U.S. Department of the Treasury

Today, the Senate confirmed Francis Brooke Jr. as Deputy Secretary, Erin Browne as Under Secretary, and S.P. Kothari and G. Hunter McMaster II as Assistant Secretaries of the Treasury. Congratulations to all four of these accomplished officials and their families. Treasury looks forward to their continued leadership in advancing President Trump's pro-growth agenda for the American people.

The Iranian regime’s reliance on digital assets and shadow banking networks is further evidence that Economic Fury is working. We will continue to increase the economic pressure. Whether in dollars, rials, or crypto, Treasury will hunt down and dismantle the illicit financial networks that keep the regime afloat.

Iran’s shadow banking system is buckling under Economic Fury, and the regime is running out of ways to move money. Every facilitator that keeps the regime afloat is putting a target on its own back.  Treasury will continue to expose these networks and cut them off from the U.S. financial system.

With President Trump’s policies, the fundamentals for American prosperity are in place because American workers are the best in the world. Today’s jobs report understates the underlying strength of the real economy: Main Street is building, factories are producing, and workers are becoming more productive. July marks the 5th straight month of goods-producing job growth. By creating 105K jobs so far this year, goods-producing employment has had the best 7-month start since 2023. Additionally, productivity growth rose more than double the rate expected in Q2, bolstering the conditions for durable growth and real wage gains for American workers. Strong Q3 growth expectations further show that the economy is positioned to accelerate. When America produces more and workers become more productive, Main Street wins: higher wages, stronger businesses, more options for customers, and a durable expansion built on inflation-reducing supply-side strength rather than a temporary sugar high.

Today, Treasury’s Office of Foreign Assets Control is moving against digital asset exchanges that the Iranian regime relies on to launder billions of dollars, maintain covert access to international financial systems, and support the Islamic Revolutionary Guard Corps, among other terrorist groups.  This action targets two major digital asset exchanges used by Tehran, along with the ringleader of a network of front companies.

Today, Treasury’s Office of Foreign Assets Control took action against multiple networks spanning several countries for enabling Iran’s rahbar banking system to move hundreds of millions of dollars. Iran is desperate for foreign currency, and to make matters worse for the regime, it is losing substantial sums to corruption and mismanagement within the shadow banking system.

Treasury promised to follow the money, and that is exactly what we are doing. We will continue to give law enforcement critical tools to trace criminal networks that siphon taxpayer dollars and move them overseas. The Trump Administration will not allow criminals to profit from programs intended to help vulnerable Americans.

Today, @FinCENnews renewed a Geographic Targeting Order designed to combat fraud in Minnesota and protect U.S. taxpayers.  Extensive schemes have fraudulently diverted state and Federal dollars meant for people who lack housing, are food insecure, have disabilities, or are otherwise eligible to receive government benefits, costing the state of Minnesota potentially billions of dollars, a portion of which has been laundered overseas.  The renewed Order will continue to support law enforcement in holding fraudsters accountable.

Under President Trump, lower-wage workers are seeing the biggest earnings growth right now—more than three times greater than those at the top.

It was great to be at @TPUSA in Phoenix, Arizona, with @AndrewKolvet and @MrsErikaKirk. I had the opportunity to speak with more than 150 student leaders who are working to ensure the next generation of Americans can enjoy the freedoms that make this nation so great. These students understand what’s at stake. Congressional Democrats want to reopen the border, which will drive down wages; push housing costs and rent even higher; and return to the reckless spending that fuels inflation. America’s future is brighter because of the work being done here.

https://twitter.com/i/broadcasts/1DxleeABXNrKL

U.S. Secretary of the Treasury Scott Bessent Meets with Arizona Community Bankers https://twitter.com/i/broadcasts/1nxnRRPRXnNxO

A familiar act of mainstream media sophistry: work backward from a partisan verdict and then call the result analysis. The truth is wages are up for Americans across the distribution, but importantly earnings growth for Main Street workers at the 25th earnings percentile was 5.5% year over year in the latest data this past quarter—more than three times the growth experienced by workers at the 75th percentile. Median weekly earnings also rose a robust 4.6%, well outpacing inflation. This marks a stark improvement from the loss of purchasing power Main Street Americans experienced during the Biden Administration. Families have not forgotten the pain of Biden-era policies. But President Trump is turning the tide. The fact is, lower-wage workers are leading, median workers are gaining, and the pundit-driven K-shaped economy narrative does not hold up. BLS has published the wage data for all to see, including journalists willing to look past the haze of their hostility toward the President.

One year after President Trump signed the Working Families Tax Cuts into law, the promise of the American Dream is extending to every factory floor. It was great to join Speaker Johnson and Congressman Ciscomani at the Frito-Lay facility in Casa Grande, Arizona to discuss how the America First pro-growth economic agenda is giving manufacturers the confidence to invest, expand, and hire.

One of the highlights of the Warsh Fed has been watching stenographers posing as journalists, like the WSJ’s Nick Timiraos, reduced to reporting Fed backroom gossip because they’re incapable of performing real economic or monetary policy analysis without being spoon-fed.

Hardworking Americans should not have to choose between caring for a loved one and earning a paycheck. @POTUS’ Working Families Tax Cuts permanently expands the federal Paid Family and Medical Leave Tax Credit, giving businesses, especially small businesses, greater incentives to provide paid leave so workers can care for a newborn or other family member or recover from a serious illness without sacrificing their financial security. Today's guidance provides employers with the clarity they need to claim the enhanced credit, supporting American workers, families, and businesses.