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The Trump administration plans to impose sanctions on another bank this week in an effort to clamp down on Iran transactions, Treasury Secretary Scott Bessent said Sunday. Bessent spoke with The Associated Press ahead of Group of 20 meetings in Asheville, North Carolina, where he will meet individually with his counterparts from the world's major and developing economies to encourage participation in the economic isolation of Iran. "This is going to be financial violence if we have to," Bessent said in the interview. "We are showing people that we know who you are, you know who you are, and this has got to stop." Bessent had recently announced a new campaign to push countries that still do business with the already heavily sanctioned Islamic Republic to sever their financial ties or face retaliation from the United States. Treasury's first official action in this campaign was a proposed rulemaking on Friday, which would, if finalized, sever the Emirati branches of Banque Misr, Egyp
The US Mint has begun producing a new USD 1 coin bearing President Donald Trump's face that will be released in the fall, the Treasury Department said Wednesday. The final design for the commemorative coin to help celebrate America's 250th birthday was approved earlier this year by the US Commission of Fine Arts, whose members were appointed by Trump. But the finished product unveiled Wednesday differs from that version in a few aspects, including that it is not made of gold but rather has a gold finish. The coin is intended "to honour the enduring legacy of liberty and a lasting symbol of patriotism," Treasury Secretary Scott Bessent said in a post on X. "Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all." Trump, a Republican, has a penchant for putting his name and likeness in the historical record, following his renaming of the US Institute of Peace, the Kennedy Center performing arts ven
The Treasury Department moved Friday to enlist the nation's banks more deeply in President Donald Trump's immigration crackdown, including issuing fresh guidance that lets banks rapidly share information about suspected customers and an advisory steering them to flag signs that one of their customers may lack legal immigration status. These changes are part of the administration's push to remove undocumented workers from the nation's banking system without explicitly mandating that banks do so. In order to get banks to participate, the administration has framed these actions as a crackdown on fraud and crime, not explicitly about immigration. "The information in your purview can help stop a cartel financier, disrupt a money laundering network, uncover labour exploitation, or protect taxpayers from fraud," Treasury Secretary Scott Bessent said in prepared remarks at a banking conference in Houston. Bessent's remarks and the Treasury Department's new guidelines come from an executive