Treasury

Nov. 2 (UPI) — At least 42 million Americans could begin receiving SNAP benefits by the middle of the week, Treasury Secretary Scott Bessent said Sunday. Funding for the program was set to run out Saturday amid the government shutdown, now in its sixth week.

Two federal judges ruled on Friday that the Trump administration must use emergency funding to pay for the social service during the budget impasse that led the government to shutter services, many of them critical for tens of millions of Americans.

While the judge’s order narrowly averted the suspension of SNAP benefits, it could take as long as two weeks before the benefits resume.

“There’s a process that has to be followed,” Bessent said Sunday on CNN”s State of the Union. “So, we’ve got to figure out what the process is.”

Bessent acknowledged that two weeks is a long time for people who need food, and added that the administration would not appeal the ruling.

He blamed Democrats for the prolonged shutdown, despite both parties refusing to reach a deal to end it.

“The best way for SNAP benefits to get paid is for Democrats, five Democrats, to cross the aisle and reopen the government,” he said.

The judges’ rulings mean, however, that the benefits will resume even without a vote.

Sept. 24 (UPI) — The U.S. Treasury is preparing a $20 billion currency swap with Argentina, Treasury Secretary Scott Bessent said Wednesday. He announced the plan after Argentine President Javier Milei met a day earlier with President Donald Trump at the United Nations General Assembly.

Bessent reiterated the United States is “ready to do whatever it takes to support Argentina and the Argentine people” in a message on X in which he also praised Milei’s leadership.

He added that the United States “is prepared” to buy Argentina’s dollar-denominated debt.

“We are also prepared to provide significant backup credit through the Exchange Stabilization Fund, and we have been in active discussions with President Milei’s team to do so,” Bessent said.

The announcement amounts to a prearranged “loan” that would give Argentina’s government dollars in exchange for pesos, with the commitment to repay the funds within a set period at an agreed interest rate. The main goal is to prevent the economic adjustment program led by Milei from failing.

The Argentine president thanked the United States for its support in a post on X, writing, “We deeply value our friendship with the United States and its commitment to strengthen our partnership on the basis of shared values. Together we will build a path of stability, prosperity and freedom. MAGA!”

Argentina is facing a fragile economic situation: Central Bank dollar reserves are running low, the peso is losing value and the risk of recession is growing.

Against that backdrop, the agreement Bessent announced is intended to give Argentina a financial reserve to pay debt, stabilize the exchange rate and reassure investors. Without that support, the government would face greater difficulties slowing the peso’s decline and containing inflation — issues at the center of Milei’s economic policy.

In addition, the World Bank said Tuesday it is “accelerating support for Argentina,” combining public financing, private investment and capital mobilization to “deploy up to $4 billion in the coming months.”

The bank said the package will target “key drivers of competitiveness,” including “unlocking mining and critical minerals; boosting tourism as a source of jobs and local development; expanding access to energy; and strengthening supply chains and financing for small and medium-sized businesses.”

The official statement in Washington said the move “builds on the $12 billion support package announced in April” and “reflects strong confidence in the government’s efforts to modernize the economy, advance structural reforms, attract private investment and create jobs.”

The World Bank added that “all proposed operations will be subject to approval by the Executive Board.”

Economy Minister Luis Caputo welcomed the announcement and thanked the World Bank for its support. He said the financial reinforcement is a sign of backing for the reforms under way. “The World Bank not only provides resources, it also gives confidence in the economic strategy we are carrying out,” Caputo said.

Also Tuesday, the Inter-American Development Bank said in a statement it is “working to significantly expand its operations in Argentina over the next 15 months” to increase support for the country.

The plan combines sovereign financing with private investment. It includes $2.9 billion in five new public-sector operations in 2025, plus $1 billion through IDB Invest directed at strategic sectors.

Following the U.S. financial support announcement, markets reacted with optimism: Argentine bonds posted sharp gains, stocks extended their recovery and the country’s risk index dropped, reflecting improved perceptions of solvency.

At the same time, the peso strengthened against the dollar, a sign that government intervention and expectations of outside assistance helped ease pressure on the exchange rate.

Taken together, the moves showed the announcement was seen as immediate relief for Argentina’s finances and a signal of greater short-term stability.

The report comes as the White House pushes to fire fed governor Lisa Cook for a similar reason.

United States Treasury Secretary Scott Bessent agreed to occupy two different houses at the same time as his “principal residence”, an agreement similar to the one US President Donald Trump has called mortgage fraud in his effort to fire Fed Governor Lisa Cook.

The story, first reported by the Bloomberg news service on Wednesday, cites Bessent’s mortgages with lender Bank of America and his pledge in 2007 to primarily occupy homes in New York and Massachusetts.

Mortgage experts told Bloomberg there was no sign of wrongdoing or proof of fraud in Bessent’s home-loan filings and said the issue highlights incongruities found in such documents.

Bank of America did not rely on Bessent’s pledges and never expected him to occupy both homes as his primary residences, Bloomberg reported, citing the mortgage documents.

Representatives for Bessent did not immediately respond to a request for comment.

The Republican president, who appointed Bessent to the Treasury post, and members of his administration have accused Cook, an appointee of Democratic former President Joe Biden, of committing mortgage fraud, a claim Cook denies.

The White House did not respond to Al Jazeera’s request for comment.

Comparable to Cook

Congress included provisions in the 1913 law that created the Fed to shield the central bank from political interference. Under that law, Fed governors may be removed by a president only “for cause”, though the law does not define the term nor establish procedures for removal. No president has ever removed a Fed governor, and the law has never been tested in court.

Trump has sought to remove Cook for cause, citing the alleged fraud. A US appeals court on Monday declined to allow Trump to fire her. The White House has said it will appeal the decision to the US Supreme Court.

Trump’s Department of Justice also has launched a criminal mortgage fraud probe into Cook, issuing grand jury subpoenas in Georgia and Michigan, the news agency Reuters previously reported.

A loan estimate for an Atlanta home bought by Cook showed that she had declared the property as a “vacation home”, according to a document reviewed by Reuters. The property tax authority in Ann Arbor, Michigan, also said Cook had not broken rules for tax breaks on a home there that had been declared her primary residence.

Bloomberg, in its report on Wednesday, pointed to similar but not identical pledges made by a lawyer on Bessent’s behalf on September 20, 2007, agreeing to make a Bedford Hills, New York, house his “principal residence” over the next year, as well as another house in Provincetown, Massachusetts.

“There are people who think that President Trump is putting undue pressure on the Fed. And there are people like President Trump and myself who think that if a Fed official committed mortgage fraud, that this should be examined, and that they shouldn’t be serving as one of the nation’s leading financial regulators,” Bessent told Fox Business Network in an August 27 interview.

Bessent is not the only one. Close relatives of Bill Pulte – who was appointed by Trump as director of the Federal Housing Finance Agency and is the official who has accused Cook of mortgage fraud – have declared the same status on two homes in two different states, public records show.

Mark and Julie Pulte, the father and stepmother have claimed so-called “homestead exemptions” for residences in wealthy neighbourhoods in both Michigan and Florida, Reuters reported earlier, citing public records.

The exemption is meant to give a discount to homeowners on taxes for properties they use as their primary residence.

Aug. 14 (UPI) — People who receive federal checks in the mail will have to switch to an electronic payment method by the end of September or risk experiencing payment delays.

Most people already receive federal checks digitally, but a few still rely on paper checks that are mailed each month, the Treasury Department announced on Thursday.

“Reducing paper checks has been a longstanding bipartisan goal that our administration is finally putting into action,” Treasury Secretary Scott Bessent said.

Switching to all-digital payments “will help reduce fraud and theft” and “remove delays that prevent hardworking Americans from receiving their vital payments,” Bessent added.

Those who receive Social Security, veterans’ benefits or other federal benefits and still receive paper checks can enroll in direct deposit to receive the funds in their bank accounts.

They can enroll in direct deposit by calling the respective agencies, visiting GoDirect.gov or by calling the Electronic Payment Solution Center at 800-967-6857 Monday through Friday between 9 a.m. and 7 p.m. Eastern time.

Those who might not have bank accounts can open an account at FDIC: GetBanked or at MyCreditUnion.gov.

Individuals also can obtain a Treasury-sponsored Direct Express Debit Mastercard to receive electronic payments.

The change comes after President Donald Trump earlier signed an executive order to end paper check disbursements by the end of September, with some limited exceptions.

Such exceptions include those who do not have banking or electronic payment access, certain emergency payments, certain law enforcement activities and other special cases.

The change helps to “modernize how the government handles money” by “switching from old-fashioned paper-based payments to fast, secure electronic payments,” according to a White House announcement.

Payments to the federal government likewise must be made electronically, with limited exceptions.

Aug. 13 (UPI) — The U.S. Treasury Department on Wednesday sanctioned four Mexican nationals and 12 companies in Mexico linked to a “brutally violent” cartel involved in a timeshare fraud of resorts in Puerto Vallarta.

The Treasury’s Office of Foreign Assets Control said the Jalisco New Generation Cartel is a U.S.-designated Foreign Terrorist Organization “that is increasingly supplementing its drug trafficking proceeds with alternative revenue streams such as timeshare fraud and fuel theft.”

Sanctions include blocking all U.S. property owned by the people and the companies named, and the assets must be reported to OFAC. Violations may include civil and criminal penalties.

The agency is reminding current timeshare owners in Mexico: “If an unsolicited purchase or rental offer seems too good to be true, it probably is. Those considering the purchase of a timeshare in Mexico should conduct appropriate due diligence.”

The FBI has a timeshare fraud resource page.

Victims of timeshare fraud can file a complaint with the FBI’s Internet Complaint Center. Elderly customers can contact the Department of Justice’s National Elder Fraud Hotline.

Timeshares are fractional ownership for a vacation property, often one week a year, that are not considered an investment and often are tough to resell.

There are 56 timeshare developments in Puerto Vallarta on Mexico’s Pacific coast, a popular tourist destination that includes beaches, nightlife and cultural attractions. There are 578,000 residents.

“We are coming for terrorist drug cartels like Cartel de Jalisco Nueva Generacion that are flooding our country with fentanyl,” Secretary of the Treasury Scott Bessent said. “These cartels continue to create new ways to generate revenue to fuel their terrorist operations. At President Trump’s direction, we will continue our effort to completely eradicate the cartels’ ability to generate revenue, including their efforts to prey on elderly Americans through timeshare fraud.”

Approximately 6,000 U.S. victims reported losing nearly $300 million between 2019 and 2023 in timeshare fraud in Mexico, according to the FBI. In 2024, there were 900 complaints with reported losses of more than $50 million.

Beginning in 2012, the Treasury Department said the cartel took control of timeshare fraud schemes in Puerto Vallarta in Jalisco and the surrounding area.

“These complex scams often target older Americans who can lose their life savings,” the release said. “The lifecycle of these scams can last years, resulting in financial and emotional devastation of the victims while enriching cartels like CJNG.”

After information on timeshare owners is received, call center personnel claim to be U.S.-based third-party brokers, attorneys or sales representatives.

Fraud may include timeshare resale, re-rent and investment scams. People are asked to pay advance “fees” and “taxes” via international wire transfers to accounts at Mexican banks and brokerage houses before receiving money supposedly owed to them, the Treasury Department said.

The money never comes to the consumers and they are told to pay more “fees” and “taxes.”

Then they may be further victimized when impersonated law firms claim they can initiate proceedings to recover lost funds. Sometimes, government officials are impersonated, claiming the victims have been involved in suspicious transactions with more “fees” required to release the funds or risk prison time.

The Treasury Department said it had blocked all property and interests in property of the persons named, or in possession or control of U.S. people. This also applies to entities owned at least 50% by one of more blocked people.

In addition, Americans are not allowed to be involved in the property of people blocked.

And secondary penalties may be imposed on participating foreign financial institutions.

The Treasury Department listed three senior cartel members most involved in the fraud, who “orchestrate assassinations of rivals and politicians using high-powered weaponry.” They are Julio Cesar Montero Pinzon (Montero), Carlos Andres Rivera Varela (Rivera), and Francisco Javier Gudino Haro (Gudino).

Five companies “explicitly acknowledge their involvement in the timeshare industry” are Akali Realtors, Centro Mediador De La Costa, S.A. de C.V., Corporativo Integral De La Costa, S.A. de C.V., Corporativo Costa Norte, S.A. de C.V. and Sunmex Travel, S. de R.L. De C.V. They “explicitly acknowledge their involvement in the timeshare industry.” Other companies were involved involved in timeshare-related transactions or involvement in real estate activities.

Aug. 5 (UPI) — President Donald Trump said Tuesday that Treasury Secretary Scott Bessent is no longer on the list to replace Federal Reserve Chair Jerome Powell.

“Well I love Scott, but he wants to stay where he is,” Trump said on CNBC’s Squawk Box. “I asked him just last night, ‘Is this something you want?’ ‘Nope I want to stay where I am.'”

“I just take him off. He does not want it. He likes being Treasury secretary,” Trump said.

Powell’s term as Fed chair ends in 2026, and Trump has been highly critical of his hesitation to lower interest rates, calling him a “moron” and “too late.”

Trump is considering his own replacements for the Fed’s board of governors amid his criticism of Powell over his stance on interest rates.

Others Trump is considering to replace Powell include Kevin Warsh, a financier and bank executive who previously served on the Fed’s board of governors, and Kevin Hassett, an economist and the head of the National Economic Council at the White House.

“Both Kevins are very good, and there are other people that are very good, too,” Trump said, adding that [Adriana] Kugler’s resignation “was a pleasant surprise.”

Kugler, a labor economist, announced Friday that she would step down from the Fed’s board of governors this Friday. She plans to return to teaching public policy at Georgetown University in the fall.

Another contender for Powell’s job is economist and Fed governor Christopher Waller, whom Trump appointed.

Trump nominated Powell for the Fed job in 2017, during his first term as president. President Joe Biden reappointed him during his term. Trump alleged Tuesday that Powell told him, “Sir, I’ll keep interest rates so low. I’m a low interest rate person.”

Last week, the Fed kept the interest rate unchanged at 4.25%-4.5%. Waller and governor Michelle Bowman, another Trump appointee, dissented. It was the first time two governors had dissented since 1993.

July 10 (UPI) — President Donald Trump on Monday named Transportation Secretary Sean Duffy to also serve as interim NASA administrator.

Janet Petro, a former leader of the Kennedy Space Center, has been the agency’s acting administrator since Trump became president on Jan. 20. The administrator reports directly to the president.

“Sean is doing a TREMENDOUS job in handling our Country’s Transportation Affairs, including creating a state-of-the-art Air Traffic Control systems, while at the same time rebuilding our roads and bridges, making them efficient, and beautiful, again,” the president wrote in a post on Truth Social on Wednesday. “He will be a fantastic leader of the ever more important Space Agency, even if only for a short period of time. Congratulations, and thank you, Sean.”

Duffy, a lawyer and broadcaster who served in the U.S. House of Representatives from 2002 to 2010, has no science background.

“Honored to accept this mission,” Duffy posted on X. “Time to take over space. Let’s launch.”

The president hasn’t nominated anyone for the agency after he withdrew billionaire Jared Isaacman’s name to lead NASA, citing a “thorough review of prior associations.”

The nomination was withdrawn on May 31, before the Senate was expected to vote on the nomination of Isaacman, who has twice traveled to space on private missions.

It was withdrawn on the day SpaceX chief Elon Musk left the White House after leading the Department of Government Efficiency.

Trump, in a post on Truth Social on Sunday, said it was “inappropriate that a very close friend of Elon, who was in the Space Business, run NASA, when NASA is such a big part of Elon’s corporate life.”

In the message, Trump said he was “saddened to watch Elon Musk go completely ‘off the rails,’ essentially becoming a TRAIN WRECK over the past five weeks.”

The proposed 2026 fiscal year budget for NASA is $18.8 billion, which is a 25% reduction on overall funding and the smallest since 1961 when Alan Shepard became the first American in space.

There are 17,000 permanent civil service employees with headquarters in Washington. Major locations are the Kennedy Space Center in Florida, the Johnson Space Center in Texas, the Jet Propulsion Laboratory in California, the Langley Research Center in Virginia, the Marshall Space Flight Center in Alabama and the Goddard Space Flight Center in Maryland.

NASA relies on SpaceX to send its astronauts to the International Space Center.

The agency also primarily uses private contractors and suppliers to build its rockets and related systems.

The Department of Transportation has 57,000 employees, including the Federal Aviation Administration, safety of commercial motor vehicles and truckers, public transportation, railroads and maritime transport and ports.

Several other political appointees are serving in multiple roles, according to NBC News.

Secretary of State Marco Rubio currently serves as the interim national security adviser and national archivist.

Deputy Attorney General Todd Blanche is the acting head of the Library of Congress.

Jamieson Greer is the U.S. trade representative, acting director of the U.S. Office of Government Ethics and acting special counsel of the U.S. Office of Special Counsel.

Russell Vought is director of the U.S. Office of Management and Budget and acting director of the Consumer Financial Protection Bureau.

Richard Grenell, a special U.S.envoy, is president the Kennedy Center for the Performing Arts.

And Daniel Driscoll is secretary of the Army and the acting director of the Bureau of Alcohol, Tobacco, Firearms and Explosives.

WASHINGTON — President Trump said Wednesday that he had directed the U.S. Treasury to “substantially increase” sanctions on Iran amid tensions over attacks on major Saudi Arabian oil facilities.

The president did not go into further detail, and it is unclear what the sanctions would include.

The decision was the latest escalation after Iran warned the U.S. that it would retaliate “immediately” if Tehran were to be targeted over a weekend attack on Saudi oil installations. The White House earlier indicated Iran was behind air strikes that took out 5% of global supplies, causing oil prices to surge.

President Trump emphasized Monday he wanted to avoid a new Middle East war even as he stressed that the U.S. military was ready for action. He said he was in “no rush” to decide on a response.

Iran denied responsibility for the attacks and, in response to White House allegations, said officials including Secretary of State Michael R. Pompeo were engaged in “maximum deceit.”

Iran also ruled out a potential meeting between Trump and Hassan Rouhani, Iran’s president, on the sidelines of the United Nations General Assembly next week in New York. The U.N. meeting had been considered an opportunity for direct talks between the leaders that, amid a summer of heightened tensions, could resolve the crisis. The U.S. exited the Iran nuclear deal last year and urged other world powers to do the same.

White House national security officials briefed Trump on what Secretary of Defense Mark Esper called an “unprecedented attack” on production at Aramco, Saudi Arabia’s flagship oil company, which U.S. officials believed involved explosives-laden drones and possibly cruise missiles. The strike affected some 5.7 million barrels per day and halved the kingdom’s oil production, according to Saudi Energy Minister Prince Abdulaziz bin Salman.

“Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world’s energy supply,” Pompeo tweeted. “We call on all nations to publicly and unequivocally condemn Iran’s attacks.”

Trump’s announcement on Wednesday came shortly before the president named Robert C. O’Brien, the special envoy for hostage affairs at the State Department, his next national security advisor following the abrupt ousting of John Bolton last week. O’Brien will be the fourth person to serve in the position under Trump at a time when foreign policy challenges are mounting for the president, including the attack on Saudi Arabia’s oil facilities.

L.A. Times staff writers Chris Megerian and Nabih Bulos contributed to this report.

Global Finance has released the results for the 2025 World’s Best Treasury & Cash Management Systems and Services Awards. This program is part of the 25th annual World’s Best Treasury & Cash Management  Providers awards, and a full report on the entire survey will be published in the July/August 2025 print and digital editions and online at GFMag.com. 

Global Finance used a multi-tiered assessment process—which included entries from banks and providers and input from industry analysts, corporate executives, technology experts and independent research—to select the treasury & cash management systems and services. A variety of subjective and objective criteria were considered, including profitability, market share and reach, customer service, competitive pricing, product innovation and the extent to which organizations have successfully differentiated themselves from their competitors around core service provision.

“Driven by digital advancements and demand for visibility, the Treasury and Cash Management sector is rapidly evolving,” said Joseph Giarraputo, founder and editorial director of Global Finance. “Corporations seek integrated platforms with automation and AI, while financial institutions offer innovative solutions for efficiency and transparency. The Treasury and Cash Management Awards recognize those excelling in this changing landscape.”

The list of Global Finance’s World’s Best Treasury & Cash Management Systems & Services Awards 2025 follows.

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For editorial information, please contact Andrea Fiano, editor, [email protected]

Global Finance’s Transaction Banking Awards Ceremony 2025

On the morning of September 30, Global Finance will host its annual Transaction Banking Awards Ceremony at the Melia Frankfurt Hotel during the Sibos conference. Winning organizations will be notified about details in advance of the event.

About Global Finance

Global Finance, founded in 1987, has a circulation of 50,000 and readers in 193 countries and territories. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Its website — GFMag.com — offers analysis and articles that are the legacy of 38 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.

Logo Use Rights

To obtain rights to use Global Finance’s Award Logos, please contact Chris Giarraputo at: [email protected].

The unauthorized use of Global Finance Logos is strictly prohibited.

May 24 (UPI) — President Donald Trump‘s administration is lifting sanctions on war-torn Syria, with the goal of speeding recovery and reconstruction efforts in the Middle Eastern country.

The move will pave the way for “new investment and private sector activity consistent with the President’s America First strategy,” Secretary of State Marco Rubio said in a statement this week.

Trump earlier this month met with Interim Syrian President Ahmed al-Sharaa where he promised he would lift “crippling” U.S. sanctions.

“I have issued a 180-day waiver of mandatory Caesar Act sanctions to ensure sanctions do not impede the ability of our partners to make stability-driving investments, and advance Syria’s recovery and reconstruction efforts,” Rubio said in the statement.

“These waivers will facilitate the provision of electricity, energy, water, and sanitation, and enable a more effective humanitarian response across Syria.”

During his first term in the Oval Office in 2020, Trump imposed sweeping sanctions on Syria and its then-President Bashar al-Assad. The Caesar Syria Civilian Protection Act of 2019 had a major impact on Syria’s economy, particularly its financial and construction sectors.

Trump at the time said sanctions were targeting entities and individuals that were “actively supporting the murderous and barbaric Assad regime.”

Assad was ousted from power last December, fleeing to Russia. It ended a five-decade run of Assad family rule in Syria.

In addition to lifting sanctions, the U.S. Department of the Treasury issued Syria General License 25, allowing people previously blocked from conducting business with Syrian entities to do so under the new al-Sharaa government.

“The GL will allow for new investment and private sector activity consistent with the President’s America First strategy. The Financial Crimes Enforcement Network is providing exceptive relief to permit U.S. financial institutions to maintain correspondent accounts for the Commercial Bank of Syria,” Rubio said in the statement.

“Today’s actions represent the first step in delivering on the President’s vision of a new relationship between Syria and the United States,” Rubio said. “President Trump is providing the Syrian government with the chance to promote peace and stability, both within Syria and in Syria’s relations with its neighbors. The President has made clear his expectation that relief will be followed by prompt action by the Syrian government on important policy priorities.”

The American directive comes just days after the European Union made a similar move. EU officials on Tuesday lifted its sanctions on Syria with the same goal of helping economic recovery.

“We want to help the Syrian people rebuild a new, inclusive and peaceful Syria,” EU High Representative for Foreign Affairs and Security Policy Kaja Kallas said at the time.