U.S. Department of the Treasury

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.

It was an honor to administer the oath of office to my friend and patriot Jay Clayton as our nation’s ninth Director of National Intelligence in the presence of President Trump, his amazing family and loyal friends in the Oval Office this afternoon. Jay’s career reflects rare breadth and achievement across law, business and academia. In every role, he has paired the force of his intellect with sound judgment and unquestioned integrity. As Chairman of the Securities and Exchange Commission, Jay modernized oversight of our capital markets while reinforcing investor protection. As U.S. Attorney for the Southern District of New York, he brought the full weight of American justice to bear against some of the world’s most sophisticated terrorists and criminal networks. And now, as we approach the twenty-fifth anniversary of September 11th, Jay has again answered the call of public service to ensure our nation discerns danger early, counters it decisively, and never again knows the anguish of that day. Jay, the President’s confidence in you is well placed. You will be an outstanding steward of our national security by keeping our country safe and our adversaries ever mindful of America’s vigilance. So, congratulations to you and your family on this great honor. I am grateful for your willingness to serve. I look forward to working alongside you to protect the safety and security of the American people. And a thank you to Acting Director Bill Pulte for making brave and important choices during his tenure.

The framework for the U.S.-Japan alliance begins with the strong relationship between @POTUS @realDonaldTrump and Prime Minister @takaichi_sanae. We've been in close contact with our Japanese allies, and they are making serious efforts to address the substantial undervaluation of the yen. Through our conversations, we believe they will continue to put the right policies in place to lead the yen’s return to a more normal equilibrium price. Currency intervention is a signal that governments want to change a direction. But only strong, effective policies will result in sustained yen strength.

The Trump Administration delivers for America's trusted partners. Economic security is national security. And the U.S.-Japan alliance is built on both. Friday's coordinated foreign exchange actions countered disorderly yen movements. Treasury remains attentive and in close communication with our counterparts at MOF and BOJ. We will not hesitate to participate in further joint intervention. The FIMA Repo Facility is an important backstop. We would encourage it to be upsized in the coming months. We strongly support Japan's decisive market and monetary steps to correct the substantial undervaluation of the yen. The Takaichi government is moving into an exciting new phase of Abenomics, as nearly 15 years of powerful stimulus have created durable, robust underlying economic dynamics.

Happy Birthday to @VP @JDVance, a fearless champion of President Trump and the America First agenda. More than the strength of his convictions and the might of his intellect, JD has given this Administration the full measure of his devotion to country, perhaps nowhere more powerfully than in the fight against fraud and the defense of every taxpayer dollar. I am grateful for his friendship and the privilege of serving the American people alongside him.

.@DAGToddBlanche has been a trusted partner in advancing President Trump’s agenda and a proven leader @TheJusticeDept. His leadership has delivered real results and America is a safer place because of his work. The senate should not leave for recess without confirming him as Attorney General.

.@SecScottBessent: We had the biggest tax refund season ever. Trade deals, tax cuts, energy dominance, and deregulatory efforts. America is ushering in the greatest reshoring wave in our history. In June, our manufacturing sector expanded for the sixth straight month. We’ve got construction jobs, and those are going to lead into manufacturing jobs. We've got Main Street prosperity. Real wages are up $1,000. And the bottom 25% of wage earners, just like in @POTUS’ first term, are outperforming the top 25%. This is a working families Administration.

Today, Treasury’s Office of Foreign Assets Control sanctioned six entities and individuals in China, India, Russia, and Iran, including multiple companies serving as general sales agents for the U.S.- and European Union‑sanctioned Iranian airline Mahan Air. Although Mahan Air presents itself as a civilian carrier, it has long played a central role in enabling the Islamic Revolutionary Guard Corps.

Today, Treasury’s Office of Foreign Assets Control designated two firms integral to an Islamic Revolutionary Guard Corps-backed extortion scheme that forces commercial vessels to purchase mandatory maritime “insurance” to transit the Strait of Hormuz.  Although this coverage purports to protect vessels from risks such as seizures, these risks are overwhelmingly created by Iran itself.

.@SecScottBessent: We are building this incredible economy under @POTUS. We're seeing investment kicking in now all over the country. This is a manufacturing renaissance.