Tag Archives: Department of the Treasury

‘The Public Has a Right to Know’: Fed Refuses to Release Documents on Fossil Fuel Industry’s Covid-19 Bailouts

“As the climate crisis demands an abrupt shift away from fossil fuels, the federal government should not be creating programs to bail out these polluters.”

By Jake Johnson, staff writer for Common Dreams. Published 7-9-2020

“The Federal Reserve was tasked with creating a massive program to protect workers’ livelihoods during an intense economic and public health crisis. We should, at the very least, expect transparency about how the program is structured,” said Food & Water Action attorney Adam Carlesco. (Photo: Tony Webster/Flickr/cc)

The Federal Reserve has missed a deadline to release documents requested by environmental group Food & Water Action in May to reveal the extent to which the central bank has used one of its major Covid-19 lending programs to rescue the faltering oil and gas industry.

“The public has a right to know if the Fed created an oil and gas bailout at the behest of an industry that has wreaked havoc on our air, water, climate, and potentially the global financial system,” Food & Water Action attorney Adam Carlesco said in a statement. “As the climate crisis demands an abrupt shift away from fossil fuels, the federal government should not be creating programs to bail out these polluters.” Continue reading

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Should the president pick the attorney general?

William Barr walks through Lafayette Park before demonstrators were cleared by federal police on June 1, 2020. Joshua Roberts/Getty Images

Joshua Holzer, Westminster College

Attorney General William Barr recently announced, late on a Friday, that Geoffrey Berman was “stepping down after two-and-a-half years of service as United States Attorney for the Southern District of New York.”

This announcement was news to Berman, who later contradicted Barr by declaring that he had not resigned and indeed had no intention of resigning. Barr then contradicted himself by informing Berman that since he had refused to resign, he had instead been fired. Continue reading

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‘Free Handout to Insurance Industry’: Trump Administration Tells Insurers They Don’t Have to Cover Covid-19 Tests for Workers

“According to the Trump administration, insurance company profits are more important than the lives of nursing home residents and workers.”

By Jake Johnson, staff writer for Common Dreams. Published 6-25-2020

Coronavirus Task Force press briefing – March 2, 2020. Photo: White House/flickr

The Trump administration issued policy guidance this week telling health insurance companies that they are not required by law to cover the Covid-19 tests employers may compel workers to undergo as a condition for returning to their jobs.

The announcement (pdf) Tuesday by the Departments of Treasury, Labor, and Health and Human Services alarmed healthcare advocates and lawmakers who warned the move gives profitable insurers a green light to push the costs of potentially expensive coronavirus screenings onto workers. Continue reading

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‘Speaking of Looting…’: Trump Admin. Refuses to Disclose Corporate Recipients of $500 Billion in Coronavirus Bailout Funds

“This is outrageous AND exactly what was obviously going to happen AND exactly why many of us opposed CARES as written.”

By Jessica Corbett, staff writer for Common Dreams. Published 6-11-2020

Steve Mnuchin. Screenshot: CNN

Progressive critics and advocacy groups are responding with alarm and anger to the Trump administration’s refusal to disclose the names of more than 4.5 million companies that have collectively received over $500 billion in corporate bailout money through a federal program created to provide businesses with relief from the coronavirus pandemic.

The over $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act signed by President Donald Trump in March established the Paycheck Protection Program (PPP) with $349 billion in funding for forgivable loans. After the initial capital ran out in just 13 days, lawmakers approved $310 billion more—though over $130 billion of that amount was still left as of Tuesday. Continue reading

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GOP ‘Plot to Gut Social Security Behind Closed Doors’ Gains Steam in Senate Covid-19 Talks

“With seniors most at risk from Covid-19, we need to be increasing Social Security’s modest benefits, not creating secret commissions to cut them.”

By Jake Johnson, staff writer for Common Dreams. Published 5-23-2020

Photo: Tony Alter/flickr/CC

A proposal by Sen. Mitt Romney to establish congressional committees with the specific goal of crafting legislative “solutions” for America’s federal trust fund programs has reportedly resurfaced in GOP talks over the next Covid-19 stimulus package, sparking alarm among progressive advocates who warn the Utah Republican’s bill is nothing but a stealth attack on Social Security and Medicare.

Politico‘s Burgess Everett reported Wednesday that Romney’s TRUST Act, first introduced last October with the backing of a bipartisan group of senators, “is getting a positive reception from Senate Republicans” in coronavirus relief discussions, which are still in their early stages. The legislation, Everett noted, “could become part of the mix” for the next Covid-19 stimulus as Republicans once again claim to be concerned about the growing budget deficit. Continue reading

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‘Lining Up at the Trough’: Federal Reserve to Offer Corporations $500 Billion No-Strings-Attached Bailout Loophole

“Big corporations have shown time and again that they will put their shareholders and executives ahead of their workers if given the choice.”

By Julia Conley, staff writer for Common Dreams. Published 4-28-2020

Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds, but the companies will not be required to retain employees or limit executive pay. (Photo: Public Domain)

A Federal Reserve program approved by Congress and aimed at providing emergency relief to large companies contains a “catch” which will permit the corporations to lay off employees and spend the money on executive pay, according to a Washington Post report.

Through the Primary Market Corporate Credit Facility, the Fed will provide $500 billion to companies by buying bonds. The corporations will be required to pay the Fed back with interest. Continue reading

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‘Beyond Predatory’: Trump Treasury Department Gives Banks Green Light to Seize $1,200 Stimulus Checks to Pay Off Debts

“The Treasury Department is pointing out opportunities for banks and debt collectors to steal Americans’ relief checks out from under them.”

By Jake Johnson, staff writer for Common Dreams. Published 4-14-2020

Steve Mnuchin. Screenshot: CNN

President Donald Trump’s Treasury Department has given U.S. banks a green light to seize a portion or all of the one-time $1,200 coronavirus relief payments meant to help Americans cope with financial hardship and instead use the money to pay off individuals’ outstanding debts—a move consumer advocates decried as cruel and unacceptable.

“The Treasury Department effectively blessed this activity on a webinar with banking officials last Friday,” The American Prospect‘s David Dayen reported Tuesday. Continue reading

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Houthis Anticipate US Assassination Attempts, Warn US Troops Will Be Targeted in Retaliation

The U.S. recently admitted that it tried and failed to kill an Iranian commander in Yemen, sparking both fear and mobilization among Yemen’s Houthis.

By  Ahmed Abdulkareem  Published 1-24-2020 by MintPress News

A screenshot from the documentary film, The Last Lunch, shows a Yemeni man holding a portrait of Ibrahim al-Hamdi, the former president of Yemen who was assassinated with the assistance of US and Saudi intelligence agencies in 1977

 

As tensions in the Middle East continue to rise, there are indications that Donald Trump’s administration is planning to carry out assassination operations against high-ranking Houthi officials inside of Yemen similar to the U.S. assassination of Iranian Revolutionary Guard General, Qassem Soleimani, a move likely to open the door for further escalation in the region.

On Thursday, a high ranking Houthi official in Sana’a told MintPress News on condition of anonymity that the Houthis would not hesitate to target U.S. troops in the region if the Trump administration targets its personnel inside Yemen. Continue reading

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Trump, Granting Lobbyist Demands, Quietly Handed Billions More in Tax Breaks to Huge Corporations: Report

“Trump is the most corrupt president in history, and here’s the latest example of how that corruption helps giant corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 12-30-2019

Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube

A “disturbing” New York Times story published Monday detailed how President Donald Trump’s Treasury Department, led by former Goldman Sachs banker Steve Mnuchin, has quietly weakened elements of the 2017 tax law in recent months to make it even friendlier to wealthy

individuals and massive corporations.

Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas. Continue reading

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‘Outright Blackmail’: Trump Admin. Reportedly Offered Captain Multi-Million Dollar Bribe in Effort to Seize Iranian Tanker

“The U.S. complains loudly that Iran engages in ‘blackmail.’ Yet Brian Hook is directly emailing tanker captains offering bribes to get them to bring their ships into U.S. clutches.”

By Jake Johnson, staff writer for Common Dreams. Published 9-4-2019

U.S. Secretary of State Mike Pompeo . (Photo: Fox Business)

Iranian foreign minister Javad Zarif on Wednesday accused the Trump administration of engaging in “outright blackmail” after the Financial Times reported a State Department official offered the captain of an Iran-owned oil tanker millions of dollars to divert the ship to a nation which would detain it on behalf of the United States.

According to FT, Brian Hook, head of the State Department’s Iran Action Group, sent an email promising the captain of Iranian supertanker Grace 1 “several million dollars” to do the bidding of the Trump administration. Continue reading

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