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[ad_1] Stocks rebound as Yellen testifies on banks Yellen testifies on Capitol Hill as bank stocks see slight rebound 05:51 Treasury Secretary Janet Yellen will tell America's top banking lobby Tuesday morning that the government has a playbook if other financial institutions, like Silicon Valley Bank, collapse and pose a risk to banking sector. In a speech to the American Bankers Association, Yellen discusses the government's emergency rescue of SVB and Signature Bank 's depositors — and says similar action could be taken in the event of a bank run.  "The steps we took were not focused on aiding specific b

[ad_1] US Secretary of State Antony Blinken (L) walks with China's Foreign Minister Qin Gang (R) ahead of a meeting at the Diaoyutai State Guesthouse in Beijing on June 18, 2023. Leah Millis | Afp | Getty Images U.S. Secretary of State Antony Blinken on Sunday met with Chinese Foreign Minister Qin Gang in Beijing on a high-stakes diplomatic mission to cool U.S.-China tensions that have overshadowed geopolitics in recent months. The trip by Blinken makes him the highest-level American official to visit China since Joe Biden became U.S. president and the first U.S. secretary of state to make the trip in nearly five years. Blinken had "candid, substantive, and constructive talks" with Qin, a U.S. State Department spokesperson said in a statement Sunday . He raised concerns as well as "opportunities to explore cooperation," and he emphasized the importance of open communication, according to the statement. "The Secretary made clear that the United States w

[ad_1] WASHINGTON — The Biden administration's 2024 budget relies almost entirely on additional revenue created by raising taxes on the wealthiest Americans and corporations and by letting the Trump-era tax cuts expire. If several of the proposals, like a billionaire minimum tax, sound familiar, it's because they have been part of the president's domestic agenda wish list for years. And while a White House annual budget is always one part wish list and one part plan, Biden's tax hikes are even less realistic now — with a Republican majority in the House — than they were when he first tried to pass them through a Democratic-controlled House and Senate. The plan released Thursday by the Treasury Department in its annual Green Book, calls for an even higher minimum tax this year on the top 0.01% of earners and households worth more than $100 million, up to 25% from 20% last year. Read more on Biden's fiscal year 2024 budget plan: It would also quadruple the stock

[ad_1] Treasury Secretary Janet Yellen said Monday the U.S. government might not be able to pay its bills as early as June 1 if Congress does not raise or suspend the debt limit.  "After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time," Yellen wrote in a letter to lawmakers.  Her warning comes as Republican lawmakers and the Biden administration appear to be no closer to reaching a deal on the debt than they were at the beginning of the year, when she first started raising alarms about a looming crisis.  Later Monday, President Joe Biden called the four congressional leaders to discuss the debt limit and invited them to meet next week, on May 9 to discuss the debt ceiling, as well as the 2024 fiscal year budget

[ad_1] Beijing — U.S. Treasury Secretary Janet Yellen, in Beijing for meetings with top Chinese officials and American companies that do business in the country, said the U.S. welcomes healthy economic competition with  China , but only if it's fair. Yellen also said she was concerned about new export controls announced by China on two critical minerals used in technologies like semiconductors. "We are still evaluating the impact of these actions," she said, "but they remind us of the importance of diversified supply chains." Her message to company representatives, including from corporate giants such as Boeing and Bank of America that have significant operations in China, was that the U.S. government understands it's not been an easy time. "I've been particularly troubled by punitive actions that have been taken against U.S. firms," the Treasury chief said, referring to  raids carried out in

[ad_1] Treasury Secretary Janet Yellen arrived in Beijing on Thursday for high-stakes meetings with senior Chinese officials. It's her first visit to China as treasury secretary and comes as the U.S. and China have seen escalating tensions over national security and technology.  "I am glad to be in Beijing to meet with Chinese officials and business leaders," Yellen tweeted after arriving in Beijing. "We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges. We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding." Yellen is the second top-ranking Biden administration official to head to China in recent weeks. Secretary of State Antony Blinken traveled to Beijing last month, where he met with President Xi Jinping. Blinken said both sides agreed on the need to stabilize the U.S.