Tag Archives: Treasury Department

President-elect Joe Biden has selected Janet Yellen, former chair of the Federal Reserve, to be secretary of the Treasury and Neera Tanden, president and CEO of the Center for American Progress, to serve as director at the Office of Management and Budget (OMB). Yellen and Tanden are among the six nominees and appointees for the incoming administration's key economic positions.

The federal budget deficit for the 2020 fiscal year ended on Sept. 30th reached $3.1 trillion, more than three times higher than the prior-year period’s shortfall, according to a new Congressional Budget Office (CBO) report. According to CBO, receipts from payroll taxes, the second largest source of revenues, saw a five percent increase. 

The Department of the Treasury plans to update technical aspects of the Terrorism Risk Insurance Program in line with legislation aimed at addressing terrorism-related disruptions and stabilizing the private market following terrorist attacks. The Treasury said in a Federal Register document that the TRIP comes as part of efforts to comply with the TRIP Reauthorization Act of 2019.

The Department of the Treasury's Office of the Inspector General  has identified COVID-19 as a new challenge affecting the organization's interests as the calendar shifts to 2021. A report stated that COVID-19 has challenged the Treasury in terms of remote working and added responsibilities, said Richard Delmar, deputy inspector general at OIG.

Chief data officers said they were able to establish connections with federal employees with skills in data science driven by recent visibility into their mission. Daniel Morgan said the agency helps empower a group of employees to gain access to data and make connections with other individuals through his office. 

The Bureau of the Fiscal Service initiated a couple of new efforts to simplify how the U.S. federal government processes and manages financial activities. The Digital End-to-End Efficiency initiative aims to fully automate and digitally transform a business process instead of only automating certain, individual tasks, the bureau said Monday.

Treasury Secretary Steven Mnuchin and Rep. Nancy Pelosi, D-Calif., have entered into an agreement to introduce a short-term spending bill to prevent a government shutdown at the start of fiscal year 2021. Mnuchin said that he and the House speaker agreed to work on a continuing resolution to extend the US government’s spending beyond Sept. 30.

Rep. Steny Hoyer, D-Md., is urging the U.S. government to consolidate technology modernization policies outlined in the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act and the Senate Republicans’ COVID-19 recovery bill.

Brian Miller, President Trump's nominee to become the Department of Treasury's special inspector general for pandemic recovery, has received Senate confirmation for the role, Politico reported Tuesday.

U.S. prosecutors have filed an indictment against more than 30 individuals that allegedly helped North Korea process $2.5 billion in illegal payments through 250 front companies since 2013, the Wall Street Journal reported Thursday.