Treasury Department

Properly executed, the new anti-money-laundering program has the potential to cripple laundering networks by altering the landscape for financial services professionals.

The Treasury will join with a group of Federal Reserve and other agencies to develop standards that they hope will shape both foreign CBDCs and a U.S. government digital dollar, should Congress authorize one.

The fresh round of sanctions and export controls on more than 250 individuals and entities includes MTS Bank, which has branches in Moscow and Abu Dhabi.

Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.

Treasury Secretary Janet Yellen said the only solution to avoid a U.S. default crisis is for Congress to increase the federal debt limit, avoiding engaging with other proposed stopgap measures including short-term extensions or spending cuts.

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

Treasury Secretary Janet Yellen advised Congress that her department is deploying an additional accounting maneuver to avert breaching the federal debt limit.

The U.S. government reached its limit on how much money it can borrow on Thursday, teeing up a high-stakes battle in Congress.

Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the U.S. debt limit, urging lawmakers to boost the ceiling to avert a devastating payments default.

President Biden asked Treasury Secretary Janet Yellen to stay in her post, and she agreed, a White House official familiar with the matter said.