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President Biden's nominee to lead a branch of the Treasury Department was arrested in 1995 for "retail theft." Fox News obtained a Wisconsin Department of Justice criminal background check of Saule Omarova, the president’s nominee to lead the Office of the Comptroller of the Currency (OCC). According to the background check, Omarova was arrested by Madison, Wisconsin, police officers on June 2, 1995 and charged with a misdemeanor count of "retail theft."

President Joe Biden’s already-controversial pic to lead an agency that oversees the nation’s banks despite a previous statement indicating she wants to “end banking as we know it” has now become mired in a new controversy: A prior arrest.According to Fox News, Soviet-born Saule Omarova, whom Biden picked to lead the Treasury Department’s Office of the Comptroller of the Currency (OCC), was arrested in 1995 for “retail theft,” according to arrest records obtained by the network.Fox News adds:According to the background check, Omarova was arrested by Madison, Wisconsin, police officers on June 2, 1995 and charged with a misdemeanor count...

The Treasury Department and IRS said Monday they sent out the fifth batch of monthly child tax credit payments, disbursing more than $15 billion in payments to families that include about 61 million children. The agencies said they have sent out a total of about $77 billion in monthly payments since the program began in July. Families are eligible for payments of up to $300 per month for children under age 6, and up to $250 per month for children ages 6 to 17. The monthly child tax credit payments came about as a result of the coronavirus relief law...

There’s lots of evidence that the Biden team knew that Saule Omarova was unconfirmable, so it’s worth working through why they nominated her. The Comptroller of the Currency is not another one of those do-nothing Washington jobs. The person filling this critical role controls all federally-licensed banks, credit unions, and foreign banks operating in the United States and similar institutions. Normally, you would think receiving your postgraduate education at the University of Moscow (in the USSR) and writing your doctoral dissertation on the advantages of Marxism over free economy capitalism might be a disqualifier for this all-powerful position. But not...

Back in October, people began to be aware that there was something very wrong about Saule Omarova, Biden's nominee to head the Office of the Comptroller of the Currency, a subdivision of the Treasury Department that oversees about 1,200 banks, with assets totaling around $14 trillion. It's a position one associates with capital and capitalism, but Omarova, a graduate of Moscow State University in the former Soviet Union, is a Marxist to her core. Now a recently unearthed video shows that she dreams of bankrupting the fossil fuel sector in service to the climate change ideology.Omarova has praised the old...

The Treasury Department has hired a former JPMorgan Chase executive to head a new government program aimed at addressing racial inequality issues in banking and other financial services industries. Treasury Secretary Janet Yellen announced Monday that Janis Bowdler will be the department’s first counselor for racial equity. Bowdler’s hiring is a part of a multipronged strategy...

Roughly $10 billion of a $46 billion pool of federal rental aid has made it to renters, landlords and utilities companies after another $2.8 billion was disbursed by state and local governments in September, the Treasury Department announced Monday. Treasury said that funds from the Emergency Rental Assistance (ERA) program reached more than 510,000 households last month and more than 2 million since the initiative began this year. The department had distributed the entirety of the $46 billion to eligible state and local entities in May to help struggling renters avoid eviction upon the expiration of federal and state moratoria.

While running for president, Joe Biden campaigned as a lunch-pail-carrying, blue-collar moderate from Scranton, Pa. But during his short tenure in the White House, Biden has proven himself to be a far-left champion of bureaucracy, reckless government spending and the centralization of economic and political power. The most recent example is Biden’s nomination of Cornell law professor Saule Omarova to head the Office of the Comptroller of the Currency, a branch of the Treasury Department. Omarova is a controversial choice. Born in the former Soviet Republic of Kazakhstan, Omarova was educated in the Soviet Union, graduating from Moscow State University...

WASHINGTON (AP) — The Treasury Department on Thursday took the first step for financial markets to start pricing in the potential risks and costs from climate change, key to transforming the economics of reducing carbon emissions. The Financial Stability Oversight Council — led by Treasury Secretary Janet Yellen — has issued a 133-page report that outlines plans to measure the damage climate change could pose to the world economy. Also among the 10 voting members on the council are the heads of the Federal Reserve and the Securities and Exchange Commission. By releasing the document 10 days before a United...

In a new letter to lawmakers, Yellen assured congressional leaders that she would extend extraordinary cash management mechanisms to ensure the U.S. government remains under the federal debt ceiling until Dec. 3.

New York Times economist Paul Krugman is rehashing a batty idea that former Daily Show host and comedian Jon Stewart mocked him for over eight years ago. In a new blog headlined “Wonking Out: Biden Should Ignore the Debt Limit and Mint a $1 Trillion Coin,” Krugman dusted off an old neo-Keynesian idea of his that he peddled in 2013. He suggested Treasury Secretary Janet Yellen “mint a platinum coin with a face value of $1 trillion — no, it needn’t include $1 trillion worth of platinum — deposit it at the Federal Reserve and draw on that account to...

In May, the Treasury Department released the Biden administration’s revenue proposals for fiscal year 2022. One aspect of this document that has gone under-reported is the administration’s new plan for reporting requirements for financial institutions.The document is unequivocal about the administration’s goal for financial reporting, stating, “this proposal would create a comprehensive financial account information reporting regime.”The Biden administration’s goal here is to increase tax revenue by making sure no income avoids detection. How will the administration do this? It plans to leverage financial institutions like banks.“[T]his requirement would apply to all business and personal accounts from financial institutions,” the...

A Treasury Department employee has been charged with leaking confidential banking reports of suspects charged in special counsel Robert Mueller’s investigation. Federal prosecutors say Natalie Mayflower Sours Edwards is set to appear in court Wednesday in Virginia. The 40-year-old Edwards is a senior official at the department’s Financial Crimes Enforcement Network. She’s accused of leaking the material to a journalist — who’s not named in court papers. Prosecutors say reports on Paul Manafort, Richard Gates and Maria Butina were among those leaked. …

The U.S. Treasury Department said the sale of Magnachip Semiconductor Corp. to a Chinese private equity firm poses “risks to national security,” as Chinese investments in critical technologies meet with enhanced U.S. scrutiny.Magnachip, a South Korean producer for display and power chips, sold its controlling stake in late March to Chinese private equity firm Wise Road Capital in an all-cash deal worth about $1.4 billion.The Committee on Foreign Investment in the United States (CFIUS), the U.S. interagency panel overseen by the Treasury Department that scrutinizes foreign deals for national security implications, sent a letter to Magnachip on Aug. 27, saying...

State and local programs have spent more than $5.1 billion to support the housing stability of vulnerable renters out of the $25 billion allocated under the first round of ERA (ERA1). Since January, state and local programs have made about 1 million payments benefitting households at risk of eviction. In July alone, more than 340,000 households received nearly $1.7 billion in rental and utilities assistance, a roughly 15% increase in households served compared to June, and more than double the number of households served in May. The latest data also demonstrates that ERA funds reached the lowest income tenants, with...

The Biden administration on Sunday froze Afghan government reserves held in U.S. bank accounts, blocking the Taliban from accessing billions of dollars held in U.S. institutions, according to two people familiar with the matter. The decision was made by Treasury Secretary Janet Yellen and officials in Treasury’s Office of Foreign Assets Control, the people said. The State Department was also involved in discussions this weekend, with officials in the White House monitoring the developments. An administration official said in a statement, “Any Central Bank assets the Afghan government have in the United States will not be made available to the...

Treasury sends $15 billion in August child tax credit payments © istock Millions of households received their second monthly payment of the expanded child tax credit this week, with the Treasury Department saying Friday $15.4 billion was disbursed. “Today 61 million children across America are benefiting from the advance Child Tax Credit, helping families put food on the table and meet the needs of the next generation,” said Treasury Deputy Secretary Wally Adeyemo in a statement. “We want every eligible family to have access to the advance Child Tax Credit, which is why we will continue our outreach efforts to...

The Biden administration and Democratic congressional leaders are pushing back on Republican lawmakers who have said Democrats will have to go it alone on raising or suspending the debt ceiling. President Biden said Wednesday that he is not worried about the debt ceiling and pointed out that the national debt rose dramatically under the previous administration when Republicans were in power. "They're not going to let us default," Mr. Biden said in response to a question on the debt ceiling. "$8 trillion of that is on the Republican conscience." The suspension of the limit for how much the United States...

Treasury Secretary Janet Yellen said Thursday in a preview of an interview that will air in full on Friday’s edition of NPR’s “Morning Edition” that the child tax credit of $250 to $300 per child every month under the Biden administration’s American Rescue Plan should be made permanent. Yellen said, “We do want to make sure that every child that’s eligible to receive this tax credit — a very important source of support — will know about it and be able to get it.

Biden aide and White House counselor Steve Ricchetti now has not one but three children working within the administration, including son J.J. Ricchetti who was just hired by the Treasury Department as a Special Assistant in the Office of Legislative Affairs. Ricchetti, a recent University of Pennsylvania graduate, in his Instagram bio included a link to a document about supporting the Defund the Police movement and donating to bail funds for protesters. The document, titled "#blacklivesmatter," also included links to social media posts about how to disable tanks. The link was removed after an inquiry to Treasury from Fox News....