Latest news with #Wyden
Straits Times
14 hours ago
- Business
- Straits Times
Democrat Wyden presses Bessent to commit to US sanctions on Russia
U.S. Senator Ron Wyden (D-OR) speaks during a Senate Finance Committee hearing on the 2025 budget on Capitol Hill in Washington, U.S., March 21, 2024. REUTERS/Elizabeth Frantz/File Photo WASHINGTON - The top Senate Finance Committee Democrat pressed U.S. Treasury Secretary Scott Bessent on Friday to commit to enforcing Ukraine-related sanctions against Russia and to clarify comments about Russia rejoining an international bank payments network. In a letter to Bessent, Senator Ron Wyden also sought answers on how the U.S.-Ukraine critical minerals deal and investment agreement would help improve Ukraine's post-war security and not benefit any entity or country that aided Russia's war effort. Wyden cited Bessent's comments during his confirmation hearing that he was prepared to strengthen Russian sanctions, including on oil majors, if Trump requested this to help end the Ukraine war, which Bessent called "one of the greatest tragedies of my adult life." "I ask that you reaffirm your commitment to stringently enforce these sanctions and answer questions about how you envision other measures pursued by this administration, including agreements with Ukraine, potentially working in conjunction with these sanctions," Wyden wrote. The Oregon Democrat, who has opposed most of Trump's trade and tax agenda advanced by Bessent, asked the Treasury chief to explain comments he made to Fox News Channel in which he did not rule out bringing Russia back into the SWIFT international banking network. Russia was expelled from the payments messaging system after its invasion of Ukraine in 2022. "Would Treasury allow Russian banks to rejoin SWIFT absent a comprehensive peace agreement with Ukraine that fully addresses Russia's unprovoked invasion of Ukraine?" Wyden asked in a series of questions for Bessent to answer. Wyden also asked whether Bessent would continue the U.S. Treasury's implementation of commitments by G7 leaders to curtail Russia's use of the international financial system to support its war against Ukraine. A Treasury spokesperson did not immediately respond to a request for comment on Wyden's letter. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Finextra
5 days ago
- Business
- Finextra
BBVA Kripto chooses Wyden for digital asset trading infrastructure
Wyden, the leading provider of institutional digital asset trading infrastructure for regulated institutions, and Garanti BBVA Kripto, a subsidiary of Garanti BBVA, one of Turkey's largest banks, have announced a strategic partnership to support the growth of Garanti BBVA Kripto's digital asset trading offering to its retail and corporate customer base. 1 Garanti BBVA Kripto will include both crypto trading pairs in Turkish Lira, US Dollar and trading between cryptocurrencies, expanding local market access to digital assets and creating a seamless and efficient experience for Turkish investors. Best-in-class digital asset infrastructure for an optimal client trading experience The platform incorporates different liquidity sources, ensuring both optimal price discovery and best execution to meet new regulatory requirements. Wyden acts as the central trading infrastructure allowing Garanti BBVA Kripto to optimize profitability, manage liquidity, hedge risk and exposure, whilst providing its retail and corporate customers with a superb client trading experience. In addition to enabling best execution, the Wyden platform also supports Garanti BBVA Kripto's comprehensive risk management needs by delivering dynamic hedging mechanisms to manage both limits and exposures. Onur Güven, CEO at Garanti BBVA Kripto, stated: 'As we build out our efficient, scalable, and compliant crypto trading offering for our retail and corporate clients, Wyden's advanced technology gives us the flexibility and confidence to operate and scale in this emerging segment - while always staying closely aligned with our regulatory and risk management priorities. As Garanti BBVA Kripto we are going to constantly build towards the needs of crypto users and the industry.' 'We are proud to collaborate with Garanti BBVA Kripto, a leading force in Turkish banking,' said Andy Flury, CEO of Wyden. 'This partnership Introduces Wyden to one of the region's most trusted financial institutions and underscores our shared commitment to safe, compliant, and scalable digital asset services.'
18-06-2025
- Business
Senate Republicans double down and target clean energy in draft tax bill
Tax credits for clean energy and home energy efficiency would still be phased out, albeit less quickly, under Senate Republicans' latest proposed changes to a massive tax bill. Electric vehicle incentives and other provisions intended to move the United States away from fossil fuels would be gutted rapidly. Senate Republicans cast their version of the bill as less damaging to the clean energy industry than the version House Republicans passed last month, but Democrats and advocates criticized it, saying it would still have significant consequences for wind, solar and other projects. Ultimately, wherever Congress ends up could have a big impact on consumers, companies and others that were depending on tax credits for green energy investments. It could also impact long-term how quickly America transitions to renewable energies. 'They want everybody to believe that after the flawed House bill, that they have come up with a much more moderate climate approach," said Sen. Ron Wyden of Oregon, the top Democrat on the finance committee, during a conference call with reporters Tuesday. 'The reality is, if the early projections on the clean energy cuts are accurate, the Senate Republican bill does almost 90%" as much damage as the House proposal, added Wyden, who authored clean energy tax credits included in the 2022 Inflation Reduction Act passed during former President Joe Biden's term. 'Let's not get too serious about this new Senate bill being a kinder, gentler approach.' The Edison Electric Institute, a trade association representing investor-owned electric companies, issued a statement applauding the Senate proposal for including 'more reasonable timelines for phasing out energy tax credits.' 'These modifications are a step in the right direction,' said the statement from Pat Vincent-Collawn, the institute's interim chief executive officer, adding that the changes balance 'business certainty with fiscal responsibility.' Whether all of the changes will be enacted into law isn't clear yet. The Senate can still modify its proposals before they go to a vote. Any conflicts in the draft legislation will have to be sorted out with the House as the GOP looks to fast-track the bill for a vote by President Donald Trump's imminent Fourth of July target. Notably, many Republicans in Congress have advocated to protect the clean-energy credits, which have overwhelmingly benefited Republican congressional districts. A report by the Atlas Public Policy research firm found that 77% of planned spending on credit-eligible projects are in GOP-held House districts. The clean energy tax credits stem from Biden's climate law, which aimed to boost to the nation's transition away from planet-warming greenhouse gas emissions and toward renewable energy such as wind and solar power. The House version of the bill took an ax to many of the credits and effectively made it impossible for wind and solar providers to meet the requirements and timelines necessary to qualify for the incentives. After the House vote, 13 House Republicans lobbied the Senate to preserve some of the clean energy incentives that GOP lawmakers had voted to erase. Language included Monday in the reconciliation bill from the Senate Finance Committee would still phase out — though more slowly than House lawmakers envisioned — some Biden-era green energy tax breaks. The Senate proposal further 'achieves significant savings by slashing Green New Deal spending and targeting waste, fraud and abuse in spending programs while preserving and protecting them for the most vulnerable,' said Sen. Mike Crapo, R-Idaho and chairman of the committee. On the chopping block are tax credits for residential rooftop solar installations, ending within 180 days of passage, and a subsidy for hydrogen production. Federal credits for wind and solar would have a longer phaseout than in the House version, but it would still be difficult for developers to meet the rules for beginning construction in order to receive the credit. At the same time, it would boost support for geothermal, nuclear and hydropower projects that begin construction by 2033. 'The bill will strip the ability of millions of American families to choose the energy savings, energy resilience, and energy freedom that solar and storage provide,' said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association. 'If this bill passes as is, we cannot ensure an affordable, reliable and secure energy system.' Opponents of the Senate's text also decry domestic manufacturing job and economic losses as a result. 'This is a 20-pound sledgehammer swung at clean energy. It would mean higher energy prices, lost manufacturing jobs, shuttered factories, and a worsening climate crisis,' said Jackie Wong, senior vice president for climate and energy at the Natural Resources Defense Council. The bill would also cancel incentives such as the Energy Efficient Home Improvement credit — which helps homeowners make improvements such as insulation or heating and cooling systems that reduce their energy usage and energy bills — 180 days after enactment. An incentive for builders constructing new energy-efficient homes and apartments would end 12 months after signing. The House's proposed end date for both is Dec. 31. 'Canceling these credits would increase monthly bills for American families and businesses,' Steven Nadel, executive director of the nonprofit American Council for an Energy-Efficient Economy said in a statement. The Senate proposal moves up the timeline for ending the consumer electric vehicle tax credit from the end of this year to 180 days after passage. It also cuts the provision that would have extended until the end of 2026 a credit for automakers that had not made 200,000 qualifying EVs for U.S. sale. It would also immediately eliminate the $7,500 credit for leased EVs. This administration has staunchly gone after EVs amid Trump's targeting of what he calls a 'mandate,' incorrectly referring to a Biden-era target for half of new vehicle sales by 2030 be electric. ___
The Hill
17-06-2025
- Business
- The Hill
Senate Republicans double down and target clean energy in draft tax bill
Tax credits for clean energy and home energy efficiency would still be phased out, albeit less quickly, under Senate Republicans' latest proposed changes to a massive tax bill. Electric vehicle incentives and other provisions intended to move the United States away from fossil fuels would be gutted rapidly. Senate Republicans cast their version of the bill as less damaging to the clean energy industry than the version House Republicans passed last month, but Democrats and advocates criticized it, saying it would still have significant consequences for wind, solar and other projects. Ultimately, wherever Congress ends up could have a big impact on consumers, companies and others that were depending on tax credits for green energy investments. It could also impact long-term how quickly America transitions to renewable energies. 'They want everybody to believe that after the flawed House bill, that they have come up with a much more moderate climate approach,' said Sen. Ron Wyden of Oregon, the top Democrat on the finance committee, during a conference call with reporters Tuesday. 'The reality is, if the early projections on the clean energy cuts are accurate, the Senate Republican bill does almost 90%' as much damage as the House proposal, added Wyden, who authored clean energy tax credits included in the 2022 Inflation Reduction Act passed during former President Joe Biden's term. 'Let's not get too serious about this new Senate bill being a kinder, gentler approach.' Whether all of the changes will be enacted into law isn't clear yet. The Senate can still modify its proposals before they go to a vote. Any conflicts in the draft legislation will have to be sorted out with the House as the GOP looks to fast-track the bill for a vote by President Donald Trump's imminent Fourth of July target. Notably, many Republicans in Congress have advocated to protect the clean-energy credits, which have overwhelmingly benefited Republican congressional districts. A report by the Atlas Public Policy research firm found that 77% of planned spending on credit-eligible projects are in GOP-held House districts. The clean energy tax credits stem from Biden's climate law, which aimed to boost to the nation's transition away from planet-warming greenhouse gas emissions and toward renewable energy such as wind and solar power. The House version of the bill took an ax to many of the credits and effectively made it impossible for wind and solar providers to meet the requirements and timelines necessary to qualify for the incentives. After the House vote, 13 House Republicans lobbied the Senate to preserve some of the clean energy incentives that GOP lawmakers had voted to erase. Language included Monday in the reconciliation bill from the Senate Finance Committee would still phase out — though more slowly than House lawmakers envisioned — some Biden-era green energy tax breaks. The Senate proposal further 'achieves significant savings by slashing Green New Deal spending and targeting waste, fraud and abuse in spending programs while preserving and protecting them for the most vulnerable,' said Sen. Mike Crapo, R-Idaho and chairman of the committee. On the chopping block are tax credits for residential rooftop solar installations, ending within 180 days of passage, and a subsidy for hydrogen production. Federal credits for wind and solar would have a longer phaseout than in the House version, but it would still be difficult for developers to meet the rules for beginning construction in order to receive the credit. At the same time, it would boost support for geothermal, nuclear and hydropower projects that begin construction by 2033. 'The bill will strip the ability of millions of American families to choose the energy savings, energy resilience, and energy freedom that solar and storage provide,' said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association. 'If this bill passes as is, we cannot ensure an affordable, reliable and secure energy system.' Opponents of the Senate's text also decry domestic manufacturing job and economic losses as a result. 'This is a 20-pound sledgehammer swung at clean energy. It would mean higher energy prices, lost manufacturing jobs, shuttered factories, and a worsening climate crisis,' said Jackie Wong, senior vice president for climate and energy at the Natural Resources Defense Council. 'Senators should take a hard look at the businesses creating jobs in their states and the reality of spiking electricity bills.' The bill would also cancel incentives such as the Energy Efficient Home Improvement credit — which helps homeowners make improvements such as insulation or heating and cooling systems that reduce their energy usage and energy bills — 180 days after enactment. An incentive for builders constructing new energy-efficient homes and apartments would end 12 months after signing. The House's proposed end date for both is Dec. 31. 'Canceling these credits would increase monthly bills for American families and businesses,' Steven Nadel, executive director of the nonprofit American Council for an Energy-Efficient Economy said in a statement. 'Why would we stop helping families save energy when prices are going up and up? The Senate proposal moves up the timeline for ending the consumer electric vehicle tax credit from the end of this year to 180 days after passage. It also cuts the provision that would have extended until the end of 2026 a credit for automakers that had not made 200,000 qualifying EVs for U.S. sale. It would also immediately eliminate the $7,500 credit for leased EVs. This administration has staunchly gone after EVs amid Trump's targeting of what he calls a 'mandate,' incorrectly referring to a Biden-era target for half of new vehicle sales by 2030 be electric. ___ Associated Press writers Matthew Daly in Washington and Jennifer McDermott in Providence, R.I., contributed to this story. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
American Military News
17-06-2025
- Business
- American Military News
Gov't agency purchased private passenger data from US airlines: Report
A new report claims that U.S. Customs and Border Protection (CBP) has purchased passenger information from a data broker owned by multiple U.S. airlines. According to 404 Media, documents obtained through a Freedom of Information Act request show that the CBP's purchase of private airline passenger data was intended to help the agency identify persons of interest. The outlet noted that the Airlines Reporting Corporation (ARC), which is owned by at least eight of the top U.S. airlines, sold the data to the CBP, which included the names, financial information, and flight itineraries of passengers. Senator Ron Wyden (D-Ore.) told 404 Media, 'The big airlines—through a shady data broker that they own called ARC—are selling the government bulk access to Americans' sensitive information, revealing where they fly and the credit card they used.' 404 Media reported that the sale of passengers' private information is part of the Airlines Reporting Corporation's Travel Intelligence Program (TIP). According to a Statement of Work obtained by the outlet, federal officials claimed the CBP needed access to the program to 'support federal, state, and local law enforcement agencies to identify persons of interest's U.S. domestic air travel ticketing information.' According to 404 Media, the CBP claimed that the data purchased from the Airlines Reporting Corporation is only used to locate individuals in investigations launched by the Office of Professional Responsibility. READ MORE: Major airline files for bankruptcy According to the documents obtained by 404 Media, the data obtained from the Travel Intelligence Program is expected to give the CBP 'visibility on a subject's or person of interest's domestic air travel ticketing information as well as tickets acquired through travel agencies in the U.S. and its territories.' 404 Media reported that the Airlines Reporting Corporation asked the CBP not to 'publicly identify vendor, or its employees, individually or collectively, as the source of the Reports unless the Customer is compelled to do so by a valid court order or subpoena and gives ARC immediate notice of same.' 'CBP is committed to protecting individuals' privacy during the execution of its mission to protect the American people, safeguard our borders, and enhance the nation's economic prosperity,' a CBP spokesperson told 404 Media. 'CBP follows a robust privacy policy as we protect the homeland through the air, land and maritime environments against illegal entry, illicit activity or other threats to national sovereignty and economic security.' Wyden told 404 Media that the Airlines Reporting Corporation has 'refused to answer oversight questions from Congress,' prompting the Oregon senator to contact various airlines regarding 'why they gave the green light to sell their customers' data to the government.'
