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Treasury Secretary Scott Bessent Prepares Banks for Citizenship Data Collection Amid Immigration Policy Changes

Treasury Secretary Scott Bessent Prepares Banks for Citizenship Data Collection Amid Immigration Policy Changes

Treasury Secretary Scott Bessent Prepares Banks for Citizenship Data Collection Amid Immigration Policy Changes
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Treasury Secretary Scott Bessent Pushes Banks to Collect Citizenship Data Amid Executive Order Plans

Treasury Secretary Scott Bessent Pushes Banks to Collect Citizenship Data Amid Executive Order Plans

Treasury Secretary Scott Bessent Pushes Banks to Collect Citizenship Data Amid Executive Order Plans
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Treasury Secretary Bessent Advocates No-Tax Overtime to Offset Immigrant Labor Loss

Treasury Secretary Bessent Advocates No-Tax Overtime to Offset Immigrant Labor Loss

Treasury Secretary Scott Bessent announced that President Trump's no-tax-on-overtime policy is designed to mitigate the labor shortage caused by the deportation of illegal immigrants. During a press briefing, Bessent highlighted that over 2 million illegal immigrants have either voluntarily left or been deported, leading to concerns about a potential worker shortage. The policy aims to encourage American workers to work more overtime by allowing them to keep more of their earnings. Bessent noted that 45% of taxpayers have increased their refunds through this and other tax reforms introduced by Trump, such as no tax on tips and deductions for domestic car loans. The Fair Labor Standards Act entitles eligible workers to enhanced pay for overtime, and Bessent urged workers to adjust their tax withholding to benefit immediately.
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Exclusive-US to allow waiver on Iran oil to expire, administration sources say

Exclusive-US to allow waiver on Iran oil to expire, administration sources say

By Timothy Gardner and Andrea Shalal WASHINGTON, April 14 (Reuters) - The Trump administration will allow a 30-day waiver of sanctions on Iranian oil at sea to expire later this week, two administration officials told Reuters on Tuesday, as the U.S. imposes a blockade on shipments from Iranian ports
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Treasury Secretary Announces 5 Million Trump Accounts for Kids with $1,000 Seed Money

Treasury Secretary Announces 5 Million Trump Accounts for Kids with $1,000 Seed Money

Treasury Secretary Announces 5 Million Trump Accounts for Kids with $1,000 Seed Money
Reuters Reuters
Bessent supports IMF quota revamp, wants World Bank financing for critical minerals

Bessent supports IMF quota revamp, wants World Bank financing for critical minerals

By David Lawder WASHINGTON, April 15 (Reuters) - U.S.
Reuters Reuters
Bessent says core inflation is going down, Fed will need to cut rates

Bessent says core inflation is going down, Fed will need to cut rates

By Andrea Shalal WASHINGTON, April 14 (Reuters) - U.S. Treasury Secretary Scott Bessent on Tuesday said he was quite confident that core inflation would continue to go down in the United States despite the Iran war, and repeated his call for the Federal Reserve to cut its interest rates.
AP News AP News
From dropping bombs to pressuring banks: U.S. pivots to economic warfare on Iran

From dropping bombs to pressuring banks: U.S. pivots to economic warfare on Iran

The Trump administration is setting the stage to shift its war campaign toward a more economically focused effort aimed at choking Tehran into submission rather than relying on bombs alone
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Treasury Secretary Bessent Defends No-Tax Overtime Policy Amid Labor Concerns

Treasury Secretary Bessent Defends No-Tax Overtime Policy Amid Labor Concerns

Treasury Secretary Bessent Defends No-Tax Overtime Policy Amid Labor Concerns
Reuters Reuters
Treasury chief says US growth may exceed 3% or 3.5% this year despite Iran war

Treasury chief says US growth may exceed 3% or 3.5% this year despite Iran war

By Kanishka Singh WASHINGTON, April 14 (Reuters) - Treasury Secretary Scott Bessent said on Tuesday the underlying U.S. economy remained strong and that growth could still exceed 3% or 3.5% this year despite the impact of the U.S.-Israeli war on Iran.
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Federal Reserve's Regional Banks Face Independence Challenges

Federal Reserve's Regional Banks Face Independence Challenges

The independence of the Federal Reserve's regional banks is under scrutiny amid political and legal challenges. San Francisco Federal Reserve President Mary Daly and other regional bank presidents are seen as crucial to maintaining the Fed's democratic legitimacy. However, a Supreme Court case regarding President Trump's authority to fire a Fed governor and the transition between Fed Chair Jerome Powell and his successor, Kevin Warsh, are testing this independence. Treasury Secretary Scott Bessent has criticized some Fed practices, adding to the pressure. The regional banks, which provide local insights into policymaking, are integral to the Fed's structure, balancing centralized power with regional input.
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Immigration Crackdown Intensifies U.S. Worker Shortage Crisis

Immigration Crackdown Intensifies U.S. Worker Shortage Crisis

The Trump administration's stringent immigration policies have significantly contributed to a growing worker shortage in the United States. In 2025, nearly 3 million individuals left the U.S., with 2.2 million self-deporting and 675,000 being removed by law enforcement. These individuals were primarily economic migrants rather than criminals. The administration has also implemented measures to restrict legal immigration, including pausing green card issuance for 75 countries and increasing fees for H-1B visas. This has led to a decline in applications and exacerbated labor shortages in various sectors, including technology and hospitality.