U.S. Departments of Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities

WASHINGTON, D.C. – As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of the Treasury, the U.S. Department of Energy, and the Internal Revenue Service (IRS) today released additional information on key provisions in the Inflation Reduction Act to strengthen energy security and drive investment to hard-hit coal communities and underserved communities.

Treasury and IRS established the expanded Qualifying Advanced Energy Project Credit program under section 48C of the Internal Revenue Code on February 13, 2023. Today, Treasury and the IRS released guidance that provides additional information about the application process and technical guidance for the program. 

“President Biden’s Investing in America agenda ensures all communities benefit from the growth of the clean energy economy by driving investment in areas of the country that have often been overlooked and left behind,” said Deputy Secretary of the Treasury Wally Adeyemo. “These investments will improve the nation’s energy security and create good-paying jobs in vital fields like clean-energy manufacturing and critical materials processing. They will also allow for existing energy infrastructure to be retooled for the clean energy economy. All this work will contribute to lower energy costs for families who have struggled to pay their utility bills.”

“Every community can benefit from President Biden’s agenda to Invest in America through the revitalization of domestic manufacturing, the strengthening of domestic clean energy supply chains and the modernization of our nation’s industrial sector,” said Deputy Secretary of Energy David Turk. “The guidance announced today will help usher in investments that will further spur the creation of quality jobs in every pocket of our country, while strengthening our energy resilience.”

“The Qualifying Advanced Energy Project Credit program is a game-changer for clean energy investment,” said John Podesta, Senior Advisor to the President for Clean Energy Innovation and Implementation. “This credit will help companies tap the talent and innovative potential of the energy communities and workers who have powered our nation for more than a century.” 
The Qualifying Advanced Energy Project Credit renews and expands a tax credit created in 2009 through the American Recovery and Reinvestment Act. It provides incentives for clean energy manufacturing and recycling, industrial decarbonization, and critical materials processing, refining, and recycling. A broad variety of projects are eligible to apply for an investment tax credit of up to 30 percent, ranging from manufacturing of fuel cells and components for geothermal electricity and hydropower, to producing carbon capture equipment or installing it at an industrial facility, to critical minerals processing.

The Inflation Reduction Act provided $10 billion in new funding for the Qualifying Advanced Energy Project Credit program. Congress required that at least $4 billion be reserved for projects in communities with closed coal mines or retired coal-fired power plants. The initial funding round will include $4 billion, with about $1.6 billion reserved for projects in these designated coal communities.

To apply, taxpayers will submit concept papers describing the proposed project. Taxpayers whose concept papers receive a favorable review will be encouraged to submit a full application. Concept paper submissions will be accepted starting June 30, 2023, and the deadline for concept papers will be July 31, 2023. Beginning today, taxpayers can access information and materials for preparing their concept papers. More information for potential applicants, including a 48C mapping tool and an upcoming informational webinar, is available on the Department of Energy’s 48C webpage. 
Treasury and IRS also released a Notice of Proposed Rulemaking (NPRM) for the Low-Income Communities Bonus Credit program under Section 48(e) of the Internal Revenue Code, which was established on February 13, 2023. The NPRM proposes rules for the application process and technical guidance for this program, which provides up to a 20-percentage point boost to the Investment Tax Credit for up to 1.8 gigawatts annually of solar and wind energy projects (with maximum output of less than 5 megawatts) located in low-income communities or otherwise serving low-income populations.

The NPRM reflects recommendations from a broad array of industry and environmental justice stakeholders to evaluate applications on an expedited basis and provide applicants clarity as quickly as possible. Treasury and IRS intend to release final guidance related to the 2023 program prior to applications opening later this year.

For more information on Treasury’s implementation work around the Inflation Reduction Act, see below.
August 16, 2022: Treasury Releases Initial Information on Electric Vehicle Tax Credit Under Newly Enacted Inflation Reduction Act

October 5, 2022: Treasury Seeks Public Input on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives

FACT SHEET: Treasury, IRS Open Public Comment on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives

October 26, 2022: READOUT: Stakeholder Roundtable on Clean Power Generation and the Inflation Reduction Act

October 27, 2022: READOUT: Stakeholder Roundtable on Climate Impact, Equity, and the Inflation Reduction Act

FACT SHEET: Four ways the Inflation Reduction Act’s Tax Incentives Will Support Building an Equitable Clean Energy Economy

October 31, 2022: READOUT: Stakeholder Roundtable on Investor Perspectives on Climate Change, Clean Energy, and the Inflation Reduction Act

November 3, 2022: Treasury Seeks Public Input on Additional Clean Energy Tax Provisions of the Inflation Reduction Act

November 4, 2022: READOUT: Stakeholder Roundtable on Clean Vehicles and the Inflation Reduction Act

November 29, 2022: Treasury Announces Guidance on Inflation Reduction Act’s Strong Labor Protections

December 12, 2022: Treasury and IRS Set out Procedures for Manufacturers, Sellers of Clean Vehicles

December 19, 2022: Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit

December 22, 2022: IRS Releases Frequently Asked Questions About Energy Efficient Home Improvements and Residential Clean Energy Property Credits

January 17, 2023: Remarks by Deputy Secretary of the Treasury Wally Adeyemo at White House event “Lowering Costs: Inflation Reduction Act Briefing” 

January 29, 2023: Statement from Deputy Secretary of the Treasury Wally Adeyemo on Implementation of Strong Inflation Reduction Act Worker Protections 

February 3, 2023: Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act 

February 13, 2023: Treasury, Energy Release Guidance on Inflation Reduction Act Programs to Incentivize Investments in Underserved Communities, Hard-Hit Coal Communities 

March 22, 2023: Remarks by Assistant Secretary for Tax Policy Lily Batchelder on Implementation of the Inflation Reduction Act’s Clean Energy Provisions 

March 31, 2023: Treasury Releases Proposed Guidance on New Clean Vehicle Credit to Lower Costs for Consumers, Build U.S. Industrial Base, Strengthen Supply Chains 

April 4, 2023: Treasury Releases Guidance to Drive Investment to Coal Communities 

April 14, 2023: READOUT: Treasury Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities 

April 27, 2023: READOUT: Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities

May 12, 2023: Treasury Department Releases Guidance to Boost American Clean Energy Manufacturing 


Testimony of Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg Before the Committee on Banking, Housing and Urban Affairs Committee, U.S. Senate

As Prepared for Delivery

Chairman Brown, Ranking Member Scott, and Distinguished Members of the Committee:

Thank you for the opportunity to testify today on “Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy.” I also want to thank the Committee for its work on addressing our relationship with the People’s Republic of China (PRC). Your partnership is critical to clearly convey to the leaders of the PRC that the United States speaks with one voice in advocating for our national interests and protecting our national security.

The United States and the PRC are the two largest economies in the world. For decades, the PRC’s economy grew as it implemented market reforms and opened itself up to the global economy. And despite the current tension in our relationship, cooperation between our two countries is absolutely critical in addressing important global challenges like the climate and managing international debt distress. As Secretary Yellen has recently noted, the United States does not seek conflict, but rather a constructive and fair economic relationship with China, one where we can work together, when possible, for the benefit of our countries and the world.

That is why we seek expanded engagement with the PRC to work through the difficult issues that we face. While no two countries’ interests will ever perfectly align, responsible nations must ensure that those differences do not threaten each other’s safety and security.

Our economic approach to China is guided by three objectives: securing the national security interests of the United States and our allies and partners and promoting respect for human rights; seeking an economic relationship with China that fosters growth and innovation in both countries through healthy competition; and cooperating on the urgent global challenges of our day.

As a steward of the U.S. economic and financial system, the Department of the Treasury plays a vital role in protecting U.S. national security. For most of the post-9/11 era, Treasury’s targeted national security work involved cutting terrorists and WMD proliferators off from the U.S. and international financial system. But now, in addition to addressing these threats, Treasury plays a key role in conducting broader economic statecraft to advance a host of our national interests.

As I have responsibility for coordinating Treasury policies to address, expose, and target national security threats, I will address security challenges related to the PRC, and the tools at Treasury’s disposal to address them.

Security Challenges Related to the PRC

As an overarching principle, we deploy economic tools in line with the principles that Secretary Yellen has laid out: narrowly scoped and targeted to clear objectives; easily understood and enforceable, and readily adaptable when circumstances change; and whenever possible, coordinated with our allies and partners.

The first of our national security concerns related to the PRC is its challenge to global norms—norms that have maintained peace and had a part in enabling the PRC’s economic growth.

Just recently at the G7 Hiroshima Summit, leaders discussed economic coercion. As the G7 leaders recognized, economic coercion “not only undermines the functioning of and trust in the multilateral trading system, but also infringes upon the international order centered on respect for sovereignty and the rule of law, and ultimately undermines global security and stability.” Specifically, we have seen instances when the PRC has not only targeted U.S. persons, but also those located in our allies and partners like Australia, Canada, South Korea, the Philippines, and Lithuania. Another way we have observed China exploit economic vulnerabilities and dependencies is through enabling corruption. Take, for example, Wan Kuok Koi, a PRC national and former member of the Communist Party of China’s Chinese People’s Political Consultative Conference. Wan, also known as Broken Tooth, and his organization, the World Hongmen History and Culture Association, were designated by Treasury in December 2020 for corrupt practices, specifically the use of economic and business influence to co-opt elite figures in Malaysia and Cambodia. It should come as no surprise to Beijing that the economic, finance, and trade teams among the G7 are actively thinking through ways to build resiliency and support one another as well as other nations.

We also see efforts by PRC-related actors to conduct economic espionage against sensitive sectors of the economy. A recent example is the 2022 criminal prosecution by the Department of Justice and sentencing of Yanjun Xu, a PRC intelligence officer ultimately convicted of attempting to steal technology and proprietary information from aerospace companies based in the United States and abroad. This opacity in the PRC military-industrial complex and its military-civil fusion strategy is a national security concern of the United States and one of the reasons why many PRC aerospace companies are currently subject to economic restrictions, including from the U.S. Treasury.

We are also concerned about PRC-based transnational crime, including professional money laundering, cyber-criminal networks, and drug trafficking. Last year, Treasury submitted to Congress our assessment on money laundering threats emanating from the PRC, which highlighted many of these criminal activities. We continue to pay close attention to this type of criminal activity, and on April 23, Treasury identified and sanctioned Wuhan Shuokang Biological Technology Company and its leadership for the sale of fentanyl precursor chemicals. This action complemented indictments from the Department of Justice last month that connected these PRC companies to drug cartels in Mexico. These actions not only are against the letter of U.S. law and contrary to our national security interests—they also have had a devastating effect on our communities.

Nor can we overlook PRC’s human rights abuses. Treasury has acted to promote accountability for the ongoing abuses in Xinjiang, Tibet, and Hong Kong. In addition, we have acted to promote accountability for PRC-based entities connected to serious human rights abuses, such as the Treasury designations of Dalian Ocean Fishing, Pingtan Marine Enterprise, and their affiliates. Over the years, vessels affiliated with Pingtan violated multiple countries’ laws across the Pacific Ocean, including in Ecuador and Indonesia. Dalian Ocean withheld food and pay from their crew, refusing to let some of them disembark for over a year. On one vessel where crew were abused, five crewmembers died.

Another growing concern we have is the PRC’s role in geopolitical conflict around the world. While the PRC seemed initially apprehensive about its economic relationship with Russia after Russia’s full-scale invasion of Ukraine, we have seen bilateral China-Russia trade tick up, including certain transactions that the United States has now identified as circumventing U.S. sanctions and export control laws. Take King-Pai Technology Hong Kong, for example. This PRC-based supplier, now subject to blocking sanctions as well as export restrictions on the Commerce Department’s Entity List, supplied the Russian military-industrial complex with components used in cruise missile guidance systems. Another example is designated PRC-based firm Spacety (Changsha Tianyi Space Science and Technology Research Institute Co. LTD), which sold radar satellite imagery that enabled the transnational criminal organization Wagner Group to enhance its combat operations in Ukraine on behalf of Russia. In coordination with our interagency partners, we will continue to expose and disrupt PRC entities that provide support for the Russian war effort.

The PRC has also been troublingly consistent in its support for North Korea, which allows Pyongyang to conduct numerous weapons tests contrary to international law. In the meantime, North Korea has relentlessly worked to maintain and improve its weapons systems, including an ICBM capable of striking the continental United States, and multiple missiles it has flown over inhabited Japanese territory. These increasing capabilities, combined with the hostile rhetoric coming from North Korea, are direct threats to the national security of the United States and its partners and require a U.S. response; and we believe the PRC can and should play a more constructive role in stabilizing the region.

Finally, we are closely watching the PRC’s own rapid militarization of international spaces. This militarization takes many forms. Earlier this year in the South China Sea, for example, the PRC Coast Guard directed a military-grade laser at Philippine Coast Guard personnel and just last month, the PRC Coast Guard also aggressively maneuvered near Philippine patrol boat lawfully operating within the Philippines’ Exclusive Economic Zone (EEZ), nearly causing a collision. As Department of Defense officials at multiple levels have attested, the PRC has also increased activity along its border with India, and routinely engages in risky operational behavior in international airspace over the East and South China Seas. Each time the PRC conducts risky military activities, there is a chance for a mistake or miscalculation, which again goes directly against our national security interests in preserving freedoms of navigation and overflight and keeping our allies and partners secure. This is why the People’s Liberation Army is already subject to many financial and economic restrictions—we do not want funds and goods to go to the PLA to enable this type of destabilizing behavior.

Treasury’s National Security Tools

I want to turn now to our tools at Treasury, and how we deploy them in service of our national security concerns.

First, Treasury publicly exposes threatening activity. This can, for example, take the form of targeted financial sanctions, when we designate individuals and entities undermining U.S. national security. By publicly outing these individuals and entities through a designation, financial institutions and other organizations are able to build a fuller picture of the illicit activity and take action to distance themselves from the threats.

The second way we act to protect U.S. national security interests is through targeted disruption and interdiction efforts. Treasury regularly engages the private sector directly, providing information to help financial institutions, money service businesses, and other actors in the economic and finance space to identify and disrupt violations of our sanctions laws and regulations. Treasury also engages partners and allies who share similar concerns and are willing to take joint actions and enforcement.

A third way we protect our national security interest is by raising international financial standards and building partner consensus. Leadership in the Financial Action Task Force, the international standard-setting body for anti-money laundering and countering the financing of terrorism, is a major way we accomplish this. For example, my team helps lead the international virtual assets contact group, working to define the rules of the road for international financial systems in regulation of digital assets and countering their use in money laundering. By leveraging this international forum and building consensus around model laws and best practices, we increase the costs for actors to reject these norms.

To conclude, the United States can effectively manage our relationship with China by clearly conveying our interests and intentions, and by talking to each other about real examples, as I have done today. Indeed, the health of the global economy rests on how we, both the United States and the People’s Republic of China, can manage our relationship and address pressing shared challenges. And while it is my job to address our national security interests through financial measures, I share Secretary Yellen’s view: the world is big enough for the both of us. Our path is not preordained nor are we destined for open conflict, so long as we both choose to communicate clearly and act responsibly.


Testimony of Assistant Secretary for Investment Security Paul Rosen Before the Committee on Banking, Housing and Urban Affairs Committee, U.S. Senate

As Prepared for Delivery

Good morning, Chairman Brown, Ranking Member Scott, and Members of the Committee.

Thank you for the opportunity to speak with you today about this important national security issue. 

At the Department of the Treasury, we understand the significant challenge China poses to the economic and national security interest of the United States. I manage the government’s review of foreign investment into the United States for national security risks through the Committee on Foreign Investment in the United States (CFIUS).  In this work we are focused on stopping the access and exploitation of sensitive technologies, infrastructure, data and other assets by those who have the intent and capability to harm our national security. 

Recently, Secretary Yellen addressed the U.S.-China economic relationship. In her remarks, she conveyed that China and the United States can and need to find a way to live together and share in global prosperity. She also stressed the importance of our countries working together, when possible, for the benefit of us and the world. 

At the same time, Secretary Yellen was crystal clear when it comes to national security: The United States will secure our national security interests and those of our allies and partners. We remain firm in our conviction to defend our values. We will not hesitate to defend our vital interests. And we will not compromise on national security concerns—even when they force trade-offs with our economic interests.  She also made clear: we do not use our national security tools to gain competitive economic advantage or to stop China from growing.  But we will fully and zealously exercise our economic tools to protect the national security of the United States, full stop.

CFIUS is one important tool to address national security that pursues these objectives. The Committee—comprised of the heads of several Executive Branch agencies and which I help lead in support of the Secretary of the Treasury’s role as Chair—carefully reviews foreign investments in the United States for national security risks. When necessary, the Committee takes action to address any such risks while seeking to maintain an open investment environment and the status of the United States as one of the world’s top destinations for foreign direct investment.

CFIUS protects national security in the context of foreign direct investment from any country. By law, the Committee analyzes the facts and circumstances of each transaction on a case-by-case basis following a rigorous review process that leverages subject-matter expertise across the Executive Branch. Our risk analysis is focused on three factors: the threat emanating from the foreign investor, the national security vulnerabilities presented by the U.S. business, and the consequence of a transaction to national security. When we identify a risk, our mandate is to resolve it, whether by mitigating the risk through enforceable restrictions on the parties or, as a last resort, by recommending the President block or unwind a transaction.

Over the years, as national security threat environment has evolved, so has CFIUS. First established by executive order in 1975, the Committee has benefited from congressional action to codify and enhance its authorities. Most recently, Congress did so with the bipartisan Foreign Investment Risk Review Modernization Act of 2018, or FIRRMA. Among other things, FIRRMA provided the Committee with important authorities over certain investment structures that had previously fallen outside its jurisdiction and modernized our processes to better enable timely and effective reviews of covered transactions. It also provided the Committee with much needed jurisdiction over certain transactions involving real estate in close proximity to sensitive facilities.

Treasury has dedicated significant time and resources to the successful implementation of FIRRMA and the efficient processing of what is now an all-time high caseload. Prior to enactment, the Committee processed 237 filings in 2017. Four years later, our case load nearly doubled to 436 filings in 2021. We expect the number of cases to continue at this heightened level.

Since I was confirmed to my role as Assistant Secretary for Investment Security, I have been focused on making sure CFIUS operates effectively and efficiently, bringing to bear all available resources and tools to support our important national security mission. This effort includes the issuance of the first Executive Order since the Committee was established to provide formal Presidential direction on additional risks that we are to consider when reviewing a covered transaction. It also includes the issuance of our first ever enforcement and penalty guidelines to ensure that transaction parties are held accountable for failing to comply with our laws or for not upholding their obligations to mitigate national security risk. While Congress rightly put in place strict confidentiality for information filed with CFIUS, we have and will continue to take enforcement actions on specific matters to protect national security.  We are also enhancing our tactics and techniques to ensure we are gathering more detailed information about foreign acquirers and deal structures to thoroughly assess the national security risks arising in any given transaction. 

When CFIUS reviews a transaction that raises national security concerns, the Committee can mitigate the risk by requiring that certain measures be undertaken, and these measures are formalized in what we call a National Security Agreement, or mitigation agreement. When we negotiate a mitigation agreement, our work does not stop after the agreement is signed.

We routinely conduct site visits, collect documents and information, and engage with third party monitors and auditors to ensure that the terms of these agreements are upheld and parties live up to their compliance obligations. While preventing violations from occurring is our primary focus, the availability of robust remediation and enforcement tools in the event of non-compliance is necessary because a breach could harm national security. Under the Defense Production Act, the Committee has its own enforcement authority—including subpoena authority—and can impose monetary penalties and seek other remedies for violations of its statute, regulations, mitigation orders, conditions, or agreements. We will not hesitate to take enforcement action when necessary to protect national security.

We also continue to enhance our ability to identify non-notified transactions and engage with international partners and allies. Indeed, the Committee actively monitors investment activity and follows up on tips from the public and other sources to identify these types of transactions that may pose national security risk. Should we identify a potentially covered transaction that may raise national security concerns, we request the parties file a notice, and initiate our formal review process. We have also established a process to assist partners and allies with foreign investment review—including the sharing of threat information—while contributing to the establishment and modernization of over 20 international foreign direct investment screening mechanisms.

Finally, as we protect national security in the context of inbound investments, we continue to contribute to interagency discussions regarding policies to restrict certain U.S. outbound investments in specific sensitive technologies with significant national security implications. Our desire is to avoid situations in which U.S. investments support and advance technologies that enhance military or intelligence capabilities in countries of concern that could undermine our national security and put Americans at risk.

While we are proud of the Committee’s efforts, our work remains unfinished, and there are always ways to improve. We remain focused on being as effective as we can be in our national security mission. You have my commitment that we will use all authorities available to us to protect the national security of the United States.

In the end, as we work to counter the national security risks that emanate from China, as Secretary Yellen has said, where possible we need to find a way to work together for the benefit of the world, but in doing so we never compromise our national security.  Thank you again for the opportunity to appear before you today, I look forward to answering any questions you may have.

OCC Issues Third and Fourth Quarter 2023 CRA Evaluation Schedule

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2023.

The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should be submitted to the banks themselves at the mailing addresses listed on the schedule or to the appropriate OCC supervisory office before the month in which the evaluation is scheduled. The OCC will consider all public comments received before the close of the CRA evaluation.

The CRA evaluation schedule is available on the OCC’s website at: www.occ.gov/static/cra/exam-schedule/craq323.pdf.

Treasury Department Announces Approval of Federal Funds to Connect Over 47,300 Mississippi Homes and Businesses to Affordable, High-Speed Internet as Part of President Biden’s Investing in America Agenda

Combined with other Administration initiatives, President Biden’s Investing in America agenda has brought affordable internet to over 17 million American households 


WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of $151.5 million for high-speed internet projects in Mississippi under the American Rescue Plan’s Capital Projects Fund (CPF), part of President Biden’s Investing in America agenda. A key priority of the CPF program is making funding available for broadband infrastructure, advancing President Biden’s goal of affordable, high-speed internet for everyone in America. Already, President Biden’s Investing in America agenda has delivered affordable high-speed internet to 17 million American households through the CPF funded by the American Rescue Plan, and through the Affordable Connectivity Program funded by the Bipartisan Infrastructure Law, saving each household at least $30 per month and supporting one of the strongest and fastest economic recoveries in history. 
“The pandemic upended life as we knew it and exposed the stark inequity in access to affordable and reliable high-speed internet in communities across the country, including rural, Tribal, and other underrepresented communities,” said Deputy Secretary of the Treasury Wally Adeyemo. “This funding is a key piece of the Biden-Harris Administration’s historic investments to increase access to high-speed internet for millions of Americans and provide more opportunities to fully participate and compete in the 21st century economy.” 
The CPF provides $10 billion to states, territories, freely associated states, and Tribal governments to fund critical capital projects that enable work, education, and health monitoring in response to the public health emergency. In addition to the $10 billion provided by the CPF, many governments are using a portion of their State and Local Fiscal Recovery Funds (SLFRF) toward meeting the Biden-Harris Administration’s goal of connecting every American household to affordable, reliable high-speed internet. Together, these American Rescue Plan programs and the Bipartisan Infrastructure Law are working in tandem with President Biden’s Investing in America agenda to close the digital divide – deploying high-speed internet to those without access and lowering costs for those who cannot afford it. 
Mississippi is approved to receive $151.5 million for broadband infrastructure projects, which the state estimates will connect approximately 47,300 homes and businesses to affordable, high-speed internet. Mississippi’s funding will go to the Broadband Expansion and Accessibility of Mississippi (BEAM) fund, a new competitive grant program designed to fund three types of broadband investments: large scale projects, line extensions, and community based broadband projects. The BEAM fund will prioritize last-mile fiber applicants for the large scale and line extension projects, and will prioritize high-speed, reliable internet to downtown commercial areas for community based broadband projects. The plan approved by the Treasury Department today represents 93% of the state’s total allocation under the Capital Project Funds program. Mississippi submitted plans for the remainder of their CPF funds and these plans are currently under review by the Treasury Department. 
In accordance with the Treasury Department’s guidance, each state’s plan requires service providers to participate in the Federal Communications Commission’s (FCC) new Affordable Connectivity Program (ACP). The Affordable Connectivity Program, funded by President Biden’s Bipartisan Infrastructure Law, helps ensure that households can afford high-speed internet by providing a discount of up to $30 per month (or up to $75 per eligible household on Tribal lands). Experts estimate that nearly 40% of U.S. households are eligible for the program. 
To further lower costs, President Biden and Vice President Harris announced last year that the Administration had secured commitments from 20 leading internet service providers—covering more than 80% of the U.S. population—to offer all ACP-eligible households high-speed, reliable internet plans for no more than $30 per month. As a result of this agreement and the ACP, eligible households can receive internet access at no cost and can check their eligibility and sign up at GetInternet.gov.  
The Treasury Department began announcing state awards in June of last year. To date, CPF has awarded approximately $6.7 billion for broadband, digital technology, and multi-purpose community center projects in 42 states, which those states estimate will reach more than 1.88 million locations. The Department will continue approving state and Tribal plans on a rolling basis.   



Treasury Sanctions China- and Mexico-Based Enablers of Counterfeit, Fentanyl-Laced Pill Production

Action Taken in Coordination with U.S. Law Enforcement and the Government of Mexico


WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 17 individuals and entities involved in the international proliferation of equipment used to produce illicit drugs. These targets are directly or indirectly involved in the sale of pill press machines, die molds, and other equipment used to impress counterfeit trade markings of legitimate pharmaceuticals onto illicitly produced pills, often laced with fentanyl, frequently destined for U.S. markets.

“Treasury’s sanctions target every stage of the deadly supply chain fueling the surge in fentanyl poisonings and deaths across the country,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Counterfeit pills laced with fentanyl constitute a leading cause of these deaths, devastating thousands of American families each year. We remain committed to using all authorities against enablers of illicit drug production to disrupt this deadly global production and counter the threat posed by these drugs.”

These designations, which target seven entities and six individuals based in China and one entity and three individuals based in Mexico, would not have been possible without the cooperation, support and ongoing collaboration among OFAC; the Drug Enforcement Administration (DEA), including the Special Operations Division; Homeland Security Investigations (HSI), and its El Paso Field Office; and the Department of Homeland Security’s U.S. Customs and Border Protection (CBP) agency. These partnerships highlight the Biden-Harris Administration’s strengthened whole-of-government offensive to save lives by disrupting illicit fentanyl supply chains around the globe. Pertaining to Mexico-based persons sanctioned today, this action was also coordinated closely with the Government of Mexico, including the Unidad de Inteligencia Financiera (Mexico’s Financial Intelligence Unit).