Treasury secretary

A U.S. debt default would lead to a slump in stock and bond markets, while eroding the U.S.' financial standing in the world, analysts say.

Politics & Government

Here's what could happen in markets if the U.S. defaults. Hint: It won't be pretty

10:44am May 21, 2023

by David Gura

Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.

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The U.S. Capitol Building is seen on Jan. 19, 2023, in Washington, D.C. Treasury Secretary Janet Yellen said the U.S. reached its debt limit on Thursday and is resorting to extraordinary measures to avoid defaulting on its debt.

U.S. hits its debt limit and now risks defaulting on its bills

12:58pm January 19, 2023

by Rafael Nam

The U.S. is undertaking "extraordinary" measures to avoid defaulting on its obligations after the country reached its debt limit on Thursday. Now, a big political fight looms.

Janet Yellen addresses an event last month introducing the incoming Biden administration's economic team in Wilmington, Del. Yellen is the first woman to lead the Treasury Department.

Janet Yellen Confirmed By Senate, Making History As First Female Treasury Secretary

7:07pm January 25, 2021

by Scott Horsley

Janet Yellen was confirmed by the Senate to serve as Treasury secretary. She'll be the first woman to hold that post and will lead the Biden administration's efforts to address the pandemic recession.

Then-Federal Reserve Board Chair Janet Yellen speaks during a briefing in 2017. President-elect Joe Biden reportedly will nominate Yellen as his Treasury secretary.

Biden Picks Janet Yellen To Be Treasury Secretary In Historic Appointment

7:09pm November 23, 2020

Joe Biden plans to nominate the former Federal Reserve chair as his Treasury secretary. She would play a leading role in helping the economy recover from the pandemic.

Treasury Secretary Steven Mnuchin says he has not reviewed an IRS memo that says the agency must turn over a president's tax returns to Congress.

Politics & Government

Mnuchin Says He Has 'Not Yet' Reviewed Memo Mandating IRS Turn Over Trump Tax Returns

5:04pm May 22, 2019

by Brian Naylor

The Treasury secretary has refused to comply with a House subpoena from a committee chairman requesting that the agency turn over Trump's tax returns.

Harriet Tubman won't be put on the $20 bill during the Trump administration.

Harriet Tubman On The $20 Bill? Not During The Trump Administration

4:32pm May 22, 2019

by Brian Naylor

Treasury Secretary Steven Mnuchin ruled out any changes to the U.S. currency imagery before 2028.

U.S. Secretary of the Treasury Steven Mnuchin speaks during a press conference at the G 20 Finance Ministers and Central Bank Governors Meeting in Baden-Baden, southern Germany, on March 18.

National

Senator: Treasury Secretary's Plug For 'Lego Batman' May Be Ethical Violation

1:46pm March 28, 2017

by Camila Domonoske

Last week, Stephen Mnuchin told a crowd he couldn't legally promote movies he helped fund, then recommended one. His audience laughed. The ranking senator on the Senate Finance Committee isn't amused.

Wall Street financier Steve Mnuchin is being considered to serve as Treasury secretary under Donald Trump. Mnuchin assembled investors who bought IndyMac, a failed bank that had been taken over by the FDIC.

Trump's Potential Treasury Secretary Headed A 'Foreclosure Machine'

9:14am November 30, 2016

by John Ydstie

During the financial crisis Steve Mnuchin was working to make profits from the ruins of the housing bust. He assembled investors who bought IndyMac, a failed bank that had been taken over by the FDIC.

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It actually costs more than a penny to make a penny.

Critics Wonder Whether Pennies Make Sense Anymore

8:04am November 26, 2015

by Chris Arnold

Treasury Secretary Jack Lew says the government is reviewing a proposal to stop making the penny. It actually costs nearly 2 cents to make a penny, so the government loses money.

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