Tag: Janet Yellen

Biden signs order on cryptocurrency as its use explodes

– March 9, 2022

WASHINGTON — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.

Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive, and more efficient financial system” while countering illicit finance and preventing risks to financial stability and national security.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.

“That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement.

https://www.twincities.com

G20: Finance ministers meet to discuss global tax reform

DW – July 9, 2021

The Italian city of Venice is set to host a summit of finance ministers and central bankers from the G20 countries on Friday.

Top of the agenda is implementing a  global tax reform, spearheaded by the US Treasury Secretary Janet Yellen, that proposes a minimum corporate income tax of 15%.

Some 130 countries already backed the plan, brokered by the Paris-based Organization for Economic Cooperation and Development (OECD).

The minimum tax rate would bring in an estimated $150 billion (€127 billion) in additional tax revenues globally.

Who benefits most from tax reform?

The G20 members, which comprise the world’s largest economies and account for over 80% of global GDP, are expected to be the main winners from the planned tax reform.

Tax havens that slashed their corporate taxes to incentivize multinational companies to set up headquarters there would lose out the most.

Nevertheless, many, such as Panama and Bermuda, have signed up.

Countries will have until the end of 2023 to put the proposed tax reform into law. But ministers may question the ability of the US government to get such a proposal through the hotly divided US Congress where Republicans have already fought against US President Joe Biden’s domestic tax plans.

Pockets of resistance

Not all countries have agreed to the deal, however, with EU member states Ireland, Estonia and Hungary holding back.

https://www.dw.com