Tuesday, November 30

Tag: Janet Yellen

US government will run out of money by October 18, Treasury secretary says
News

US government will run out of money by October 18, Treasury secretary says

US Treasury Secretary, Janet Yellen has warned lawmakers that the country's government will likely run out of cash by October 18 as Senate Republicans blocked attempts to increase the borrowing limit. “At that point, we expect Treasury would be left with very limited resources that would be depleted quickly,” she said in a letter to congressional leaders. “It is uncertain whether we could continue to meet all the nation’s commitments after that date. “We know from previous debt limit impasses that waiting until the last minute can cause serious harm to business and consumer confidence, raise borrowing costs for taxpayers, and negatively impact the credit rating of the United States for years to come,” she wrote. “Failure to act promptly could also result in substantial disruptio...
U.S. Senate Confirms Adeyemo As Deputy Secretary Of The Treasury
News

U.S. Senate Confirms Adeyemo As Deputy Secretary Of The Treasury

The U.S. Senate confirmed the nomination of Wally Adeyemo as Deputy Secretary of the Treasury on Thursday, making him the first Black American to hold the powerful job. Adeyemo, 39, has struck a hardline tone on China, vowing to fight what he called Beijing's "unfair economic practices" and hold China accountable to international rules. Adeyemo will play a key role in shaping U.S. economic policy on issues ranging from financial regulation to relief for everyday Americans and U.S. sanctions on foreign governments. A former senior adviser at asset manager BlackRock Inc and the child of Nigerian immigrants, Adeyemo served as a top national security and economic adviser to Democratic former President Barack Obama and held senior jobs at the Treasury. The Senate confirmed Adeyemo...
Bitcoin Can Be Used For ‘Illegal’ Purposes – US Regulators
Business

Bitcoin Can Be Used For ‘Illegal’ Purposes – US Regulators

Bitcoin tumbled Tuesday from its record-breaking run after US Treasury Secretary Janet Yellen warned that the “highly speculative” unit could be used for “illicit” purposes. At about 1500 GMT, the digital currency slid 12.57 percent to $47,946, while rival Ethereum declined 15 percent to $1,539. Tesla boss Elon Musk — whose company has invested heavily in bitcoin — tweeted Saturday that the prices of both cryptocurrencies “seem high”. Yellen hit out Monday over bitcoin, claiming it was inefficient and required a vast amount of energy — and she expressed fear it was used for “illicit” reasons. “I don’t think that bitcoin… is widely used as a transaction mechanism. To the extent it’s used, I fear it’s often for illicit finance,” she said at an event hosted by the New York Tim...

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