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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
October 22, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov
Remarks by Secretary of the Treasury Janet L. Yellen on Multilateral Development Bank Evolution During the 2024 Annual Meetings of the International Monetary Fund and World Bank
As Prepared for Delivery
Two years ago on the eve of the Annual Meetings, I called for the evolution of the multilateral development banks. Today, I am glad to be here with President Banga, Lord Malloch-Brown, and Minister Musokotwane to lay out what we’ve achieved and to reaffirm our commitment to sustaining momentum.
I called for evolution because, as we began to exit COVID recessions around the world, I and many others saw that the stakes were high. There had been insufficient progress or troubling reversals on many of the Sustainable Development Goals. And we faced urgent global challenges that could quickly unravel hard-earned development gains and diminish prospects for the future: from climate change, to pandemics and other global health emergencies, to fragility, conflict, and violence.
I also had a strong conviction about the vital role that the MDBs could play at this crucial moment. Over decades, they have responded to their shareholders; built trusted relationships with developing country governments; and developed and deployed a wide range of tools, from financing to policy support to technical assistance. I’ve gotten to see their impact firsthand in my travels as Treasury Secretary, from an education data processing center in India recognized for driving improvements in educational outcomes that I visited with President Banga to a cutting-edge university in Morocco where I marked the one-year anniversary of MDB Evolution during last year’s Annual Meetings.
I saw, too, however, that the MDBs needed to change to meet the nature, urgency, and scale of today’s challenges. They could focus more on global public goods because achieving development outcomes at the country level is inextricably linked to addressing global challenges. They could better utilize their balance sheets and harness private sector resources. They could act faster and work more as a system.
My call resonated widely because despite a range of perspectives on what exactly was needed, there was overwhelming consensus on the need for change. Very quickly, diverse stakeholders stepped up. President Banga and leaders across the MDB system led. Governments, non-governmental organizations, research institutions, and the private sector became involved, helping shape Evolution and then continuing to support it. Successive G20 presidencies kept MDB reform high on the agenda. Staff across the MDBs bought in and started taking forward the hard work of implementation.
We focused the Evolution agenda on four key areas in need of change: mission, incentives, operational models, and financial capacity. We’ve seen progress in each. The World Bank has a new vision and mission—“To create a world free of poverty on a livable planet”—and regional development banks have shifted missions as well. There are new incentives like updated corporate scorecards that focus the banks on outcomes, impact, and mobilizing private capital. World Bank projects are moving more quickly to approval, and IDB Invest has a new originate-to-share model to bring in private sector investors. We’ve also drastically increased financial capacity. Across the MDBs, responsibly stretching balance sheets and innovative measures will enable $200 billion in new lending capacity over the next decade, with a potential additional nearly $160 billion from other already identified measures.
Let me provide some examples of what these changes actually mean for countries around the world.
Nineteen countries have adopted a new option that allows them to repurpose World Bank funds for emergency response so that they can better support their citizens in times of crisis. For example, they could shift resources for a long-term infrastructure project to rebuild critical infrastructure after a natural disaster.
Other countries are taking advantage of innovative tools like climate resilient debt clauses. In July, St. Vincent and the Grenadines chose to delay its repayments to the World Bank for two years, freeing up funds to support disaster response when it mattered most.
Making good on lessons learned from the COVID-19 pandemic, improved communication and coordination across the MDBs and with other institutions will enable faster and more effective responses to global health crises. The World Bank is working with the World Health Organization and the G20 Joint Finance Health Task Force to track financing commitments to mpox response so that resources can be connected to needs. And the Bank, the IMF, and the WHO have just announced how they will jointly help countries access Resilience and Sustainability Trust resources to close pandemic preparedness gaps.
Outside of crisis contexts, countries are increasingly addressing the underlying drivers of fragility and conflict, such as in the case of an African Development Bank loan to the Democratic Republic of Congo to invest in increasing agricultural productivity in communities that had been displaced.
Efforts to drive private capital mobilization are also starting to yield results. New data from the Global Emerging Markets Risk Database enabled an investment fund focused on the SDGs and climate finance to attract over $1 billion in financing, including from a major Dutch pension fund. The World Bank’s push to mitigate foreign exchange risk through more local currency lending is leading to projects like a $200 million financing package for a telecommunications company in Senegal that will help increase digital connectivity. And the Asian Development Bank’s placement of more private sector-focused staff in country offices will facilitate identifying new opportunities for private sector engagement.
Taking inspiration from these and many other examples, we will keep moving Evolution forward this week and in the coming months. The SDGs challenge us to eradicate extreme poverty, strengthen health systems, and protect the planet. President Banga has set ambitious goals, such as to work with the African Development Bank to bring electricity to 300 million people in Sub-Saharan Africa by 2030.
To meet these goals and deliver enduring change, we need to double down on implementation. This includes strengthening partnerships in the context of fragility, conflict, and violence and embedding new ways of working to achieve climate outcomes and increase pandemic preparedness. We must also maintain focus on increasing private capital mobilization and using capital as efficiently as possible.
The work ahead isn’t just for the MDBs to undertake. Shareholders must also play active roles. This is why the United States strongly supported capital increases for the EBRD and IDB Invest, a callable capital increase for the AfDB, and the largest-ever replenishment of the Asian Development Fund. It is also why we now intend to do all we can to deliver a robust policy and financial package for the upcoming IDA replenishment.
We cannot turn back. Eighty years ago at Bretton Woods we created institutions that have shaped development outcomes around the world. Today, the MDBs are the best option for high-quality and transparent development financing at the scale we so desperately need. But the world has changed, and it’s incumbent on each generation to make sure these institutions change with it.
I’ve been honored to be part of delivering on that charge over the past two years. And I believe that the work we’ve done and will continue to do will endure long after I and those here leave our current roles—through better, bigger, and more effective institutions that meet today’s most pressing challenges and pave the way for better outcomes for decades to come.
Thank you.
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Remarks by Secretary of the Treasury Janet L. Yellen at the Institute of International Finance Annual Membership Meeting
10/22/2024
U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
October 22, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov
Remarks by Secretary of the Treasury Janet L. Yellen at the Institute of International Finance Annual Membership Meeting
As Prepared for Delivery
Tim, thank you very much for your kind words. I am honored to receive the Institute of International Finance’s Distinguished Leadership and Service Award. And let me thank you as well for your leadership of IIF. Over the past few years, and no doubt informed by your own time at Treasury, IIF members have provided us with important perspectives on a wide range of key policy issues, strengthening our work.
Here at home, and thanks to the Biden-Harris Administration’s economic agenda, the past year has been characterized by a combination of developments few thought possible. Inflation is significantly down while the unemployment rate remains near historic lows. Economic growth has been strong, bolstered by robust consumer spending and business investment. Looking forward, we are aiming to maintain this momentum, while also addressing long-standing challenges such as the high prices of essentials like housing and health care. We’re pursuing a strategy I have called modern supply-side economics, which aims to expand our economy’s capacity to produce while reducing inequality.
America’s strong economic performance is also helping power the global economy, which has proven more resilient than forecasters had expected despite unforeseen shocks. But we know that progress has also been uneven. Many economies, including emerging markets and developing countries, are still struggling to recover from their COVID recessions and from the shock to global food and energy prices exacerbated by Russia’s invasion of Ukraine. As we look ahead, global challenges like climate change, pandemics, and conflict and fragility threaten to hold back global growth.
So, from the start of this Administration, we have also charted a new course for America’s international economic policy. We rejected American isolationism and have instead promoted America’s global economic leadership. We’ve focused on stabilizing and strengthening relationships. We’ve worked multilaterally. And importantly, we’ve also seen the private sector—including the financial institutions represented in this room—as a key partner in tackling challenges and in realizing opportunities.
Take climate change. The Inflation Reduction Act is our country’s most significant climate legislation in history, and it works by giving the private sector the incentives and certainty it needs to invest. According to one estimate, public investments have been met by more than five times as much in private investments. In just the two years since the IRA was passed, this has meant a total of nearly half a trillion in investments in manufacturing and deploying clean energy technologies.
Abroad, our efforts to drive progress toward a lower-carbon economy extend to working with international partners to implement ambitious Just Energy Transition Partnerships that will crowd in private capital. And we’re channeling private capital to other areas too. The United States launched the G7 Partnership for Global Infrastructure and Investment to help close the world’s significant infrastructure investment gap and we’ve made increasing private sector mobilization at the multilateral development banks a key part of our MDB evolution agenda.
We of course are working closely with the private sector not only to fuel growth but also to mitigate risks to financial stability, from combatting cyber risks to advancing work on artificial intelligence and tokenization and cross-border payments.
I’ll be focused on many of these priorities during the Annual Meetings this week and I’m glad to have the chance to reflect on them here with you today. Thank you again for this honor, and I look forward to our discussion.
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| Excerpts From Secretary of the Treasury Janet L. Yellen’s Remarks at the Council on Foreign Relations |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Excerpts From Secretary of the Treasury Janet L. Yellen’s Remarks at the Council on Foreign Relations WASHINGTON – Today, at 3:00 PM, Secretary of the Treasury Janet L. Yellen will deliver remarks and participate in a fireside conversation at the Council on Foreign Relations (CFR) in New York, New York. In her remarks, Secretary Yellen will discuss the Biden-Harris Administration’s international economic policy and how it supports American businesses and workers and benefits America’s national security. She will also discuss the progress the Administration has made over the past three and a half years in strengthening relationships and working multilaterally to bolster the U.S. and global economy and better equip the world to respond to shared challenges, including pandemics, climate change, and security risks. A livestream of Secretary Yellen’s remarks will be available here. The following are excerpts from the Secretary’s remarks as prepared for delivery: “At home, our Administration has driven a historic economic recovery. U.S. GDP growth is strong, our unemployment rate is near historic lows, and inflation has declined significantly. We’re now doing everything we can to lower costs for American families and pursuing a strategy I’ve called modern supply-side economics, which aims to expand our economy’s capacity to produce while reducing inequality. We’ve seen record small business growth and a historic boom in factory construction led by facilities producing semiconductors and electric vehicle batteries. Productivity growth has been strong. More prime-age Americans are participating in our labor force than at any point over the past two decades. And we’re reaching people and places that historically had not benefited from enough investment, supporting well-paying jobs for Americans without college degrees. America’s strong economic performance is helping power the global economy, which remains resilient though progress across economies has been uneven. “And it’s not just our actions at home that are supporting the global economy. But from the start of this Administration, President Biden and Vice President Harris have also charted a new course for America’s international economic policy. We’ve focused on stabilizing and strengthening relationships and working multilaterally, including because we believe that America’s economic well-being depends on a global economy that’s growing and secure. American businesses and families have a tremendous amount to gain from our connections to the global economy and from U.S. global economic leadership. We need to promote policies, investments, and institutions that support global growth, protect financial stability, and avoid economic instability. This includes tackling challenges like climate change, pandemics, and conflict and fragility that threaten to hold back global growth and that will be high on the agenda at next week’s meetings.” […] “Calls for walling America off with high tariffs on friends and competitors alike or by treating even our closest allies as transactional partners are deeply misguided. Sweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive. And we cannot even hope to advance our economic and security interests—such as opposing Russia’s illegal invasion of Ukraine—if we go it alone. But the issues we face today, from broken supply chains, to climate change and global pandemic preparedness, to China’s industrial overcapacity, also mean we cannot simply draw from an old playbook.” […] “Trade and investment with China can bring significant gains to American firms and workers and must be maintained. But we must also have a healthy economic relationship based on a level playing field. China’s barriers to market access and unfair trade practices currently cause challenges for American firms and workers and for other foreign businesses looking to operate in China. China’s policies are also leading to industrial overcapacity in critical industries, threatening the viability of American and other firms and increasing the risk of overconcentrated supply chains that undermine global economic resilience. “No matter how much we invest to strengthen our manufacturing at home, we cannot support American businesses and families without also engaging to address these challenges. The United States announced strategic and targeted steps in key sectors as a result of the Section 301 review to respond to unfair trade practices by the PRC. The European Union and emerging market countries have also taken or are exploring actions. I’ve raised concerns about overcapacity frequently and directly with my Chinese counterparts, including on multiple trips to China, and with America’s allies and partners, who share these concerns and are also responding. This growing international consensus is a powerful indication to China that it must shift its practices.” ### |
| Treasury Announces Enhanced Fraud Detection Processes, Including Machine Learning AI, Prevented and Recovered Over $4 Billion in Fiscal Year 2024 |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Treasury Announces Enhanced Fraud Detection Processes, Including Machine Learning AI, Prevented and Recovered Over $4 Billion in Fiscal Year 2024 Treasury’s Office of Payment Integrity Began Using Enhanced Processes, including Machine Learning AI, to Deal with Increased Fraud and Improper Payments Since the Pandemic WASHINGTON – Today, the U.S. Department of the Treasury announced that its latest efforts in taking a technology and data-driven approach to fraud and improper payment prevention enabled the prevention and recovery of over $4 billion in fraud and improper payments this fiscal year (FY) (October 2023 – September 2024), up from $652.7 million in FY23. This increase reflects dedicated efforts by Treasury’s Office of Payment Integrity (OPI), within the Bureau of the Fiscal Service (Fiscal Service) to enhance its fraud prevention capabilities and expand offerings to new and existing customers. Highlights include:
“Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money. Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts,” said Deputy Secretary of the Treasury Wally Adeyemo. “We’ve made significant progress during the past year in preventing over $4 billion in fraudulent and improper payments. We will continue to partner with others in the federal government to equip them with the necessary tools, data, and expertise they need to stop improper payments and fraud.” In addition to enhanced capabilities, Treasury is focused on establishing and strengthening partnerships with new and high-risk programs to increase access to and usage of Treasury’s payment integrity solutions, including federally-funded state administered programs. For instance, in May 2024, Treasury and the Department of Labor announced1 a data-sharing partnership to provide state unemployment agencies with access to Do Not Pay Working System data sources and services through the Unemployment Insurance Integrity Data Hub. As the federal government’s central disbursing agency, Treasury securely disburses approximately 1.4 billion payments valued at over $6.9 trillion dollars to more than 100 million people annually. At a time when losses from fraud in the financial sector continue to rise every year, with online payment fraud expected to cumulatively surpass $362 billion by 20282, Treasury is uniquely positioned to support federal programs proactively mitigate the risk of financial fraud by leveraging data and emerging technologies. ###
[1] Departments of Labor, Treasury announce partnership to make federal fraud prevention tool available to state unemployment insurance agencies | U.S. Department of Labor (dol.gov) [2] Juniper Research, Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028 (Jun. 2023), https://www.juniperresearch.
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| Treasury Sanctions Network for Shipping Oil on Behalf of Iran-Backed Houthi Financier |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Treasury Sanctions Network for Shipping Oil on Behalf of Iran-Backed Houthi Financier WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eighteen companies, individuals, and vessels for their ties to Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial official Sa’id al-Jamal (al-Jamal) and his network. Included in this action are the captains of vessels transporting illicit oil as well as the companies that managed and operated these ships. The revenue from al-Jamal’s network continues to enable Houthi attacks in the region, including missile and unmanned aerial vehicle attacks on Israel and commercial vessels transiting the Red Sea. “The Houthis remain reliant on Sa’id al-Jamal’s international network and affiliated facilitators to transport and sell Iranian oil, continuing their campaign of violence,” said Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith. “Treasury remains committed to utilizing all available tools to disrupt this key source of illicit revenue that enables the Houthis’ destabilizing activities.” Today’s action is being taken pursuant to counterterrorism authority Executive Order (E.O.) 13224, as amended. OFAC designated al-Jamal pursuant to E.O. 13224, as amended, on June 10, 2021, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, the IRGC-QF. OFAC designated the IRGC-QF pursuant to E.O. 13224 on October 25, 2007, for providing material support to multiple terrorist groups. The U.S. Department of State’s designation of Ansarallah (commonly known as the Houthis) as a Specially Designated Global Terrorist (SDGT), pursuant to E.O. 13224, as amended, became effective on February 16, 2024. SPRAWLING ILLICIT SHIPPING NETWORK The al-Jamal network relies on a network of front companies and willing partners in multiple jurisdictions to facilitate the sale of Iranian petroleum and petroleum products for the benefit of the Houthis. For example, in late 2023, the Panama-flagged crude oil tanker KAPOK (IMO 9315654), owned by Marshall Islands-registered Changtai Shipping Ltd, transported over a million barrels of crude oil, worth tens of millions of dollars, on behalf of al-Jamal and sanctioned Türkiye-based, Houthi-associated businessman Abdi Nasir Ali Mahamud. Changtai Shipping Ltd is being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, al-Jamal. The KAPOK is being identified as blocked property in which Changtai Shipping Ltd has an interest. Similarly, Marshall Islands-based Motionavigations Limited and United Arab Emirates-based Indo Gulf Ship Management LLC served as the registered owner and operator, respectively, of a vessel that was used by the al-Jamal network to ship several millions of dollars’ worth of Iranian fuel oil. UAE-based Ukrainian national Yevhen Skriabin owns and operates Motionavigations Limited, in addition to UAE-based companies Eco Max Trading FZE and Eco Max FZE. Established in June of 2019, Eco Max Trading FZE registered its subsidiary Eco Max FZE in 2020 to operate its maritime-related business. As part of this business, Eco Max FZE operates and manages multiple vessels, including the Cook Islands-flagged vessels MARBEL (IMO 9220938), TROPHY (IMO 9220940), and ONYX (IMO 9252400), and the Palau-flagged vessels LIANA (IMO 9236755), GRATIA (IMO 9260055), and the JUVENIS (IMO 9260067). The MARBEL, TROPHY, and LIANA have all been linked to illicit Iranian oil shipments. UAE and India-based Indian national Rahul Rattanlal Warikoo Rattanlal acts as the managing director of Indo Gulf Ship Management LLC. Rattanlal has served in management roles for U.S.-designated companies Safe Seas Ship Management FZE and Aurum Ship Management FZC, which have been implicated in Iranian oil shipments for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL) and the al-Jamal network. Hong Kong and India-based Indian national Dipankar Mohan Keot (Keot) serves as the technical manager of Indo Gulf Ship Management LLC. In this role, Keot is responsible for monitoring vessel operations, including the budget and expenditure of the vessels under Indo Gulf Ship Management LLC’s oversight. Indo Gulf Ship Management LLC currently serves as the manager and operator of the Barbados-flagged KUKKI (IMO 9247388). Motionavigations Limited and Indo Gulf Ship Management LLC are being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or service to or in support of al-Jamal. Yevhen Skriabin is being designated pursuant to E.O. 13224, as amended, for owning or controlling, directly or indirectly, Motionavigations Limited. Eco Max Trading FZE is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, Yevhen Skriabin. Eco Max FZE is being designated pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, Eco Max Trading FZE. The MARBEL, TROPHY, ONYX, LIANA, GRATIA, and the JUVENIS are being identified pursuant to E.O. 13224, as amended, as property in which Eco Max FZE has an interest. Rahul Rattanlal Warikoo Rattanlal and Dipankar Mohan Keot are being designated pursuant to E.O. 13224, as amended, for having acted or purported to act for or on behalf of, directly or indirectly, Indo Gulf Ship Management LLC. The KUKKI is being identified as property in which Indo Gulf Ship Management LLC has an interest. VESSEL CAPTAINS The al-Jamal network is not only reliant on its system of companies, managers, and vessels to transport Iranian commodities, but also on the individuals who oversee these shipments. In mid-August, Iranian national Ali Barkhordar, while acting as the master of the U.S.-sanctioned vessel YORGOS, formerly known as the OHAR and ARTURA, conducted a ship-to-ship transfer with the U.S.-sanctioned Guyanese-flagged vessel OLYMPICS, previously known as the LADY SOFIA, captained by Pakistani national Wahid Ullah Durrani, to load sanctioned oil cargo on behalf of al-Jamal. Ali Barkhordar and Wahid Ullah Durrani are being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, al-Jamal. SANCTIONS IMPLICATIONS As a result of today’s action, all property and interests in property of these individuals and entities named above, and of any entities that are owned, directly or indirectly, 50 percent or more by them, individually, or with other blocked persons, that are in the United States or in the possession or control of U.S. persons must be blocked and reported to OFAC. OFAC’s regulations generally prohibit all dealings by U.S. persons or within the United States (including transactions transiting the United States) that involve any property or interests in property of designated or blocked persons. U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located, all persons within the United States, and all U.S.-incorporated entities and their foreign branches. Non-U.S. persons are also subject to certain OFAC prohibitions. For example, non-U.S. persons are prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Violations of OFAC regulations may result in civil or criminal penalties. OFAC may impose civil penalties for sanctions violations based on strict liability, meaning that a person subject to U.S. jurisdiction may be held civilly liable even if such person did not know or have reason to know that it was engaging in a transaction that was prohibited under sanctions laws and regulations administered by OFAC. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions, including the factors that OFAC generally considers when determining an appropriate response to an apparent violation. For additional information on complying with U.S. sanctions and export control laws, please see Department of Commerce, Department of the Treasury, and Department of Justice Tri-Seal Compliance Note. Furthermore, engaging in certain transactions with the individuals designated today entails risk of secondary sanctions pursuant to E.O. 13224, as amended. Pursuant to this authority, OFAC can prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account of any foreign financial institution that knowingly conducted or facilitated any significant transaction on behalf of a Specially Designated Global Terrorist. The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, please refer to OFAC’s Frequently Asked Question 897 here. For detailed information on the process to submit a request for removal from an OFAC sanctions list, please click here. Click here for more information on the individual and entities identified today. ### |
| Treasury Targets Actors Involved in Drone Production for Russia’s War Against Ukraine |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Treasury Targets Actors Involved in Drone Production for Russia’s War Against Ukraine WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting three entities and one individual for their involvement in the development and production of Russia’s Garpiya series long-range attack unmanned aerial vehicle (UAV). The Garpiya has been deployed by Russia in its brutal war against Ukraine, destroying critical infrastructure and causing mass casualties. Designed and developed by People’s Republic of China (PRC)-based experts, the Garpiya is produced at PRC-based factories in collaboration with Russian defense firms before transferring the drones to Russia for use against Ukraine. These private companies and individuals were involved in the development and production of military equipment for a U.S.-sanctioned Russian defense firm for use by the Russian military in Ukraine. While the United States previously imposed sanctions on PRC entities providing critical inputs to Russia’s military-industrial base, these are the first U.S. sanctions imposed on PRC entities directly developing and producing complete weapons systems in partnership with Russian firms. “Russia increasingly relies on the expertise of foreign professionals and the import of sophisticated technologies to sustain its weapons program and advance its military campaign against Ukraine,” said Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith. “We will continue to disrupt the networks that enable Russia’s acquisition and use of these advanced weapons.” Today’s action was taken pursuant to Executive Order (E.O.) 14024, which targets Russia’s harmful foreign activities. RUSSIAN DRONE PRODUCTION IN THE PRC U.S.-designated Joint Stock Company Izhevsk Electromechanical Plant Kupol (AO IEMZ Kupol), a subsidiary of U.S.-designated Russian state-owned weapons company JSC Aeropspace Defense Concern Almaz-Antey (Almaz-Antey), coordinates the production of the Garpiya series UAVs at factories in China before transferring the weapons to Russia. Xiamen Limbach Aircraft Engine Co., Ltd. (Limbach), based in the PRC, produces the L550E engine for implementation into the Garpiya. Redlepus Vector Industry Shenzhen Co Ltd (Redlepus), which also operates out of the PRC, has worked in collaboration with U.S.-designated Russian defense firm TSK Vektor OOO (TSK Vektor), which serves as an intermediary between AO IEMZ Kupol and the PRC-based suppliers for Russia’s Garpiya project. In addition, TSK Vektor has imported numerous shipments from Redlepus into Russia since the beginning of 2024, including electronic and mechanical components with UAV applications such as aircraft engines, parts of automatic data processing machines, and electrical components. Redlepus was previously involved in an effort with AO IEMZ Kupol and TSK Vektor to establish a joint drone research and production center. Russian national Artem Mikhailovich Yamshchikov (Yamshchikov) is the General Director and beneficial owner of TSK Vektor, which assists with procurement on behalf of AO IEMZ Kupol and Almaz-Antey in the development and production effort of one-way attack UAVs. Yamshikov has directed procurement activities on behalf of TSK Vektor, including the procurement of sensitive UAV components for the Garpiya series one-way attack UAV program. Yamshikov also directs and owns Russia-based Limited Liability Company Trading House Vector (TD Vector). AO IEMZ Kupol, a leading Russian defense firm that produces anti-aircraft defense equipment used by Russia’s Ministry of Defense, was designated pursuant to E.O. 14024 on December 12, 2023, for operating or having operated in the defense and related materiel sector of the Russian Federation economy. TSK Vektor was designated pursuant to E.O. 14024 on December 12, 2023, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of AO IEMZ Kupol. AO IEMZ Kupol’s parent company, Almaz-Antey, was designated pursuant to E.O. 13661 on July 16, 2014 and pursuant to E.O. 14024 on January 26, 2023. Redlepus, Limbach, and Yamschikov are being designated pursuant to E.O. 14024 for operating or having operated in the defense and related materiel sector of the Russian Federation economy. TD Vector is being designated pursuant to E.O. 14024 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Yamschikov. SANCTIONS IMPLICATIONS As a result of today’s action, all property and interests in property of the persons above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as from engaging in conduct that evades U.S. sanctions. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. sanctions, including the factors that OFAC generally considers when determining an appropriate response to an apparent violation. In addition, foreign financial institutions that conduct or facilitate significant transactions or provide any service involving Russia’s military-industrial base run the risk of being sanctioned by OFAC. For additional guidance, please see the updated OFAC advisory, “Updated Guidance for Foreign Financial Institutions on OFAC Sanctions Authorities Targeting Support to Russia’s Military-Industrial Base,” as well as OFAC Frequently Asked Questions (FAQs) 1146-1157. The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the SDN List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, please refer to OFAC’s Frequently Asked Question 897 here. For detailed information on the process to submit a request for removal from an OFAC sanctions list, please click here. Any persons included on the SDN List pursuant to E.O. 14024 may be subject to additional export restrictions administered by the Department of Commerce, Bureau of Industry and Security (BIS). For identifying information on the individuals and entities sanctioned today, click here. ### |
| U.S. Department of the Treasury Reaches Major Milestone, Approving Over $500 Million to Support Small Businesses in Tribal Nations |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov U.S. Department of the Treasury Reaches Major Milestone, Approving Over $500 Million to Support Small Businesses in Tribal Nations Treasury’s allocation of over $500 million in SSBCI funding to Tribal Nations is the largest federal investment in Indian Country small businesses in history. WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) announced reaching a major milestone with the approval of over $500 million in State Small Business Credit Initiative (SSBCI) Capital Program applications from Tribal Nations. This milestone was reached with the approval of up to $86.9 million for the Cherokee Nation and the approval of eight additional applications worth an additional $15 million. Through this $500 million investment, Tribes are expected to leverage as much as $5 billion in additional financing to support Native entrepreneurs and small businesses. To date, Treasury has approved applications for up to $523 million in Tribal Capital Program allocations, representing 235 Tribal Nations. The SSBCI investment in Tribal entrepreneurs and economies supports Tribal Nations in providing critical access to capital, crowding in private lending and investment. Today, Treasury is also announcing the approval of 14 Tribal government SSBCI Technical Assistance (TA) Grant Program awards totaling $3.9 million. This now brings the total TA Grant Program Tribal awards to 15 Tribal governments totaling $4 million. The SSBCI TA Grant Program supports programs that provide legal, accounting, and financial advisory services to qualifying small businesses. In addition to today’s announcement, Treasury has announced the approvals of SSBCI TA Grant Program awards allocated by formula to states, the District of Columbia, territories, and Tribal governments, representing nearly $149 million for 62 jurisdictions. Treasury anticipates additional approvals of applications to follow. See the full list of announced program approvals here. “I am proud to announce the approval of over $500 million in funding for Native American small businesses. These investments increase access to capital and expand economic opportunity in tribal communities. With this funding, these entrepreneurs will be able to access the technical assistance they need in order to hire more employees, grow their businesses, and advance innovation, which – in turn – grows our economy as a whole,” said Vice President Kamala Harris. “Today’s announcement demonstrates the Biden-Harris Administration’s historic commitment to investing in the economies of Tribal Nations and creating opportunities for their citizens,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “Small businesses are critical to long-term economic development, and today’s announcement will help thousands of entrepreneurs access capital that will help them expand and grow.” “We often say that small businesses are the lifeblood of the local economy in Cherokee communities across the reservation, and that is certainly true today. Through this historic partnership with the U.S. Treasury, Cherokee Nation will partner with financial institutions to provide Native-owned businesses access to capital for the start-up or expansion,” said Cherokee Nation Principal Chief Chuck Hoskin Jr. “These funds will help to create community-based jobs and needed capital for businesses that are in all stages of their life cycle. Together with the additional services and resources we are able to provide Cherokee citizens, I know this historic funding is going to bring a wave of new opportunities across the Cherokee Nation Reservation.” “Investments in entrepreneurship and small businesses are critical to a healthy economy,” said Chickasaw Nation Governor Bill Anoatubby. “We look forward to how this award and partnership with the State Small Business Credit Initiative will greatly benefit Chickasaw business owners and other small business owners where Chickasaw citizens reside. We intend to utilize this award to expand these small businesses’ access to capital, as well as vital connections to legal, accounting and financial advisory services.” “Small businesses are the heartbeat of our economy, and Tribal businesses are vital employers on reservations and in their surrounding communities,” said U.S. Congresswoman Sharice Davids, Co-Chair of the Congressional Native American Caucus. “Providing easier access to capital through resources like the SSBCI Program will empower Native entrepreneurs for generations to come.” “Last Congress, Democrats passed the American Rescue Plan to support the SSBCI program. Now we have the largest single federal investment in Indian Country small businesses in history. Investing in Native American-owned small businesses creates local jobs and builds family wealth. Indeed, economic sovereignty is key to tribal sovereignty,” said U.S. Congresswoman Teresa Leger Fernández. “In New Mexico, the Navajo Nation and the Pueblos of Zuni and Taos are already benefiting from this program. It’s great to see the Cherokee and Chickasaw Nations will benefit as well. I look forward to what this funding will do for tribes across the country.” With today’s announcement of $86.9 million to Cherokee Nation, the Tribe will be able to utilize the Tribal flexibilities in the SSBCI program to serve small businesses on the Cherokee Nation’s reservation, which covers 14 counties in Oklahoma, with capital and technical assistance. This includes through a loan participation program which will connect local businesses with financial institutions and help deploy capital through the Tribe’s community development financial institution. Treasury also recently announced two competitive technical assistance awards through the SSBCI Investing in America Small Business Opportunity Program (SBOP) for the Cherokee and Chickasaw Nations. Through their $2 million SBOP award, Cherokee Nation Commerce Services will connect underserved small businesses in the 14 counties of the Cherokee Nation in Oklahoma with industry experts and foster collaboration with local financial institutions. This will be done through specialized business coaching in collaboration with Native American-owned The Strategy Group, LLC. The intended results of the program will be quality jobs for Tribal citizens, support for entrepreneurs and small business employees, multiplier impacts along the supply chain, and rural healthcare improvements through entrepreneurial innovation. Chickasaw Nation will use their $2 million SBOP award to support businesses located in the Chickasaw Nation treaty territory, an area covering 13 counties, as well as Chickasaw-owned businesses across the U.S., with a focus on agriculture and construction businesses. Partners in this initiative will include Murray State College, the Ardmore Chamber of Commerce, and i2E, Inc. The Chickasaw initiative will be supported by $225,000 in matching funds from Chickasaw Nation Community Development Endeavor, LLC. Treasury’s SSBCI program includes over $500 million in allocations to support Tribal small business financing programs and is the largest one-time support for Tribal small businesses. Through Tribal consultation and significant Tribal engagement, Treasury’s SSBCI program and Office of Tribal and Native Affairs implemented application extensions, policy customization, trainings, and direct one-on-one outreach to increase access to this unique opportunity for Tribal Nations. The American Rescue Plan reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. Through the SSBCI Capital Program, Treasury has approved plans for small business financing programs totaling over $8.7 billion and representing every state and territory, the District of Columbia, and 235 Tribal governments. ### |
| Remarks by Secretary of the Treasury Janet L. Yellen at the Council on Foreign Relations |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Remarks by Secretary of the Treasury Janet L. Yellen at the Council on Foreign Relations As Prepared for Delivery Thank you. Before our discussion, I’d like to speak to the Biden-Harris Administration’s international economic policy, which we’ll continue to move forward next week at the IMF and World Bank Annual Meetings. Our international economic policy has many objectives, including addressing critical challenges facing the entire globe. But I’d like to especially focus today on how it complements our domestic economic agenda to benefit American businesses and families. At home, our Administration has driven a historic economic recovery. U.S. GDP growth is strong, our unemployment rate is near historic lows, and inflation has declined significantly. We’re now doing everything we can to lower costs for American families and pursuing a strategy I’ve called modern supply-side economics, which aims to expand our economy’s capacity to produce while reducing inequality. We’ve seen record small business growth and a historic boom in factory construction led by facilities producing semiconductors and electric vehicle batteries. Productivity growth has been strong. More prime-age Americans are participating in our labor force than at any point over the past two decades. And we’re reaching people and places that historically had not benefited from enough investment, supporting well-paying jobs for Americans without college degrees. America’s strong economic performance is helping power the global economy, which remains resilient though progress across economies has been uneven. And it’s not just our actions at home that are supporting the global economy. But from the start of this Administration, President Biden and Vice President Harris have also charted a new course for America’s international economic policy. We’ve focused on stabilizing and strengthening relationships and working multilaterally, including because we believe that America’s economic well-being depends on a global economy that’s growing and secure. American businesses and families have a tremendous amount to gain from our connections to the global economy and from U.S. global economic leadership. We need to promote policies, investments, and institutions that support global growth, protect financial stability, and avoid economic instability. This includes tackling challenges like climate change, pandemics, and conflict and fragility that threaten to hold back global growth and that will be high on the agenda at next week’s meetings. Calls for walling America off with high tariffs on friends and competitors alike or by treating even our closest allies as transactional partners are deeply misguided. Sweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive. And we cannot even hope to advance our economic and security interests—such as opposing Russia’s illegal invasion of Ukraine—if we go it alone. But the issues we face today, from broken supply chains, to climate change and global pandemic preparedness, to China’s industrial overcapacity, also mean we cannot simply draw from an old playbook. Let me explain how our approach is delivering the benefits of global growth to Americans, tackling global challenges, and countering threats to our competitiveness and national security. I. Delivering the Benefits of Global Growth to Americans Let me start with how our work helps Americans realize the benefits of global growth, including through trade and investment. Trade expands the market for our exports, from services to goods like transportation equipment and electronics; helps our producers efficiently source key inputs; and enables American consumers to access more goods at lower prices. The U.S. Chamber of Commerce estimates that more than 41 million American jobs depend on trade. American businesses also grow from investing abroad. And recent research finds that over 10 percent of U.S. employment could be directly or indirectly attributable to foreign direct investment in the United States. Trade and investment also offer crucial pathways to greater economic security. During the COVID-19 pandemic, we saw American consumers and businesses pay the price of broken or overconcentrated supply chains: When the chips shortage forced temporary plant closures, companies lost revenue, workers lost wages, and families faced higher prices. Our work to reinvigorate American manufacturing, including through the CHIPS and Science Act, is necessary. But it’s not sufficient to realize the promise of trade and investment and to confront supply chain challenges. This requires strategic global engagement. So, we led efforts to put in place a global minimum tax that will prevent a race to the bottom. It will also level the playing field for American businesses, providing us with more resources to invest at home. We’re strengthening our supply chains through an approach I’ve called friendshoring, which aims to bolster ties with a wide range of trusted allies and partners. We and partners launched the Minerals Security Partnership to accelerate the development of critical minerals supply chains. We negotiated a critical minerals agreement with Japan and a supply chain agreement with Indo-Pacific Economic Framework for Prosperity partner countries. We’re supporting the Partnership for Resilient and Inclusive Supply-chain Enhancement and working with the Inter-American Development Bank to find opportunities to enhance competitiveness and support key supply chains in Americas Partnership for Economic Prosperity countries. We’re leveraging the CHIPS and Science Act to pursue partnerships to diversify the global semiconductor ecosystem. And last May, we took another step forward by launching the Nairobi-Washington Vision to accelerate investments toward clean and resilient economies and supply chains. I’ve seen the fruits of our engagement in my travels as Treasury Secretary, from an American company processing lithium in Chile to a U.S.-funded job training facility in South Africa, among many other examples. Through our global engagements, we’re strengthening economies around the world. And we’re growing American businesses and creating American jobs, supporting American consumers, and increasing our country’s economic security. II. Tackling Global Challenges America’s economic future, however, also depends on tackling challenges that cross borders to affect people and economies around the world, including the American people and the U.S. economy. I’ll start with pandemics. No matter what we do at home, without addressing critical gaps in the global health infrastructure to strengthen global preparedness, preparation, and response, a future pandemic could negatively impact many economies, with significant spillovers to ours. So, in the aftermath of the COVID-19 pandemic, I worked with fellow finance and health ministers to take actions like launching the Pandemic Fund. It was set up and scaled in record time and is now allocating desperately needed resources in response to its second call for proposals to support countries across the globe, in turn making Americans safer and more secure. Climate change is another powerful example. The destruction we’ve seen this hurricane season in the United States is the latest reminder of the need for bold action. At home, our actions include fueling the transition to clean energy through the Inflation Reduction Act, developing Principles for Net-Zero Financing and Investment to affirm the importance of credible net-zero commitments, and addressing the risks climate change poses to U.S. financial stability. But emissions everywhere around the globe contribute to climate change. And we’re impacted by increasingly severe and frequent climate-related events, wherever they occur. Damage to infrastructure abroad affects the availability and prices of energy and agricultural goods like coffee and cacao. We suffer from smoke from wildfires in Canada and from precarious shared water resources with Mexico. And the potential risks climate change poses to global financial stability are increasingly widely recognized as well. This means that helping countries around the world mitigate and adapt and financial institutions globally pursue transition finance is crucial, including to protect American businesses and families. So, we’ve made a massive push as part our multilateral development bank evolution agenda to better equip the MDBs to help countries address climate change, including through increasing climate financing. We’ve worked with partners to launch Just Energy Transition Partnerships to help countries accelerate their transitions and strengthen their economies. We’ve pursued bilateral efforts like the partnership we launched with Brazil’s Fazenda in July and are working multilaterally, such as through the G20 Sustainable Finance Working Group. And we’ve been focused on harnessing the private sector, including through the Partnership for Global Infrastructure and Investment and the Global Agriculture and Food Security Program. Alongside pandemics and climate change, conflict and fragility abroad also pose risks, to countries around the world and to America’s economy and national security, so we’re engaging on these challenges as well, including through the MDB evolution agenda. Nor do risks to financial stability respect national borders, making the work of the Financial Stability Board and other global collaboration critical to ensuring a safe, stable, effective financial system and protecting the global and U.S. economy. Put simply, in engaging to support countries around the world in tackling today’s greatest challenges, we also lower the likelihood of negative spillovers to the U.S. economy like weakened markets for our exports and increased instability. The scale and nature of these challenges mean there is no alternative but to engage. III. Countering Threats to our Competitiveness and National Security Let me end by emphasizing a third way in which our global engagement supports Americans: bolstering our competitiveness and national security, including through our approach to China. Trade and investment with China can bring significant gains to American firms and workers and must be maintained. But we must also have a healthy economic relationship based on a level playing field. China’s barriers to market access and unfair trade practices currently cause challenges for American firms and workers and for other foreign businesses looking to operate in China. China’s policies are also leading to industrial overcapacity in critical industries, threatening the viability of American and other firms and increasing the risk of overconcentrated supply chains that undermine global economic resilience. No matter how much we invest to strengthen our manufacturing at home, we cannot support American businesses and families without also engaging to address these challenges. The United States announced strategic and targeted steps in key sectors as a result of the Section 301 review to respond to unfair trade practices by the PRC. The European Union and emerging market countries have also taken or are exploring actions. I’ve raised concerns about overcapacity frequently and directly with my Chinese counterparts, including on multiple trips to China, and with America’s allies and partners, who share these concerns and are also responding. This growing international consensus is a powerful indication to China that it must shift its practices. Russia’s war on Ukraine has also revealed the necessity of strategic global engagement. Russia’s invasion caused immediate economic shocks, like record gas prices in June of 2022. At home, releasing barrels from the Strategic Petroleum Reserve and record domestic oil and natural gas production helped address our short-term needs. But this would not have been enough to keep global energy markets well-supplied, nor to oppose the threat Putin’s actions pose to the rules-based international order that underlies the strength of the global economy and the international financial system. So, we formed a strong coalition and put in place a novel price cap, helping keep prices lower for American and global consumers than many economists forecast following the invasion. We’ve continued to strengthen sanctions that constrict Russia’s ability to wage war. We’re working towards unlocking the value of Russian sovereign assets to support Ukraine. This sustained, global action allows us to accomplish what we could not alone, delivering immediate results and sending the clear message that dictators like Putin do not operate with impunity. Failing to engage or not engaging strategically would have disastrous effects, enabling Putin to destabilize Europe and undermining our collective security and the global economy. In the coming months, we will continue to be focused on these and other priorities, including using all the tools at our disposal in response to the ongoing conflict in the Middle East. We’ve imposed sanctions on terrorist actors including Hamas, the Houthis, and Hezbollah. And we’re also working to increase stability in the region by ensuring that legitimate aid flows reach Gaza and pressing for measures to support the West Bank economy. Over the past four years, the world has been through a lot: from a once-in-a-century pandemic, to the largest land war in Europe since World War II, to increasingly frequent and severe climate disasters. This has only underlined that we are all in it together. America’s economic well-being depends on the world’s, and America’s economic leadership is key to global prosperity and security. American isolationism and retrenchment will leave all of us worse off. I am convinced that there is simply no other path forward than the one we will continue pursuing next week and in the months ahead: strategic international economic policy that delivers for American families and businesses and others around the world. I now very much look forward to our discussion. ### |
| Treasury International Capital Data for August |
| 10/17/2024 |
U.S. Department of the Treasury Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE October 17, 2024
Contact: Treasury Public Affairs; Press@Treasury.gov Treasury International Capital Data for August WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2024. The next release, which will report on data for September 2024, is scheduled for November 18, 2024. The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $79.2 billion. Of this, net foreign private inflows were $79.7 billion, and net foreign official outflows were $0.6 billion. Foreign residents increased their holdings of long-term U.S. securities in August; their net purchases were $129.8 billion. Net purchases by private foreign investors were $158.1 billion, while net sales by foreign official institutions were $28.3 billion. U.S. residents increased their holdings of long-term foreign securities, with net purchases of $18.4 billion. After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $111.4 billion in August. Foreign residents increased their holdings of U.S. Treasury bills by $59.4 billion. Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $65.7 billion. Banks’ own net dollar-denominated liabilities to foreign residents decreased by $97.9 billion. Complete data are available on the Treasury website at: https://home.treasury.gov/ About TIC Data The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data. These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy. For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data. The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries. In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data. For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries. ###
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Questions? Contact Us10/22/2024 08:01 AM EDT The Securities and Exchange Commission today charged four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Technologies Ltd, and Mimecast Limited – with making materially misleading disclosures regarding…
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| This email was sent to politikimx@gmail.com using GovDelivery Communications Cloud on behalf of: Securities and Exchange Commission · 100 F Street, NE · Washington, DC 20549 · 202-551-4120 10/18/2024 02:40 PM EDT Summary of NLRB Decisions for Week of October 7 - 11, 2024 mmeyers The Summary of NLRB Decisions is provided for informational purposes only and is not intended to substitute for the opinions of the NLRB. Inquiries should be directed to the Office of the Executive Secretary at 202‑273‑1940. Summarized Board Decisions CenturyTel of Montana, Inc., a subsidiary of Lumen Technologies, Inc. f/k/a CenturyLink, Inc. (19-CA-283839; 373 NLRB No. 128) Kalispell, MT, October 10, 2024. The Board (Chairman McFerran and Member Prouty; Member Kaplan, dissenting) adopted the Administrative Law Judge’s conclusion that the Respondent violated Section 8(a)(5) and (1) by failing and refusing to furnish information requested by the Union. The Board found that the Union demonstrated that the request for nonunit information was relevant to the Union’s performance of its statutory duties at the time the request was made, and that the relevance of the information should have been apparent to the Respondent under the circumstances. The Board found that the relevance of the request was established at the unfair labor practice hearing in accordance with current precedent. Dissenting, Member Kaplan would dismiss the allegation because the Union did not demonstrate the relevance of the information, nor is there a basis for the conclusion that its relevance should have been apparent to the Respondent. Member Kaplan would apply Hertz Corp. v. NLRB, 105 F.3d 868 (3d Cir. 1997) to determine whether the Union met its burden of establishing relevance. Charge filed by International Brotherhood of Electrical Workers, Local 768. Administrative Law Judge Mara-Louise Anzalone issued her decision on December 6, 2022. Chairman McFerran and Members Kaplan and Prouty participated. *** Unpublished Board Decisions in Representation and Unfair Labor Practice Cases R Cases Northwestern Corporation, d/b/a Northwestern Energy (NWE) (18-RM-332507) Sioux Falls, SD, October 9, 2024. The Board denied the Employer's Request for Review of the Regional Director's Decision and Direction of Election as it raised no substantial issues warranting review. The Board also denied the Employer's request to impound the ballots as moot. Union— International Brotherhood of Electrical Workers, Local 426. Members Kaplan, Prouty, and Wilcox participated. C Cases Link Transportation Corp. and Olivier Inc, joint employers (16-CA-289847) Merrillville, TN, October 7, 2024. No exceptions having been filed to the May 30, 2024 decision of Administrative Law Judge Jeffrey D. Wedekind’s finding that the Respondent had engaged in certain unfair labor practices, the Board adopted the judge’s findings and conclusions, and ordered the Respondent to take the action set forth in the judge’s recommended Order. Charge filed by Amalgamated Transit Union Local No. 1338. Amazon.com Services LLC (29-CA-261755) Staten Island, NY, October 8, 2024. The Board denied the Respondent’s Motion to Dismiss or, in the alternative, for recusal. The Board found that none of the Respondent’s arguments was timely raised. The Board noted that the Respondent failed to raise its claim that the Board unconstitutionally exercises both prosecutorial and adjudicative authority in exceptions to the Administrative Law Judge’s original and supplemental decisions. The Board further found that this claim would not warrant dismissal even if timely raised. As to the Respondent’s contentions that Board members and Administrative Law Judges are unconstitutionally insulated from Presidential removal, the Respondent failed to raise them in its answers to the complaint or before the judge; the Board thus found that these claims were also waived. Charge filed by an individual. Chairman McFerran and Members Prouty and Wilcox participated. *** Appellate Court Decisions Art Directors Guild, Board Case No. 31-CA-268924 (reported at 372 NLRB No. 123) (9th Cir. Oct. 9, 2024). In an unpublished decision, the Ninth Circuit dismissed the petition filed by the Charging Party for review of the Board’s dismissal of the complaint that alleged that the Art Directors Guild, Local 800, IATSE, unlawfully discharged her in retaliation for her union activity. The Charging Party worked for many years as an accountant in the Guild’s office in Studio City, California. In more recent years, the Guild began taking steps to remove her after a series of incidents of financial mismanagement. In 2019, the accountant and a co-worker successfully led an organizing campaign among Guild employees and obtained representation by the Office & Professional Employees International Union, Local 537, AFL-CIO. During the campaign, the Guild issued her a final warning that her performance needed to improve, or her employment would be terminated. Six months after Local 537 was certified as the employees’ representative, she was discharged. The Board (Chairman McFerran and Members Kaplan and Wilcox) dismissed the complaint. Applying the Wright Line test for allegations of discriminatory discharge in violation of Section 8(a)(3) and (1), the Board concluded that, even assuming that the accountant’s discharge was unlawfully motivated, the Guild had shown that it would have taken the same action even in the absence of her protected conduct. Among other evidence, the Board noted that the Guild’s dissatisfaction with her job performance predated her union activity, and that her discharge occurred after she failed to meet a deadline that her final warning specified would be grounds for termination. On review, the Court held that substantial evidence supported the Board’s determination that the Guild had carried the burden of proving its Wright Line affirmative defense. The Court found no merit in the Charging Party’s challenges to the Board’s decision, and affirmed the Board’s dismissal of the complaint. The Court’s decision is here. *** Administrative Law Judge Decisions The Southern Poverty Law Center, Inc. (05-CA-323303; JD-54-24) Washington, DC. Administrative Law Judge Robert A. Giannasi issued his decision on October 10, 2024. Charge filed by Washington-Baltimore News Guild, Local 32035, a/w The News Guild – Communications Workers of America, AFL-CIO, CLC. Starbucks Corporation (32-CA-292897 and 32-CA-292899; JD(SF)-29-24) Santa Cruz, CA. Administrative Law Judge Lisa D. Ross issued her decision on October 10, 2024. Charges filed by Workers United a/w Service Employees International Union. NTT Data Americas, Inc. (07-CA-320089; JD-62-24) Detroit, MI. Administrative Law Judge G. Rebekah Ramirez issued her decision on October 10, 2024. Charge filed by an individual. OrganicLife, LLC (13-CA-328056; JD-63-24) Indianapolis, IN. Administrative Law Judge Paul Bogas issued his decision on October 11, 2024. Charge filed by UNITE HERE Local 1. ***
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