A bitterly divided Senate on Monday confirmed Steven Mnuchin as United States treasury secretary despite strong objections by Democrats that the former banker ran a foreclosure machine when he headed OneWest Bank. Republicans said Mnuchin's long tenure in finance makes him qualified to run the department, which will play a major role in developing economic policy under President Donald Trump.
The European Central Bank has announced it will stop printing €500 notes in 2018. It says the move is to stop the notes being used by money launderers and criminals. In effect they are easily transportable. A million Euros in €500 notes weighs 2.2 kilograms and can be carried in a laptop bag.
US Treasury Secretary Jack Lew, who was mocked for his loopy signature, has offered a more legible version. His new sign-off, on a recent Treasury report, showed an attempt to lay out the letters more clearly.
Chinese President Xi Jinping told US Treasury Secretary Jacob Lew in Beijing on Tuesday that he wants to build a new type of relationship with Washington centred on core interests.
US President Barack Obama on Thursday nominated his chief of staff, Jack Lew, as the next Treasury secretary, praising him as a expert on the pressing national issues of spending cuts and deficit reduction.
US Treasury Secretary Timothy Geithner defended his response in 2008 to concerns that emerged over the benchmark Libor interest rate, arguing on Wednesday that US regulators pushed early and forcefully for reforms.