Office of the Supervising Architect for the U.S. Treasury

Diamond Lake Minerals Strengthens Advisory Board with Seasoned Entrepreneur and Blockchain Expert Agnes Budzyn

Retrieved on:

Friday, October 6, 2023

Ms. Budzyn is a distinguished entrepreneur, and board member with a wealth of experience in blockchain, digital assets, and traditional finance.

Key Points:

Ms. Budzyn is a distinguished entrepreneur, and board member with a wealth of experience in blockchain, digital assets, and traditional finance.
Brian J. Esposito, CEO of DLMI, expressed his enthusiasm for Agnes Budzyn joining the team, stating, "We are privileged to welcome Agnes Budzyn to our advisory board.
Her expertise and deep understanding of blockchain, digital assets, and finance align perfectly with our mission at Diamond Lake Minerals.
With the addition of Agnes Budzyn to the advisory board, Diamond Lake Minerals reinforces its commitment to innovation and excellence in the digital asset and security token industry.

Oliver Bäte, Allianz CEO, Addresses United Nations Climate Ambition Summit

Retrieved on:

Thursday, September 21, 2023

View the full release here: https://www.businesswire.com/news/home/20230921957666/en/

Key Points:

View the full release here: https://www.businesswire.com/news/home/20230921957666/en/
Oliver Baete, Allianz CEO, speaking at the UN Climate Ambitions Summit on September 20, 2023.
(Photo: Business Wire)
Allianz CEO Oliver Bäte was representing the UN-Convened Net-Zero Asset Owner Alliance (NZAOA) and Allianz's commitment as a "first mover and doer" in the global effort to combat the climate crisis.
Since we last came together to announce the launch of the UN-Convened Net Zero Asset Owner Alliance in 2019 in this building, the world has changed profoundly.
The long era of robust economic growth, low inflation, and geopolitical stability is over, and it’s replace by uncertainty, volatility, and war.

CDFI Awards Rural Development Partners $50 Million in NMTC Authority

Retrieved on:

Friday, September 22, 2023

New Markets Tax Credit Program, Community Development Financial Institutions Fund, Office of the Supervising Architect for the U.S. Treasury, Quality of life, NMTC, Multimedia, Federal, Congress, FOREST, Treasury, RDP, Investment, CDFI, CDE, Renewable energy, Bank

FOREST CITY, Iowa, Sept. 22, 2023 /PRNewswire/ -- Rural Development Partners (RDP) was awarded $50 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury's CDFI Fund .

Key Points:

FOREST CITY, Iowa, Sept. 22, 2023 /PRNewswire/ -- Rural Development Partners (RDP) was awarded $50 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury's CDFI Fund .
This is RDP's twelfth NMTC award since the company's inception in 2004, totaling $751.7 million.
The New Markets Tax Credit program incentivizes community development and economic growth by attracting private capital to low-income, underserved communities.
Rural Development Partners is a Community Development Entity (CDE) with a national service area, eligible to apply for an annual allocation of Federal NMTCs.

The Institute for Voices of Liberty and Code Siren, LLC to Provide Free Secure Communications to the Freedom-Seeking People of Iran

Retrieved on:

Tuesday, September 12, 2023

BEVERLY HILLS, Calif., Sept. 12, 2023 /PRNewswire/ -- The Institute for Voices of Liberty ("iVOL") and Code Siren, LLC ("Code Siren") today announced a joint initiative to provide free, secure collaboration software to the freedom-seeking people of Iran.

Key Points:

BEVERLY HILLS, Calif., Sept. 12, 2023 /PRNewswire/ -- The Institute for Voices of Liberty ("iVOL") and Code Siren, LLC ("Code Siren") today announced a joint initiative to provide free, secure collaboration software to the freedom-seeking people of Iran.
In 2023, Reporters Without Borders ranked Iran 177th out of 180 countries in its World Press Freedom Index.
"We are proud to partner with iVOL to provide free and secure communications to the freedom-seeking people of Iran," said Eric Anderson, CEO of Code Siren.
"We believe every human being deserves the right to free and open communication free of repressive internet censorship," said Mr. Anderson.

Best’s Special Report: U.S. Private Flood Market Growing, Especially Commercial Property

Retrieved on:

Monday, August 28, 2023

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Seven of the eight U.S. states with more than $100 million in private and public flood premium are located within this region.

Key Points:

Seven of the eight U.S. states with more than $100 million in private and public flood premium are located within this region.
“The California floods and mudslides earlier this year will pose a good test of the private flood market,” said Christopher Graham, senior industry analyst, AM Best.
Private Flood Market Growing, Especially Commercial Property.”
The goal of the Risk Rating 2.0 system, implemented in 2021, was to improve flood premium determination so that it reflected actual, up-to-date flood risk based on higher quality information.
According to the report, AM Best expects that 2023 results will provide a clear indication as to how the private market is handling the flood risk.

Bernstein Litowitz Berger & Grossmann Achieves Significant Trial Victory in Helping Fannie Mae and Freddie Mac Shareholders Recoup $612 Million in Class Action Against U.S. Federal Housing Finance Agency

Retrieved on:

Tuesday, August 15, 2023

Class Action Lawsuit, Professional Services, Legal, Grant & Eisenhofer, Fannie Mae, FHFA, BLB, Treasury, District court, Office of the Supervising Architect for the U.S. Treasury, Freddie Mac, Federation, Grant, Douglas v. U.S. District Court ex rel Talk America, Security (finance), Freddy

Bernstein Litowitz Berger & Grossmann acted on behalf of preferred shareholders of both Fannie Mae and Freddie Mac and common shareholders of Freddie Mac, in tandem with co-counsel Boies Schiller Flexner, Kessler Topaz Meltzer & Check, and Grant & Eisenhofer.

Key Points:

Bernstein Litowitz Berger & Grossmann acted on behalf of preferred shareholders of both Fannie Mae and Freddie Mac and common shareholders of Freddie Mac, in tandem with co-counsel Boies Schiller Flexner, Kessler Topaz Meltzer & Check, and Grant & Eisenhofer.
“We are thankful for the jury’s tremendous public service and grateful for their verdict,” said BLB&G Trial Counsel Robert Kravetz.
The parties still await a ruling from Judge Royce Lamberth on the issue of pre-judgment interest for the Fannie Mae preferred shares.
The case is In re: Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations, No.

This Week in Finance News: 12 Stories You Need to See

Retrieved on:

Friday, August 11, 2023

NEW YORK, Aug. 11, 2023 /PRNewswire/ -- With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help journalists covering the finance industry stay on top of the week's most newsworthy and popular releases, here's a roundup of stories from the week that shouldn't be missed.

Key Points:

NEW YORK, Aug. 11, 2023 /PRNewswire/ -- With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire.
To help journalists covering the finance industry stay on top of the week's most newsworthy and popular releases, here's a roundup of stories from the week that shouldn't be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story.
Click on the press release headlines to access accompanying multimedia assets that are available for download.

US losing Fitch's top AAA credit rating may portend future economic weakness

Retrieved on:

Thursday, August 10, 2023

S&P, COVID-19, AA, Research, Fitch, Government, Treasury, Congress, Office of the Supervising Architect for the U.S. Treasury, AAA, Time, Risk, Income, Federation, Credit, Security (finance), Life insurance, Machine tool, Bank

The formerly pristine reputation of the U.S. government’s debt lost a little more luster after another prominent rating agency demoted Uncle Sam from its AAA perch.

Key Points:

The formerly pristine reputation of the U.S. government’s debt lost a little more luster after another prominent rating agency demoted Uncle Sam from its AAA perch.
What does a downgrade of U.S. creditworthiness like this actually mean?
Fitch Ratings’ decision on Aug. 1, 2023, led to small declines in the stock and bond markets.
But as an economist who studies the effects of monetary and fiscal policies, I’ve got longer-term concerns about the downgrade’s implications for U.S. economic growth.

Why Fitch downgraded the US

Since 2001, that revenue has rarely covered enough of the costs of everything the U.S. government pays for, from roadways to wars.
As of Aug. 1, the U.S. Treasury owed US$32.6 trillion, both to bondholders and other parts of the federal government.
That’s part of the reason that Fitch cut the U.S. government’s long-term creditworthiness by one notch, from AAA – its highest rating – to AA+.
Fitch also cited an “erosion of governance,” specifically pointing to recent efforts by conservatives to prevent the U.S. from raising its debt ceiling.

What happened last time

This was not the first time that a rating agency lowered the credit of the U.S. government.
In 2011, Standard & Poor’s, one of Fitch’s competitors, also downgraded its rating for the U.S. from AAA to AA+.
S&P similarly blamed governance issues – that downgrade followed a similar debt ceiling standoff – as well as the burden of rising government debt.
At the time, Fitch issued a warning but it didn’t cut the U.S.’s credit rating until now.

Why things might be different

For the U.S., that means it needs a constant supply of buyers for Treasury bonds and the other securities it sells.
These securities are sold in auctions and then traded on global financial markets.
They’re seen as safe, because the U.S. government is considered less likely to default than, say, a company going bankrupt.
But if economists and financial analysts deem Treasurys to be growing riskier, then investors may become less interested in buying them.
Alternatively, they may demand a higher interest rate in exchange for taking on the risk that the U.S. may default on its debts.

Limited options

To cover its growing borrowing costs, the federal government has few options – none good.
Or it could hike tax rates or cut spending, both of which have political consequences and could be hard to accomplish given the degree of polarization in Congress.

China's ties to Cuba and growing presence in Latin America raise security concerns in Washington, even as leaders try to ease tensions

Retrieved on:

Friday, July 7, 2023

There is a push by leaders in Washington and Beijing to get U.S.-China relations back on track.

Key Points:

There is a push by leaders in Washington and Beijing to get U.S.-China relations back on track.
U.S. Secretary of State Antony Blinken met with President Xi Jinping in China in June 2023 to reopen the lines of communication between the countries.
And Treasury Secretary Janet Yellen is spending four days in China, beginning July 6, 2023, to try to stabilize U.S.-China economic ties.
But work to steady security issues between the two countries, a longtime point of contention, may have a longer horizon.
Such moves reflect efforts by China to grow its influence in Latin America and the Caribbean.

Too close for comfort

China’s planned spy base and military training facility in Cuba would be located near the U.S. naval station in Guantanamo Bay, home to several U.S. military facilities like U.S. Southern Command in Miami and U.S. Central Command and U.S. Special Operations Command both in Tampa, along with their various component commands.
The facility would allow Chinese intelligence officers to better intercept sensitive military information transmitted between U.S. military commands, track senior U.S. diplomatic and military leaders as they travel across the region, monitor U.S. naval and commercial ship movement and gain details about U.S. military exercises, conferences and training with various Latin American and Caribbean countries.
The facility could also bolster China’s use of telecommunications networks to spy on U.S. citizens.
U.S. officials have long suspected Chinese telecommunications companies Huawei and ZTE of setting up servers and network equipment around the world, including in Cuba, to help the Chinese government collect sensitive information about local government leaders and private citizens.
Chinese companies have also either built or operate 12 space research facilities in South America that can be used for legitimate space research.
But U.S. and other officials have voiced concern that these same sites could be used to spy on U.S. satellites and intercept sensitive information.

Illegal Chinese police

Chinese police forces are a growing presence as well.
In April 2023, the FBI arrested two Chinese citizens for allegedly operating an illegal police station in New York City’s Chinatown.
According to The New York Times, the men allegedly harassed Chinese dissidents living in the U.S. China allegedly operates 100 of these police outposts around the world.
In fact, the U.S. has banned some of these companies out of concern they spy for the Chinese government.

Decades of growing influence

Meanwhile, a major source of conflict between the U.S. and China is the supply of the drug fentanyl.
In April 2023, the Biden administration declared fentanyl an emerging threat to U.S. national security.
The fentanyl global supply chain often ends on U.S. streets, but it begins in various pharmaceutical company labs in China.
The China-Cuba connection is just one example of how the Chinese government and Chinese companies have been expanding their influence on America’s doorstep for decades.

Beer Institute Applauds Reintroduction of Aluminum Pricing Examination Act

Retrieved on:

Thursday, June 8, 2023

Beer Institute, CFTC, National Beer Wholesalers Association, Legislation, Aluminium, DOJ, Beer, Public policy, Commodity Futures Trading Commission Act of 1974, Congress, Office of the Supervising Architect for the U.S. Treasury, Research, Letter, APEX, Contract management, Recycling

Tammy Baldwin (D-WI) and Tom Cotton (R-AR) for the reintroduction of the APEX Act, which will bring much-needed transparency to the aluminum pricing process,” said Brian Crawford, president and CEO of the Beer Institute.

Key Points:

Tammy Baldwin (D-WI) and Tom Cotton (R-AR) for the reintroduction of the APEX Act, which will bring much-needed transparency to the aluminum pricing process,” said Brian Crawford, president and CEO of the Beer Institute.
According to Beer Serves America , the beer industry’s biennial economic report conducted by the Beer Institute and the National Beer Wholesalers Association, the beer industry contributes more than $409 billion in annual economic impact and supports nearly 2.4 million jobs nationwide.
Research conducted by HARBOR Aluminum on behalf of the Beer Institute found that the U.S. beverage industry paid $1.893 billion in Section 232 tariffs on 9.042 million metric tons of aluminum since their implementation.
For additional updates from the Beer Institute, visit our website , follow @BeerInstitute on Twitter, like the Beer Institute on Facebook , and follow the Beer Institute on Instagram .