Tag: Trump Treasury

Treasury, SBA cave to demands for bailout transparency

The Trump administration sparked controversy last week when it said it would not reveal the names of companies that received loans.

The Treasury Department and Small Business Administration bowed to congressional pressure Friday and said they will disclose information on companies that received loans under the government’s massive small business rescue program.

The names of companies and nonprofits that got loans larger than $150,000 under the Paycheck Protection Program will be released, along with other identifying information, the agencies said in a statement. Loan amounts will only be given within a certain range.

Treasury Secretary Steven Mnuchin said the move represents an agreement with the bipartisan leaders of the Senate Small Business Committee, which is headed by Sens. Marco Rubio (R-Fla.) and Ben Cardin (D-Md.). Those lawmakers had asked for all borrowers to be identified; the deal will cover nearly 75 percent of the more than $500 billion that has been lent out, though only a minority of the 4.5 million total beneficiaries. Continue reading.

Treasury slaps sanctions on Russian oligarchs

The following article by Shannon Vavra was posted on the Axios website April 6, 2018:

Vladimir Putin in Grand Kremlin Palace. Credit: Mikhail Svetlov / Getty Images

The U.S. Treasury Department is sanctioning 7 Russian oligarchs and 12 companies the oligarchs own or control for their “ongoing and increasingly brazen malign” activity, a senior administration official told reporters Friday.

Why it matters: The move targets Russian President Vladimir Putin’s inner circle, including his son-in-law, and represents the toughest sanctions against Russia since Trump took office. One senior administration official said the goal is to show that “the elite are not immune for accountability for the actions of the Russian government.” It comes as tensions between Russia and the West are rising — fast. Continue reading “Treasury slaps sanctions on Russian oligarchs”