Washington, May 29 (IANS) The Trump administration has ruled out the creation of a US central bank digital currency (CBDC), with Treasury Secretary Scott Bessent arguing that government-issued digital money could become a tool for tracking financial activity and threatening personal freedoms. At a White House briefing, Bessent said the administration’s position on a digital dollar was unequivocal.”This administration has been very clear there will be no central bank digital currency,” he told re…
Latest Treasury Secretary Scott Bessent News & Updates
Washington, May 23 (IANS) President Donald Trump swore in Kevin Warsh as Chairman of the Federal Reserve Board and said he would restore confidence in the US’ Central bank.Speaking at the White House East Room ceremony on Friday, Trump called Warsh “one of the truly great chairmen of the Federal Reserve that we’ve ever had”.”He’s respected by everybody, and that’s so important in that position,” the US President said.Warsh took the oath of office from Supreme Court Justice Clarence Thomas before…
Washington, May 18 (IANS) The United States has issued a temporary 30-day general licence allowing transactions involving Russian oil currently stranded at sea, Treasury Secretary Scott Bessent said, describing the move as necessary to help “the most vulnerable countries” access energy supplies amid market uncertainty. “The US Treasury is issuing a temporary general license for 30 days to allow the most vulnerable countries to have access to Russian oil, which is currently stuck in the sea…
New Delhi, March 3 (IANS) Crude oil traded about 1 per cent higher on on Tuesday, showing signs of a temporary steading following over 10 per cent surge in previous session amid escalating conflict in West Asia and concerns about supply through the Strait of Hormuz.The US crude futures rose 1.4 per cent to $72.23. Brent crude gained 1.87 per cent to trade at $79.2 per barrel in early session on Tuesday.Iran’s retaliatory strikes on oil and gas facilities have heightened fears of supply disruptio…
Washington, Feb 28 (IANS) Top Senate Democrats have demanded that the Trump administration return more than $130 billion in tariffs declared illegal by the Supreme Court, escalating a political and legal confrontation over what they called money illegally taxed from American businesses and consumers.In a February 27 letter to Treasury Secretary Scott Bessent, the lawmakers said the administration must immediately begin issuing automatic refunds instead of forcing small businesses to go to court….
Washington, Feb 6 (IANS) A sharp partisan clash over inflation, bank regulation and financial stability dominated a Senate Banking Committee hearing on as Treasury Secretary Scott Bessent defended the administration’s economic record and the Financial Stability Oversight Council’s 2025 annual report.Stressing growth and affordability, Committee Chairman Tim Scott warned against policies that burden households. “A system that slows growth, limits opportunity or prices families out of basic …
New Delhi, Feb 5 (IANS) India on Thursday rejected a Bloomberg report which had claimed that a meeting between National Security Advisor (NSA) Ajit Doval and US Secretary of State Marco Rubio had taken place last year amid stalled trade talks between the two countries. The report had claimed further that it was conveyed to Washington that New Delhi was ready to wait until the end of US President Donald Trump’s term to finalise a trade deal. “There is absolutely no basis for that report. No such …
Washington, Feb 5 (IANS) The United States has defended its sanctions-led foreign policy toward Iran and Myanmar, with Treasury Secretary Scott Bessent telling lawmakers that economic pressure remains a central pillar of Washington’s national security and global financial stability strategy. Testifying before the House Financial Services Committee on the Financial Stability Oversight Council’s 2025 annual report on Wednesday (local time), Bessent said the Trump administration continues to pu…
Washington, Feb 5 (IANS) The United States is moving to revive small and community banks, arguing that years of heavy regulation weakened local lending and slowed economic growth, Treasury Secretary Scott Bessent told Congressmen. Testifying before the House Financial Services Committee on Wednesday (local time), Bessent said community banks are critical to small businesses, agriculture, and housing, but have steadily disappeared since the global financial crisis.“More than 50 per cent of comm…
Washington, Feb 4, (IANS): US Secretary of State Marco Rubio on Wednesday warned that global supply chains for critical minerals remain dangerously concentrated in the hands of a single country, calling the situation a geopolitical risk as Washington launched a fresh push to diversify sourcing with 55 international partners. Addressing reporters at the Critical Minerals Ministerial, Rubio said the initiative was aimed at reducing vulnerabilities that threaten economic growth, technological innov…