched a Non-filer Sign-up Tool and published step-by-step guides in multiple languages. Since then, the White House, Treasury and the IRS have worked to direct people to the tool in collaboration with advocacy groups, public figures and through awareness efforts like launching childtaxcredit.gov and hosting weekend IRS events in 12 cities where data showed large pockets of children in households that don’t normally file a tax return. We will continue to host events and announce additional private sector and non-profit partnership efforts in the coming weeks.

For additional information for taxpayers on how they can access the Child Tax Credit, visit the Advance Child Tax Credit Payments in 2021 page and see Frequently Asked Questions here.

 

 

Advance Child Tax Credit Payments Disbursed July 2021, by State [1][2][3]
State Number of Qualifying Children
(000s)
Total Payment Amount
($000s)
Average Payment Amount 
($s)
All Returns, total 59,301 14,886,893 423
  Alabama 913 234,232 422
  Alaska 155 39,088 468
  Arizona 1,356 344,278 440
  Arkansas 585 150,288 437
  California 6,564 1,621,878 406
  Colorado 992 244,566 420
  Connecticut 566 137,474 391
  Delaware 169 42,628 413
  District of
  Columbia
90 21,812 376
  Florida 3,600 915,551 403
  Georgia 2,054 520,295 418
  Hawaii 257 65,027 431
  Idaho 393 99,665 487
  Illinois 2,200 547,169 418
  Indiana 1,306 333,251 445
  Iowa 618 156,942 458
  Kansas 568 143,650 456
  Kentucky 851 218,408 436
  Louisiana 896 229,406 417
  Maine 215 54,404 415
  Maryland 1,072 262,332 401
  Massachusetts 1,060 253,118 385
  Michigan 1,775 449,403 438
  Minnesota 1,090 270,372 449
  Mississippi 595 153,666 417
  Missouri 1,152 293,116 444
  Montana 198 50,426 457
  Nebraska 404 102,279 464
  Nevada 560 143,317 425
  New Hampshire 216 53,017 399
  New Jersey 1,550 373,155 394
  New Mexico 383 98,379 434
  New York 3,227 802,249 407
  North Carolina 1,881 476,025 415
  North Dakota 154 38,920 463
  Ohio 2,169 550,840 436
  Oklahoma 782 200,574 450
  Oregon 692 173,227 425
  Pennsylvania 2,217 554,813 423
  Rhode Island 173 43,277 399
  South Carolina 945 241,176 422
  South Dakota 184 46,868 477
  Tennessee 1,260 321,591 428
  Texas 5,937 1,499,988 434
  Utah 780 196,032 515
  Vermont 98 24,767 410
  Virginia 1,533 377,455 412
  Washington 1,322 325,617 423
  West Virginia 301 77,419 431
  Wisconsin 1,041 262,789 443
  Wyoming 114 28,971 464
  Other areas [4] 85 21,701 481

[1] Section 9611(a) of the American Rescue Plan Act of 2021 (Act), Public Law 117-2, 135 Stat. 4 (March 11, 2021), amended the Child Tax Credit (CTC) rules under section 24 of the Internal Revenue Code (Code) for taxable year 2021. For taxpayers who have a principal place of abode in the U.S. for more than half the year or who are bona fide residents of Puerto Rico for the year, the Act made the CTC fully refundable. The Act increased to age 17 the maximum age for which a child may be a qualifying child for the CTC. The Act also increased the maximum amount of the CTC from $2,000 to $3,600 for qualifying children under age 6 and to $3,000 for other qualifying children under age 18. Special rules are provided for U.S. Territories and their residents.

[2] The CTC phases out in two different steps based on the taxpayer’s modified adjusted gross income (modified AGI) in 2021.
The first $1,600 of the CTC per qualifying child under age 6 and the first $1,000 per qualifying child age 6 through 17 phase out sequentially at a rate of $50 per $1,000 (or part thereof) of modified AGI in excess of a threshold based on the taxpayer’s filing status. The modified AGI threshold is $150,000 for married joint filers or qualifying widows or widowers, $112,500 for head of household filers, and $75,000 for all other filers.
The remainder of the CTC, plus any amount of non-refundable $500 credit for other dependents, is further reduced by $50 for each $1,000 (or part thereof) that exceeds $200,000 ($400,000 for married taxpayers filing a joint return) of modified AGI. Larger families follow a modified phaseout rule that extends the AGI range of the phaseout.

[3] Section 9611(b)(1) of the Act added section 7527A to the Code.  Solely for 2021, section 7527A(a) requires the Secretary of the Treasury to establish a program for making periodic advance payments of the CTC, the total amount of which equals the taxpayer’s “annual advance amount.” The “annual advance amount” of a taxpayer is the amount estimated by the Secretary as being equal to 50 percent of the CTC that would be allowed to the taxpayer for 2021 based on information reported on the taxpayer’s 2020 Federal income tax return (or their 2019 return if the 2020 return is not available). The Internal Revenue Service (IRS) will disburse these advance payments monthly from July to December of 2021. The taxpayer must file a Tax Year 2021 return to claim the remainder of their CTC (if any). At the time these data were generated, taxpayers may use a designated IRS online tool, referred to as the “Child Tax Credit Update Portal,” to opt out of advance payments.
A taxpayer’s Federal income tax will be increased, dollar-for-dollar, if their total CTC advance payments during 2021 exceed the amount of the CTC to which they are eligible for that year. However, safe harbor rules may reduce the additional income tax owed depending on the taxpayer’s modified AGI.

[4] Includes residents of U.S. territories, U.S. citizens abroad, and returns filed from Army Post Office and Fleet Post Office addresses by members of the armed forces stationed overseas.

NOTES: The numbers shown reflect advance CTC payments disbursed to eligible recipients based on taxpayer account information and do not account for reversed or undeliverable advance CTC payments.  
Details may not add to totals because of rounding. Source: Office of Tax Analysis tabulations of Internal Revenue Service data, July 11, 2021

Source: Office of Tax Analysis tabulations of Internal Revenue Service data, July 11, 2021

 

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Treasury and IRS Announce Families of Nearly 60 Million Children Receive $15 Billion Dollars in First Payments of Expanded and Newly Advanceable Child Tax Credit

Treasury and the IRS also release state-by-state data showing historic, nationwide relief for America’s families 

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service announced today that roughly $15 billion dollars were paid to families that include nearly 60 million eligible children in the first monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan passed in March. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17.

“For the first time in our nation’s history, American working families are receiving monthly tax relief payments to help pay for essentials like doctor’s visits, school supplies, and groceries,” said Secretary Janet L. Yellen. “This major middle-class tax relief and step in reducing child poverty is a remarkable economic victory for America – and also a moral one.”   

The American Rescue Plan expanded the Child Tax Credit for 2021 to get more help to more families. The credit increased from $2,000 per child in 2020 to $3,600 for each child under age 6. For each child ages 6 to 16, it’s increased from $2,000 to $3,000. It also makes 17-year-olds eligible for the $3,000 credit. To get money to families sooner, the IRS is sending out half of the 2021 Child Tax Credit this year in monthly payments.

Experts have projected the American Rescue Plan will lift more than five million children out of poverty this year, cutting child poverty by more than half – and the expanded Child Tax Credit is the single largest contributor to this historic reduction. Prior to the American Rescue Plan, lower-income families often received a smaller Child Tax Credit than families with higher earnings because the tax credit was only partially refundable.

  • Treasury estimates that families containing more than 26 million children who would have received less than the full Child Tax Credit under the previous rules because their incomes were too low will now receive the full, expanded credit.
  • For a married couple earning a combined $60,000 per year and two children under six, their Child Tax Credit will equal $7,200, and this year’s expansion means an additional $3,200 per year in tax relief.
  • For a married couple earning a combined $24,000 per year and two children under six, they’ll get a total credit of $7,200 – this means that because of the changes in the American Rescue Plan their credit increased by $4,400. Not only did the amount of the credit increase, but prior to the American Rescue Plain the full credit was not available to them because it was not refundable.

Taxpayers who filed an income tax return in either 2019 or 2020 and who claimed an eligible child, or who signed up to get an Economic Impact Payment and claimed an eligible child last year, generally do not need to take any action to receive their payments. Roughly 86% of the families who received payments today did so by direct deposit, and the remainder will receive checks in the mail. These payments will continue to be made on the 15th of each month (unless the 15th falls on a weekend or holiday, in which case the payment will be made the preceding business day).

Low-income families with children are eligible for this crucial tax relief – including those who don’t make enough money to be required to file Federal income taxes. This first set of payment recipients automatically included families that signed up for Economic Impact Payments, also known as stimulus checks, last year, even if they do not normally file a tax return because their income is below the federal filing requirement. Treasury estimates that the families containing more than 720,000 children who otherwise wouldn’t have received a Child Tax Credit will receive payments starting this month because they signed up for Economic Income Payments last year. Eligible families that did not sign-up in time to receive their Child Tax Credit in this first round of payments can receive increased monthly payments to catch-up for previous months after they sign up.

Since President Biden signed the American Rescue Plan in March, the White House has led a cross-agency effort to ensure the expanded Child Tax Credit reaches the families who need it most. Within months, the IRS launched a Non-filer Sign-up Tool and published step-by-step guides in multiple languages. Since then, the White House, Treasury and the IRS have worked to direct people to the tool in collaboration with advocacy groups, public figures and through awareness efforts like launching childtaxcredit.gov and hosting weekend IRS events in 12 cities where data showed large pockets of children in households that don’t normally file a tax return. We will continue to host events and announce additional private sector and non-profit partnership efforts in the coming weeks.

For additional information for taxpayers on how they can access the Child Tax Credit, visit the Advance Child Tax Credit Payments in 2021 page and see Frequently Asked Questions here.

 

 

Advanced Child Tax Credit Payments Dispursed July2021 by State

 

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Treasury Calls for Large Position Reports

WASHINGTON – The U.S. Department of the Treasury is calling for Large Position Reports from those entities whose positions in the 0-7/8% Treasury Notes of November 2030 equaled or exceeded $4.1 billion as of Monday, November 16, 2020 or Monday, December 14, 2020.

Entities must submit separate reports for each reporting date on which their positions equaled or exceeded the reporting threshold. Entities with positions in these notes below $4.1 billion are not required to submit Large Position Reports.

Reports must be received by Treasury before 5:00 PM (ET) on Thursday, July 22, 2021 and must include the required position(s) and administrative information. Large Position Reports may be submitted using Treasury’s LPR webform (available at https://www.treasurydirect.gov/instit/statreg/gsareg/LPR-form.htm) or by fax to Treasury at (202) 504-3788.
 

Details on Call for Large Position Reports

Security Description:

0-7/8% Treasury Notes of November 2030, Series F-2030

0-7/8% Treasury Notes of November 2030, Series F-2030

CUSIP Number:

91282CAV3

91282CAV3

CUSIP Number of STRIPS
Principal Component:

912821FP5

912821FP5

Maturity Date:

November 15, 2030

November 15, 2030

Reporting Dates:

November 16, 2020

December 14, 2020

Reporting Threshold:

$4.1 Billion (Par Value)

$4.1 Billion (Par Value)

Date Report Is Due:

July 22, 2021 before 5:00 PM (ET)

July 22, 2021 before 5:00 PM (ET)

This call for Large Position Reports is made under Treasury’s large position reporting rules (17 CFR Part 420).  The notice calling for Large Position Reports is also being published in the Federal Register. This public announcement, a copy of a sample Large Position Report (which appears in Appendix B of the rules at 17 CFR Part 420), and supplementary formula guidance are available at www.treasurydirect.gov.

Non-media questions about Treasury’s large position reporting rules and the submission of Large Position Reports should be directed to Treasury’s Government Securities Regulations Staff at (202) 504-3632 or [email protected]

 

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READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with International Company Business Leaders

WASHINGTON – Earlier today, Deputy Secretary of the Treasury Wally Adeyemo hosted a roundtable discussion with a group of business leaders from the Global Business Alliance representing international companies with significant U.S. operations. The group discussed the Biden Administration’s priorities on international tax, national security, and infrastructure. The Deputy Secretary underscored the Administration’s strong support for foreign investment and commitment to the fair and equitable treatment of all investors to ensure that the United States remains the most attractive place in the world for businesses to invest and grow, consistent with the protection of national security. The Deputy Secretary highlighted Treasury’s commitment to investing in key infrastructure that will allow the United States to continue to attract foreign investment. The Deputy Secretary also discussed the Administration’s efforts to end the race to the bottom on global tax rates.

In addition, the Deputy Secretary sought feedback from the CEOs on ways to enhance the United States’ attractiveness for investment and how to support the creation of more American jobs. The group discussed ways in which international companies can provide leadership in the areas of cybersecurity and supply chain integrity.

Agencies Request Comment on Proposed Risk Management Guidance for Third-Party Relationships

News Release 2021-74 | July 13, 2021

Joint Release

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

The federal bank regulatory agencies today requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology-focused entities. The proposed guidance is intended to assist banking organizations in identifying and addressing the risks associated with third-party relationships and responds to industry feedback requesting alignment among the agencies with respect to third-party risk management guidance.

Banking organizations that engage third parties to provide products or services or to perform other activities remain responsible for ensuring that such outsourced activities are conducted in a safe and sound manner and in compliance with all applicable laws and regulations, including consumer protection laws.

Comments must be received within 60 days of the proposed guidance’s publication in the Federal Register.

Related Link

Media Contacts

Federal Reserve
Chelcee Stearns
(202) 452-5228

FDIC
LaJuan Williams-Young
(202) 898-3876

OCC
Stephanie Collins
(202) 649-6870