Treasury Department

Repo markets and the bank deposit business, in particular, would be upended if the U.S. were to default on its debt, experts say.

While the government is so far making payments, some have been delayed by banks doing lengthy checks that they aren’t breaching any restrictions.

The U.S. Treasury boosted its estimate of federal borrowing needs for the three months through March after entering the quarter with a cash pile that was run down by congressional delays in lifting the government’s debt limit.

Republicans believe there’s enough time left if Democrats start Wednesday or Thursday, a GOP aide said on condition of anonymity. Republicans could keep the vote-a-ramas very limited to keep things moving along.

The Supreme Court decision cleared the way for further revisions to the agreements between the Federal Housing Finance Agency and the Treasury, which could include dismissing the January changes.

President Biden plans to direct his administration to develop a strategy on climate-related risks for public and private financial assets, according to a draft document seen by Bloomberg News.

The government-sponsored enterprise announced Wednesday it will change eligibility criteria for vacation homes and investor properties starting April 1 to fulfill a directive by former Treasury Secretary Steven Mnuchin.

Janet Yellen was confirmed by the U.S. Senate as the country's 78th Treasury secretary and the first woman to hold the job, putting her in charge of overseeing an economy that continues to be hobbled by the coronavirus pandemic.

The FHFA and Treasury will allow Fannie Mae and Freddie Mac to hold more capital as part of the Trump administration's plans to release the companies from conservatorship. But it is unclear whether the incoming Biden administration will keep the mortgage giants on the same reform path.

Treasury Secretary Steven Mnuchin approved the extension of the Main Street Lending Program, which offers loans to midsize companies affected by the pandemic, to Jan. 8.

The top Democrats on the House and Senate banking committees urged the Trump administration to pull the plug on any steps to overhaul Fannie Mae and Freddie Mac with the pandemic still taking a toll on the economy.

Treasury Secretary Steven Mnuchin has all but ruled out letting Fannie Mae and Freddie Mac exit U.S. control before he steps down, leaving it to the Biden administration to decide the fates of the mortgage giants.

The incoming administration chose a battle-tested policymaker who can draw on her nearly two decades at the Fed to help rebuild an economy still struggling from the coronavirus pandemic.

The central bank will prolong the life of the Commercial Paper Funding Facility and three other programs while returning congressionally approved funds for five separate facilities that will shut down Dec. 31.

The Trump administration has compelled the Federal Reserve to shut down the Main Street Lending Program and other facilities that aid banks’ pandemic relief efforts, but President-elect Biden’s Treasury nominee could help turn the spigot back on.

The Structured Finance Association fears Treasury Secretary Steven Mnuchin may release the government-sponsored enterprises from conservatorship ahead of the change in administration, and that doing so could disrupt the mortgage-backed securities market.

Yellen, the former head of the Federal Reserve, would become the first woman to hold the nation’s top economic policy job just as the coronavirus pandemic threatens another downturn.

The move comes a day after the Federal Reserve had balked at the Treasury Department's demand that it return funds meant for pandemic relief that have so far gone unused.

Treasury Secretary Steven Mnuchin called on the Federal Reserve Thursday to let several of its emergency lending facilities expire at yearend and return unused funds provided by Congress. But the central bank wants the programs to continue.

If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.