U.S. Department of the Treasury

WASHINGTON – In the first 100 days of President Donald J. Trump’s second Administration, Secretary of the Treasury Scott K.H. Bessent has been actively working to restore American greatness and usher in a new golden age of prosperity.

“President Trump has outlined a vision for a stronger, safer, and more prosperous America, and I am honored to work for him in implementing this vision,” said Secretary Bessent. 

“The three components of the Trump economic agenda—tariffs, tax cuts, and deregulation—are not standalone policies. They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing: Tax cuts and cost savings from deregulation raise real incomes for families and businesses; tariffs create an incentive for reindustrialization and fair trade; and deregulation complements tariffs by making it easier to invest in energy and manufacturing projects.”

Here are the reforms the U.S. Department of the Treasury is advancing to Make America Great Again:

Making America Prosperous Again

President Trump has a proven track record and a vision to restore the American economy and rebuild our working class. The Treasury Department is working with the rest of the Administration to counter the affordability crisis, help Main Street thrive, and deliver long-term economic growth and innovation. 

Secretary Bessent has delivered two major policy speeches outlining the Administration’s vision to build an economy that benefits both Wall Street and Main Street:

• On March 6, Secretary Bessent gave the keynote address at the Economic Club of New York, in which he offered a blueprint to reprivatize the economy, leverage tariffs to restore our nation’s industrial base, and strengthen our national security through economic security.
• On April 9, Secretary Bessent delivered widely-covered remarks at the American Bankers Association annual conference, in which he established that the Trump Administration is putting the economic wellbeing of everyday Americans first.

Employment Rates

• 345,000 jobs have been added since the start of President Trump’s term.
• The U.S. labor market has experienced steady job growth in the first 100 days: 228,000 American jobs were added in March—nearly 100,000 more than economists predicted and the fourth-highest month for private payroll growth in the past two years.
• The most recent jobs report showed that 92% of the 228,000 jobs created in March were in the private sector.
• The U.S. unemployment rate remains at historic lows: The unemployment rate barely changed at 4.15% in March, even as the labor force participation rate increased to 62.5%.
• Americans’ wages are up, with nominal hourly wages rising by nearly 4% over the past year.
• After adjusting for inflation, wages were 1.4% higher over the year, a solid increase in real purchasing power.
• Inflation data in the first quarter was especially encouraging: 2.4% is the lowest since the first month of the Biden Administration.
• This is also consistent with readings before the pandemic in the first Trump Administration.
• As of March 2025, twelve-month inflation—as measured by the headline consumer price index (CPI)—had dropped to a rate of 2.4%, down 6.7% from the June 2022 peak.
• After increasing to an average 0.3% per month during the final quarter of 2024 (3.5% annualized), monthly inflation eased to an average 0.2% (2.6% at an annual rate) during this year’s first quarter.

Inflation

• CPI inflation for energy goods and services declined in the first quarter—the third quarterly decline of the past four quarters—after turning positive during last year’s final quarter.
• Monthly prices fell 0.4% on average during the first quarter.
• Price inflation eased in several categories, such as transportation services (including motor vehicle insurance, airline fares, and car and truck rentals), as well as hotel lodgings.
• The 10- and 30-year Treasury yields remain lower since the last business day of the Biden Administration, despite volatility in early April. The 10-year Treasury yield has fallen by nearly 40 basis points since January 17 (Jan. 17: 4.61%, April 28: 4.22%).
• The 30-year Fixed Rate Mortgage has dropped by nearly 50 basis points since January 17 (Jan 17: 7.32%, April 28: 6.84%).

Tax Cuts and Jobs Act

• The American people are unified under President Trump’s leadership. And Congress, marching in lockstep with this Administration, is moving at historic speeds to stand with American taxpayers and job creators.
• President Trump, the U.S. Department of Treasury, and Congressional Republicans have made significant progress to preserve and expand on the Trump Tax Cuts.
• Secretary Bessent leads regular meetings with “The Big Six,” with a focus on delivering President Trump’s tax agenda and preventing the largest tax hike in history.
• Both the House and Senate passed budget resolutions in the first 100 days, unlocking the reconciliation process, which positions Congress to have a bill on President Trump’s desk in the coming weeks.

Making treasury efficient Again

Decades of behind-the-curtain disorder and behind-schedule projects at the IRS are being reformed and restructured to create an agency that works for the hardworking American taxpayer, and not the other way around. This is the most transparent Administration in history, and the American people are witnessing a transformative transition for this crucial agency.

Secretary Bessent and Deputy Secretary and Acting IRS Commissioner Michael Faulkender are committed to achieving efficiency while providing the compliance, privacy, and customer service the American people deserve.

Cost Savings

• The IRS has successfully cut $2 billion from the IT budget without any operational disruptions.
• This was achieved by eliminating wasteful contracts, such as auto-renewed licenses unused for years, saving hundreds of millions annually.
• This does not include BPAs (Blanket Purchase Agreements), where the cost saved would increase by approximately 8x.
• The IRS is reducing redundant and obstructive contracts that hold the codebase hostage.
• There can be additional cost savings by removing intermediaries and reclaiming control over our data and system.

Staff Restructuring

• The IRS has removed non-technical staff from technical leadership roles in engineering and replaced them with experienced engineers, and the IRS is in the process of transitioning all non-technical staff out of engineering.
• Currently, fewer than one in five staff in engineering functions are engineers—far below the industry standard, which is typically 100%.
• Going forward, skilled engineers will drive technical decisions, and the only people for consideration in the promotion ladder in engineering will be engineers.
• This restructuring has allowed for much better and faster decision-making, and the department is already seeing the results.
• Both staff restructuring and cutting unnecessary contracts are crucial to taxpayer privacy.

Compliance, Privacy, and Customer Service

• A new compliance strategy, supported by a dedicated software vertical with an engineering lead, aims to double collections and compliance.
• Enhanced software tools will empower our compliance team to close the gap more effectively.
• Staff restructuring is crucial to privacy: the IRS is strengthening privacy by empowering technical cybersecurity experts and reducing system complexity.
• Prior to the Trump Administration, the IRS cybersecurity staff was around 1,000 employees. Yet only about 1% of that staff (roughly 10 people in total) were technical. Moreover, not a single person who was in cyber leadership at the IRS was technical.
• Recent data leaks stemmed from contractors. The IRS is minimizing contractor access and simplifying systems to reduce vulnerabilities.
• Fewer contractors and a leaner tech stack mean a smaller attack surface and stronger data protection.
• Investments in a unified API layer and better tools are transforming how taxpayers interact with the IRS, making services faster and more accessible.
• On March 18, Secretary Bessent promoted IRS Whistleblowers, Gary Shapley and Joseph Ziegler, at the U.S. Department of Treasury.
• The IRS has had an unquestionable culture of politicization, and its toxic environment has led to massive distrust by the American people. By engaging directly with experienced professionals like Mr. Shapley and Mr. Ziegler, Secretary Bessent sent a public message that this behavior will no longer be tolerated. The Secretary is now developing an informed framework on how to make good on that promise.
• These two talented men could have left public service altogether to put this turbulent period of their lives behind them. But instead, they remain committed to ensuring that facts and objectivity will lead the important work of the IRS on behalf of the U.S. taxpayer.
• On March 21, Secretary Bessent and Sam Corcos, Special Advisor at the U.S. Treasury, joined Laura Ingraham on Fox News to discuss the fraud, waste, and abuse seen inside the IRS.
• On March 25, President Trump issued an Executive Order to Modernize Payments To and From America’s Bank Account.
• Treasury has long been committed to reducing paper checks as much as possible. Checks present an increased risk of fraud and theft and create delays in citizens receiving vital payments.
• Reducing paper checks has been a long-standing bipartisan goal that our Administration is finally putting into action. Treasury will be working with agencies to transition their check volumes to electronic alternatives.
• There will inevitably be circumstances where a paper check is necessary. Those exceptions will be identified to ensure that no matter what, citizens are able to access their federal payments in a safe and secure way.
• Last year, the federal government spent $450 million on paper processing with nearly 6,500 full-time staff dedicated to this task.
• Through policy changes and automation, Treasury aims to reduce this to under $20 million, aligning with industry standards.
• On April 8, the IRS launched the IRS Roadmapping Initiative to modernize infrastructure and enhance taxpayer services.
• The Treasury Department is pleased to have gathered a team of long-time career IRS engineers who have been identified as the most talented technical personnel. Through this coalition, they will streamline IRS systems to create the most efficient service for the American taxpayer.
• This new leadership and direction will maximize their capabilities and serve as the tech-enabled force multiplier that the IRS has needed for decades.
• The long-time IRS Engineering team is working hard to create a Unified API Layer: The IRS has spent more than 20 years and $4 billion attempting to build a unified API layer. Instead, the IRS has a dozen fragmented APIs that are challenging to use.
• A Unified API Layer simplifies communication between different apps and datasets. It is a technical infrastructure that keeps data organized.
• This will create a seamless interface for taxpayers and internal teams alike, allowing for rapid development of future products and services.
• On April 15, the IRS had a successful Tax Day. During this transformative time of modernization and rooting out fraud and bureaucratic backlogs, the IRS continues to work at full speed, with tax receipts up across the board this year over last.

President Trump is attracting the most qualified, experienced, and smartest team of any Administration in history. And the Treasury Department is pleased to be attracting top talent from the business, financial, and political realms.

• Treasury has onboarded more political appointees in the first 100 days than the Department did in the whole first year of the Biden Administration.
• In conjunction with President Trump’s Executive Order, the U.S. Department of the Treasury brought its workforce back into the office.
• On February 19, Secretary Bessent reopened the historic front entrance of the Treasury Department building at 1500 Pennsylvania Avenue, marking the first time the entry has been open since the 2020 COVID-19 pandemic.
• The Department of Treasury ended discriminatory DEI policies and closed DEI offices within the Department.
• Treasury also ended a wasteful contract with LinkedIn as the company continues to champion DEI in recruiting practices that prioritize identity over merit.

Making America Safe Again

President Trump has made clear that American strength is back. The Treasury Department has been proud to support this effort through dozens of sanctions and other actions that aim to keep Americans and our allies safe from foreign adversaries.

U.S. Treasury Department’s Maximum Economic Pressure on the Government of Iran

• On February 6, the U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 20 persons and vessels for their role in shipping millions of barrels of Iranian oil worth hundreds of millions of dollars on behalf of Iran’s Armed Forces General Staff and its front company Sepehr Energy Jahan Nama Pars Company.
• On February 24, The U.S. Department of the Treasury imposed additional sanctions on Iran’s shadow fleet as part of the maximum pressure campaign. Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of State imposed sanctions on over 30 persons and vessels in multiple jurisdictions for their role in brokering the sale and transportation of Iranian petroleum-related products.
• On February 26, the U.S. Department of the Treasury’s OFAC imposed sanctions on six entities based in Hong Kong and the People’s Republic of China (PRC), engaged in the procurement of unmanned aerial vehicle (UAV) components on behalf of OFAC-designated Iranian firm Pishtazan Kavosh Gostar Boshra and its subsidiary Narin Sepehr Mobin Isatis, which serve as key suppliers for Iran’s UAV and ballistic missile programs.
• On March 4, The U.S. Department of the Treasury’s OFAC sanctioned Iran-based Behrouz Parsarad, the sole Administrator of Nemesis—an online darknet marketplace which was the subject of an international law enforcement operation and was taken down in 2024. Prior to its takedown by law enforcement, narcotics traffickers and cybercriminals openly traded in illegal drugs and services on Nemesis, which was designed with built-in money laundering features.
• On March 12, The U.S. Department of the Treasury’s OFAC sanctioned the Foxtrot Network, a Transnational Criminal Organization primarily based in Sweden that has trafficked illicit drugs and that carried out attacks on Israelis and Jews in Europe, along with its fugitive leader Rawa Majid. In January 2024, the Foxtrot Network orchestrated an attack on the Israeli Embassy in Stockholm, Sweden, on behalf of the Government of Iran.
• On March 13, The U.S. Department of the Treasury’s OFAC designated Iran’s Minister of Petroleum, Mohsen Paknejad, who oversaw the export of tens of billions of dollars’ worth of Iranian oil and allocated billions of dollars’ worth of oil to Iran’s armed forces for export.
• On March 20, The U.S. Department of the Treasury’s OFAC designated a “teapot” oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the foreign terrorist organization, Ansarallah, commonly known as the Houthis, and the Iranian Ministry of Defense of Armed Forces Logistics (MODAFL).
• On March 25, The U.S. Department of the Treasury’s OFAC, in coordination with the Federal Bureau of Investigation (FBI), imposed sanctions on three Iranian Ministry of Intelligence and Security (MOIS) officials who were involved in the abduction, detention, and probable death of former FBI Special Agent Robert A. “Bob” Levinson.
• On April 1, the U.S. Department of the Treasury’s OFAC, in coordination with the U.S. Department of Justice, is targeting a network of six entities and two individuals based in Iran, the United Arab Emirates (UAE), and the People’s Republic of China (PRC) responsible for the procurement of unmanned aerial vehicle (UAV) components on behalf of Iran-based Qods Aviation Industries (QAI)—a leading manufacturer for Iran’s UAV program.
• On April 2, the U.S. Department of the Treasury’s OFAC took action against a network of Houthi financial facilitators and procurement operatives working in coordination with Sa’id al-Jamal, a senior Houthi financial official backed by Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). This network procured tens of millions of dollars’ worth of commodities from Russia, including weapons and sensitive goods, as well as stolen Ukrainian grain, for onward shipment to Houthi-controlled Yemen.
• On April 9, the U.S. Department of the Treasury’s OFAC designated five entities, and one individual based in Iran for their support of key entities that manage and oversee Iran’s nuclear program, including the Atomic Energy Organization of Iran (AEOI) and the AEOI-subordinate Iran Centrifuge Technology Company (TESA).
• On April 10, the U.S. Department of the Treasury’s OFAC designated the maritime network of UAE-based Indian national Jugwinder Singh Brar, whose fleet of approximately 30 vessels has aided Iran in shipping Iranian crude oil and petroleum products throughout the Persian Gulf.
• On April 16, the U.S. Department of the Treasury’s OFAC designated a Chinese teapot refinery and 11 entities and vessels associated with Iran’s shadow fleet.
• On April 17, the U.S. Department of the Treasury’s OFAC sanctioned Yemen-based International Bank of Yemen Y.S.C. (IBY) for its financial support of the Houthis, which is part of the Iran threat network.
• On April 22, the U.S. Department of the Treasury’s OFAC designated an Iranian national and liquified petroleum gas (LPG) magnate Seyed Asadoollah Emamjomeh and his corporate network, which is collectively responsible for shipping hundreds of millions of dollars’ worth of Iranian LPG and crude oil to foreign market.
• On April 28, the U.S. Department of the Treasury’s OFAC targeted three vessels and their owners for providing support to the Houthis, which is part of the Iranian regime’s network of terrorist proxies and partners.

U.S. Department of the Treasury Sanctioned Drivers of Violence in the Democratic Republic of Congo

• On February 20, the U.S. Department of the Treasury’s OFAC imposed sanctions on James Kabarebe (Kabarebe), Rwanda’s Minister of State for Regional Integration. Kabarebe is central to Rwanda’s support for the March 23 Movement (M23), a U.S.- and United Nations (UN)-designated armed group that has rapidly expanded its territorial control in eastern Democratic Republic of the Congo (DRC) and is responsible for human rights abuses.

U.S. Treasury Department Sanctioned China-based Hacker Involved in the Compromise of Sensitive U.S. Victim Networks

• On March 5, the U.S. Department of the Treasury’s OFAC designated Zhou Shuai, a Shanghai-based malicious cyber actor and data broker, and his company, Shanghai Heiying Information Technology Company, Limited (Shanghai Heiying). In collaboration with another malicious cyber actor, U.S.-sanctioned Yin Kecheng, Zhou Shuai illegally acquired, brokered, and sold data from highly sensitive U.S. critical infrastructure networks.

U.S. Treasury Department Sanctioned Individuals and Companies Involved in Supporting Hizballah Finance Team

• On March 28, the U.S. Department of the Treasury’s OFAC designated five individuals, and three associated companies involved in a Lebanon-based sanctions evasion network supporting the Hizballah finance team.

U.S. Department of the Treasury Sanctioned Ransomware Enabling Network

• On February 11, The U.S. Department of the Treasury’s OFAC, Australia’s Department of Foreign Affairs and Trade, and the United Kingdom’s Foreign Commonwealth and Development Office are jointly designating Zservers, a Russia-based bulletproof hosting (BPH) services provider, and two administrators for their role in supporting LockBit ransomware attacks.

U.S. Treasury Department's Maximum Pressure Campaign on Cartels

• On February 6, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $37,000,000 civil money penalty against Brink’s Global Services USA, Inc. (Brink’s) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering (AML) law that safeguards the financial system from illicit use, and its implementing regulations.
• On March 11, the U.S. Department of the Treasury’s FinCEN issued a Geographic Targeting Order (GTO) to further combat the illicit activities and money laundering of Mexico-based cartels and other criminal actors along the southwest border of the United States.
• On March 18, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Jumilca Sandivel Hernandez Perez, a key leader of the Lopez Human Smuggling Organization, a Guatemala-based Transnational Criminal Organization responsible for the smuggling of thousands of illegal aliens from Guatemala, through Mexico, and into the United States.
• On March 31, the U.S. Department of the Treasury’s FinCEN issued an alert on bulk cash smuggling and repatriation by Mexico-based Transnational Criminal Organizations, urging financial institutions to be vigilant to such activity.
• On March 31, the U.S. Department of the Treasury’s OFAC designated six individuals, and seven entities involved in a money laundering network supporting the Sinaloa Cartel, one of the most notorious and violent drug trafficking organizations in the world, and a U.S.-designated Foreign Terrorist Organization.
• On April 9, the U.S. Department of the Treasury’s OFAC sanctioned Mexican national Jesus Alfredo Beltran Guzman, a key leader of the Beltran Leyva Organization (BLO), for playing a significant role in the trafficking of illicit drugs, including fentanyl, cocaine, heroin, and methamphetamine, into the United States.
• On April 15, the U.S. Department of Treasury’s OFAC sanctioned four individuals affiliated with La Nueva Familia Michoacana (LNFM), a Mexican cartel designated as a Foreign Terrorist Organization and a Specially Designated Global Terrorist, that has poisoned Americans by trafficking fentanyl and other illicit drugs into the United States.

Making America Respected Again

President Trump is working tirelessly to defend American interests with other nations, and Secretary Bessent is supporting these efforts through key policy speeches and statements, as well as meeting with dozens of foreign leaders and counterparts to both defend and advance the economic interests of everyday Americans across the world.

On February 12, Secretary Bessent traveled to Ukraine to meet with President Volodymyr Zelenskyy to offer a draft of the U.S.-Ukraine minerals agreement. The agreement serves both countries economic interests and has provided the foundation for ongoing negotiations to bring the war to an end. 

Laying the Foundations for America First Economic Policy—Secretary Bessent Delivered a Major Policy Speech Setting Standards for Success:

• On April 23, Secretary Bessent delivered widely-covered remarks on the sidelines of the World Bank-IMF Spring Meetings, calling on America’s allies to rebalance the international financial system—including on trade—and refocus the IMF and World Bank on their founding charters.

Advancing America First Economic Policy Abroad: Secretary Bessent Has Held Over 38 Significant Bilateral Calls and Meetings with Foreign Counterparts

• On January 28, Secretary Bessent held a virtual introductory meeting with Finance Minister Katsunobu Kato of Japan.
• On February 4, Secretary Bessent held an introductory meeting with European Central Bank President Christine Lagarde.
• On February 5, Secretary Bessent held a virtual introductory call with Bank of Japan Governor Kazuo Ueda.
• On February 10, Secretary Bessent held an introductory call with Canadian Minister of Finance and Intergovernmental Affairs Dominic LeBlanc.
• On February 19, Secretary Bessent held an introductory meeting with Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó.
• On February 21, Secretary Bessent had an introductory call with Vice Premier He Lifeng of the People’s Republic of China.
• On February 23, Secretary Bessent met with Argentine Finance Minister Luis Caputo.
• On February 24, Secretary Bessent held a meeting with French Minister of Economy, Finance, and Industrial and Digital Sovereignty Éric Lombard.
• On February 25, Secretary Bessent held a meeting with Australian Treasurer Jim Chalmers.
• On February 28, Secretary Bessent spoke with Acting President Choi Sang-mok of Korea.
• On February 28, Secretary Bessent spoke with Qatari Finance Minister Ali bin Ahmed al Kuwari.
• On March 3, Secretary Bessent held a call with German Minister of Finance Jörg Kukies.
• On March 5, Secretary Bessent and Israeli Minister of Finance Bezalel Smotrich issued a joint statement reaffirming the strong and enduring economic commitment between the United States and Israel.
• On March 10, Secretary Bessent met with Saudi Arabian Minister of Finance Mohammed Al-Jadaan.
• On March 13, Secretary Bessent held a call with EU Commissioner Valdis Dombrovskis.
• On March 18, Secretary Bessent met with United Arab Emirates National Security Advisor, His Highness Sheikh Tahnoon bin Zayed Al Nahyan.
• On March 19, Secretary Bessent met with Minister of Treasury and Finance Mehmet Şimşek of the Republic of Türkiye.
• On March 31, Secretary Bessent met with German Minister of Finance Jörg Kukies.
• On April 10, Secretary Bessent met with Deputy Prime Minister Ho Duc Phoc of Vietnam.
• On April 14, Secretary Bessent met with Minister of Economy Luis Caputo of Argentina.
• On April 14, Secretary Bessent met with President Javier Milei of Argentina.
• On April 15, Secretary Bessent met with Prime Minister and Minister of Defense Dr. Jafar Hassan of Jordan.
• On April 15, Secretary Bessent met with Minister of Economy, Trade, and Business Carlos Cuerpo of Spain.
• On April 23, Secretary Bessent held a meeting with Minister of Finance Andrzej Domanski of Poland.
• On April 23, Secretary Bessent met with Minister of Finance Mehmet Simsek and Central Bank Governor Fatih Karahan of Türkiye.
• On April 23, Secretary Bessent met with Prime Minister Denys Shmyhal and Minister of Finance Sergii Marchenko of Ukraine.
• On April 23, Secretary Bessent met with Secretary of Finance and Public Credit Edgar Amador Zamora of Mexico.
• On April 24, Secretary Bessent and United States Trade Representative Jamieson Greer met with Deputy Prime Minister Sang-mok Choi and Minister Duk-Geun Ahn.
• On April 24, Secretary Bessent met with Mubadala Group Managing Director and CEO Khaldoon Khalifa Al Mubarak of the United Arab Emirates.
• On April 24, Secretary Bessent met with Minister of Economy and Finance Giancarlo Giorgetti of Italy.
• On April 24, Secretary Bessent met with Asian Development Bank President Masato Kanda.
• On April 24, Secretary Bessent met with Finance Minister Katsunobu Kato of Japan.
• On April 24, Secretary Bessent met with Finance Minister Sri Mulyani Indrawati of Indonesia.
• On April 25, Secretary Bessent met with President Karin Keller-Sutter and Vice President Guy Parmelin of Switzerland.
• On April 25, Secretary Bessent met with Meeting with Minister of Finance Ali bin Ahmed al Kuwari of Qatar.
• On April 25, Secretary Bessent met with Chancellor Rachel Reeves of the United Kingdom.
• On April 25, Secretary Bessent met with Bank of England Governor Andrew Bailey.
• On April 25, Secretary Bessent met with EU Commissioner Maria Luis Albuquerque.

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