U.S. Department of the Treasury

We were left with a mess. The Biden administration had the highest deficit-to-GDP in history when we weren't at war or weren't in a recession. For 2025, we brought it down by more than a percent.

Once again, the professor has come up short… His latest screed is an impressive display of economic prestidigitation. He concedes that wages are growing faster for low-income workers and then attempts to bury that dispositive fact beneath nearly 2,000 words. Bank of America data show that spending among lower- and middle-income households has converged toward levels at the top as they lead labor market gains. Professor Reich has a documented history of “inventing dialogue” when the truth doesn’t fit his narrative, a habit that forced him to rewrite his memoir after the media exposed his fabrications. Burger King appears not to be the only one who peddles “Whoppers.” As I do not like “punching down,” this will be the last response to his four-decade pattern of packaging falsehoods as fact.

Under @POTUS, the days of illegal aliens collecting taxpayer-funded benefits are over. The federal law is clear, and @USTreasury is enforcing it. American taxpayers should not be forced to foot the bill for benefits going to those who are barred by law from receiving them. These proposed regulations end the abuse, protect the integrity of the tax system, and put Americans first.

.@POTUS and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework. @USTreasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world.

Show me where communism has ever worked before—whether it’s the Soviet Union, Cuba, or Venezuela. With these policies, you always end up with less. Core inflation, which came out days ago, was 2.5%—a very good number, moving toward the Fed’s 2% target. What we’ve seen over the past year is that wages for the bottom 25% of working Americans were up 5.5%.

In Iowa, the strength of America’s heartland was on full display. @POTUS’s America First agenda is ensuring the people and businesses that power our economy have every opportunity to thrive.

In Iowa, I joined @ZachNunn, @SteveScalise, @RepJasonSmith, @IowaBankers, Iowa Superintendent of Banking James Johnson, and local banking leaders to discuss how @POTUS’ economic agenda is delivering for American families and Main Street. From providing certainty through the Working Families Tax Cuts and supporting financial literacy with Trump Accounts to fighting financial crime and cutting unnecessary regulatory burdens, this Administration continues to encourage investment, unlock capital, and ensure community banks can serve the families, entrepreneurs, and small businesses that drive the American economy.

Today, @FinCENnews issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information. FinCEN today also announced that it will delete previously reported information by U.S. persons from the beneficial ownership information database.

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.

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.

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.