U.S. Department of the Treasury

Congratulations to Kevin Warsh on becoming the 17th Chair of the @federalreserve. I look forward to working together to strengthen the American economy and restore confidence in our financial institutions. Today, a new chapter begins at the Federal Reserve with accountability, strong management, and sound policymaking back at the forefront.

.@POTUS and Republicans’ @TaxCuts are reviving the Main Street economy. Small business owners, like Bill in Florida, are using historic tax relief to create local jobs, expand their operations, and invest in their communities. “I can speak firsthand about the beneficial impact of these tax cuts. They're allowing us to open new locations and improve our existing ones…This investment may sound small, but when you multiply it across the economy, with other small businesses taking similar actions, you start to understand the benefits of pro-growth tax reform.” Read more from Bill:

Hizballah is a terrorist organization and must be fully disarmed. Treasury will continue to take action against officials who have infiltrated the Lebanese government and are enabling Hizballah to wage its senseless campaign of violence against the Lebanese people and obstruct lasting peace.

Today, Treasury’s Office of Foreign Assets Control designated nine Hizballah-aligned officials, including individuals embedded across Lebanon’s government seeking to influence key state decisions. Hizballah’s continued militant activity and coercive influence over the Lebanese state undermine the Lebanese government’s ability to assert its authority over state institutions and disarm the terrorist group.

I enjoyed meeting with His Excellency Ali bin Ahmed Al Kuwari @MoF_Qatar in Paris. We discussed Doha’s tremendous resilience in the face of Iran’s indiscriminate attacks on its neighbors and the need for allies to continue to pressure Iran now to end its threats.

As @POTUS has made clear, this Administration will not allow narco-terrorists to flood our borders with poison. Treasury will continue to target terrorist cartels and their fentanyl trafficking networks to protect our communities and Keep America Safe.

Today, Treasury’s Office of Foreign Assets Control sanctioned more than a dozen individuals and entities, comprising two distinct networks, linked to the terrorist Sinaloa Cartel and its fentanyl trafficking activities. The Sinaloa Cartel is responsible for a significant portion of the illicit fentanyl trafficked into the United States that kills tens of thousands of Americans each year.

The United States is hardly alone in facing the scourge of terrorism, especially from Iran. Yet, too often, we seem to be alone in our resolve to thwart it. If we are serious about “no money for terror,” then there must also be “no room for excuses.” At the No Money for Terror conference in Paris, I called on our partners to join @POTUS and the United States in taking action against Iran by designating its financiers, exposing its shell and front companies, shuttering its bank branches, and dismantling its proxies. I urged our partners in the Middle East and Asia to root out Iran’s shadow banking networks. As terrorist threats move across borders, our unity of purpose must transcend them as well. Many thanks to Minister @RolandLescure for hosting this important discussion and for inviting me to deliver the keynote address.

Iran’s shadow banking system facilitates the illicit transfer of funding for terrorist purposes. As Treasury systematically dismantles Tehran’s shadow banking system and shadow fleet under Economic Fury, financial institutions must be alert to how the regime manipulates the international financial system to wreak havoc.

Today, as a part of Economic Fury, Treasury’s Office of Foreign Assets Control designated a prominent Iranian foreign currency exchange house and associated front companies that oversee hundreds of millions of dollars in transactions on behalf of sanctioned Iranian banks. Collectively, Iranian exchange houses facilitate billions of dollars in foreign currency transactions each year, enabling the regime and its armed forces to evade sanctions, access the international financial system, and move funds derived from oil and petrochemical sales.

The pro-terror flotilla attempting to reach Gaza is a ludicrous attempt to undermine President Trump’s successful progress toward lasting peace in the region. Treasury will continue to sever Hamas’ global financial support networks, no matter where in the world they are.

Today, Treasury’s Office of Foreign Assets Control is taking action against four individuals associated with the pro-Hamas flotilla organized by the U.S.-designated Popular Conference for Palestinians Abroad that is attempting to access Gaza in support of Hamas. OFAC is also taking action against key actors operating within Hamas-aligned Muslim Brotherhood networks. Hamas relies on a diverse web of international partners to expand its malign political influence, facilitate violent terrorist activity, and undermine international efforts to achieve lasting peace in Gaza.

Following my successful visit to Japan last week, I spoke with @Bank_of_Japan_e Governor Kazuo Ueda today on the sidelines of the @G7 about Japan’s resilient economy and market outlook. I am confident that Governor Ueda will successfully guide Japan’s monetary policy, and I believe the fundamentals of the Japanese economy are strong and that excess FX volatility is undesirable.

At the @G7 Finance Ministers meeting, I had constructive discussions with my counterparts on the global economy, global imbalances, cybersecurity, the terrorist threat posed by Iran, and critical minerals. Thank you, Minister @RolandLescure, for hosting us in Paris.

Trump Accounts are not only a savings tool but an opportunity to build financial literacy. As account balances grow, young Americans will gain firsthand experience with investing and long term planning.