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While it is unlikely that an economy as large as Russia’s can be rerouted through present crypto infrastructure, there remains opportunity for targeted individuals and entities to leverage the industry’s weak compliance mechanisms to move some of their assets. The Treasury Department’s Office of Foreign Asset Control (OFAC) and Financial Crimes Enforcement Network (FINCEN), in conjunction with the White House’s National Security Council, need to ensure this does not happen. 

Congressional selfies and self-congratulations inaugurated the week, but a lot of hard work remains to translate the Infrastructure Investment and Jobs Act’s (IIJA) policies into real-life results. Given that those policies are (generously) middling and that the most promising ones are underfunded, turning these into winning programs will demand energy, creativity, competence, and a strong commitment to the public interest.

It is very possible that President Biden will show up empty-handed to COP26 in Glasgow next week. And that isn’t just because of the apocalyptic vanity of two Senators from Arizona and West Virginia. Many executive-led policies that are just a matter of political will have not been done, and some of those which have are pure paper tigers. Biden’s administration failed last week to take advantage of a lesser known, but extremely meaningful climate action opportunity. The Financial Stability Oversight Council (FSOC) released its long-awaited report on climate-related financial risk, which the President personally ordered months ago. And it was a complete flop. 

“As a private corporate attorney, MacBride defended fossil fuel companies, Wall Street giants, Big Tech monopolies, and a myriad of other corporate industries,” the groups wrote. “His past work fighting vigorously and successfully on behalf of corporations against the public interest disqualifies him from a role in the administration.”

President Biden has hired several Big Oil consultants and insiders to staff the executive branch amid growing calls for federal climate action.

New financial disclosure filings reveal that Elizabeth Rosenberg, Biden’s pick for Assistant Secretary of the Treasury for Terrorist Financing, was a consultant for ExxonMobil and a Big Oil-aligned corporate law firm.

Interagency cooperation is essential to ensuring the Biden administration adequately manages the risks associated with the growth of cryptocurrency, including illicit finance, tax evasion, investor and customer protection, shadow banking, and financial stability.

Over the Juneteenth weekend, two different men in two different venues told the story of elite Washington in the early Biden era.

It’s hard to imagine a lawyer more conflicted on so much of the Treasury’s issue portfolio, and for such egregious reasons. A quick glance at MacBride’s own page on Davis Polk’s website is all it takes to see he cannot be trusted to act in the public’s interest.

Darla Pomeroy, who is married to an heir to the DuPont family fortune, was just named Senior Advisor to the Office of Domestic Finance at the US Treasury. While her record does not show any familiarity with financial regulatory policy, it reveals instead a history of a powerful corporation highly influential in Delaware placing a close ally in the administration.

The prolonged confirmation fights for top Biden nominees proved one thing: Republicans will gleefully and cynically exploit anti-corruption critiques of Biden’s Cabinet for their own political purposes. The President must deny them this potent political weapon by closing corporate America’s revolving door for good.

Elizabeth Rosenberg, a lesser-known Obama-era official, is being considered to lead the Treasury Department’s Terrorism and Financial Intelligence unit. Her record designing painful economic sanctions, supporting fossil fuel industry-friendly policies, and helping powerful corporations gain close access to the highest levels of government is cause for alarm, writes Vishal Shankar.