March 12, 2021

Treasury

Biden to Tap Former Fed Economist for Treasury Domestic-Finance Post

WASHINGTON—President Biden intends to nominate

Nellie Liang,

an economist who specialized in financial stability during her career at the Federal Reserve, to a senior Treasury Department post, the White House said Thursday.

The president is tapping Ms. Liang to serve as undersecretary for domestic finance, an important role in management of U.S. debt, tax and fiscal policy, financial regulation, housing finance and other economic matters.

She was nominated by former President

Donald Trump

to a seat on the Fed’s seven-member board of governors in 2018, but her nomination ran into opposition from Senate Republicans. Her nomination never had a committee

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Bringing New Money-Laundering Law Into Force Falls to Tiny Treasury Unit

Over the next year, a small, relatively obscure bureau of the U.S. Treasury Department will take a lead role in plugging what many experts consider the biggest hole in the U.S.’s anti-money-laundering protections.

It won’t be easy for the Financial Crimes Enforcement Network, say experts and almost a dozen former Treasury officials and veterans of the bureau. Sweeping anti-money-laundering legislation, approved this year, requires the agency to build a state-of-the-art corporate ownership registry meant to help authorities unmask the beneficial owners of anonymous shell companies and track the flow of illicit money.

FinCEN—whose roughly 300 employees account for less than

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Australia’s Treasury Wine to overhaul business, sell assets as Chinese tariffs bite

(Reuters) – Treasury Wine Estates plans a major overhaul of its business that includes the likely sale of low priority brands and other assets, aiming to gain at least A$300 million ($230 million) as it reels from the impact of steep Chinese tariffs on Australian wine.

FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray

The restructuring was unveiled on Wednesday as the world’s largest listed winemaker reported a 43% slump in first-half net profit to A$120.9 million ($94

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