FATIMA HUSSEIN

Treasury reporter

Hussein reports on the U.S. Treasury Department for The Associated Press. She covers tax policy, sanctions and any issue that relates to money.

IRS delays in resolving identity theft cases are ‘unconscionable,’ an independent watchdog says

An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases.

U.S. sanctions ‘sprawling’ shadow banking network for supporting Iranian military

A group of 50 people and firms across across Hong Kong, the United Arab Emirates and the Marshall Islands that have been acting as a “sprawling shadow banking network” for Iran’s military have been hit with U.S. economic sanctions.

Yellen announces efforts to boost the housing supply as high prices create a crunch

The Biden administration announced new steps to increase access to affordable housing. The Democratic administration announced new federal initiatives as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-coronaviru

US proposes rules to stop Americans from investing in Chinese technology with military uses

The Treasury Department has fleshed out its proposed rule that would restrict and monitor U.S. investments in China for artificial intelligence, computer chips and quantum computing.

Democrats put a spotlight on more than 1 million pensions saved under a 2021 law

Democrats are putting a spotlight on more than 1 million union workers and retirees whose pensions are being saved under a 2021 law.

In Atlanta to promote fentanyl actions, Yellen announces sanctions against Mexican cartel

U.S., Treasury Secretary Janet Yellen has announced new sanctions against members of La Nueva Familia Michoacana drug cartel, a notoriously violent group that wars for territorial control with a slate of other Mexican cartels.

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

The Congressional Budget Office says it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.

Treasury sanctions network connected to separatist Bosnian leader

A network of people and firms that support the sanctioned president of Bosnia’s Serb-run part, Milorad Dodik, has been hit with new sanctions.

The IRS wants to end another major tax loophole for the wealthy and raise $50 billion in the process

The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.

Yellen says China’s trade policies could ‘interfere significantly’ with US bilateral relationship

Treasury Secretary Janet Yellen says Chinese “overconcentrated supply chains” pose a threat to U.S. jobs and recent investments meant to build up the U.S. green energy sector.

G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets. Here’s how it will work

The leaders of the Group of Seven wealthy democracies have agreed to set in motion a $50 billion loan to help Ukraine.

Treasury official says budget assistance designed to help Ukraine anti-corruption efforts

Just back from a visit to Ukraine, a U.S. Treasury official is describing a country whose wartime economy has proven resilient in the face of Russia’s invasion, and he says U.S. and allied budget assistance is designed to help Ukraine combat corruption and increase transparency.

Biden lays into Trump over convictions and says he now poses a greater threat than in 2016

President Joe Biden has laid into his likely opponent in November’s election, Donald Trump, for being convicted by a Manhattan jury on 34 felony counts related to hush money payments.

IRS makes free tax return program permanent and is asking all states to join in 2025

The IRS will make permanent the free electronic tax return filing system that it experimented with this year.

US Treasury official visits Ukraine to discuss sanctions on Moscow and seizing Russian assets

A senior U.S. Treasury official has meet with Ukrainian officials in Kyiv to discuss U.S. financial support, enforcing sanctions on Russia and using frozen Russian assets for Ukraine’s benefit in the war with Moscow.

US opens up banking to private Cuban businesses as it aims to boost private sector

The U.S. is lifting some financial restrictions on Cuba in a move designed to boost private businesses on the island.

White House fetes Kenya with state dinner featuring sunset views, celebrity star power

Thursday’s White House state dinner honoring Kenyan President William Ruto offered hundreds of guests some stunning D.C. views, a knockout menu and a healthy dose of celebrity star power.

With Ukraine losing ground, allies debate how to squeeze cash for Kyiv out of frozen Russian assets

Ukraine’s allies are looking for ways to squeeze money out of frozen Russian assets and use it to help Kyiv fend off Moscow’s invasion.

Donald Trump’s campaign says it will begin accepting contributions through cryptocurrency

Donald Trump’s presidential campaign will begin accepting donations in cryptocurrency, the presumptive Republican presidential nominee’s campaign says.

FDIC chair is grilled on Capitol Hill after report outlines agency’s toxic workplace culture

Federal Deposit Insurance Corp. Chairman Martin Gruenberg is sitting for a second day of grilling on Capitol Hill, this time at the Senate Banking Committee, after a damning report about the agency’s toxic workplace culture was released last week.

Biden is slapping a 102% tariff on Chinese EVs

President Joe Biden says in defending his new tariffs on Chinese products that China’s government subsidies ensure its companies don’t have to turn a profit, giving them an unfair advantage in global trade.

Biden blocks Chinese-backed crypto mining firm from land ownership near Wyoming missile base

President Joe Biden on Monday issued an order blocking a Chinese-backed cryptocurrency mining firm from owning land near a Wyoming nuclear missile base, calling its proximity to the base a “national security risk.”

US plans to impose major new tariffs on EVs, other Chinese green energy imports, AP sources say

The Biden administration is planning to announce new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.

Liam and Olivia are still the most popular US baby names, and Mateo makes his debut on the list

Liam and Olivia have for the fifth year topped the list of top baby names for brand new boys and girls in the U.S., according to the Social Security Administration.

FDIC report outlines ‘misogynistic,’ ‘patriarchal’ ‘good ol’ boys’ workplace culture

An independent review of the Federal Deposit Insurance Corp.’s workplace culture describes an environment that fostered “hostile, abusive, unprofessional, or inappropriate conduct,” and questions whether the agency’s chairman is credible to lead the agency through a cultural transformation.

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’

The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report.

Yellen says threats to democracy risk US economic growth, an indirect jab at Trump

Treasury Secretary Janet Yellen argues that a fractured democracy can have destructive effects on the economy.

IRS acts to address wide disparity in audit rates between Black taxpayers and other filers

The IRS says it’s taken steps to address a wide disparity in audit rates between Black taxpayers and others filers.

New US sanctions against Russia target weapons development, ban uranium imports for nuclear power

The United States has imposed new sanctions on hundreds of companies and people tied to Russia’s weapons development program, as well as more than a dozen Chinese entities accused of helping Moscow find workarounds to earlier penalties.

140,000 people did their taxes with the free IRS direct file pilot. But program’s future is unclear

The IRS says more than 140,000 taxpayers filed their taxes through its new direct file pilot program.