Treasury Deputy Secretary

Happy 235th birthday to the U.S. Coast Guard! 🇺🇸 Born as the Revenue Cutter Service under Alexander Hamilton and the Treasury Department in 1790, the Coast Guard was initially created to enforce tariff and trade laws. The brave men and women of the Coast Guard have proudly served our nation ever since. Thank you for safeguarding our shores.

I had the privilege of swearing in Treasury’s new @UnderSecTFI, John Hurley. John’s extensive private sector experience, military service, and previous service on President Trump’s Intelligence Advisory Board make him uniquely qualified to serve the American people in this very important role.

The economy is strong. Inflation is falling. Trade deals are working. Investment is up. But the Fed is still holding rates high with no justification — even their own governors admit there’s room to cut. It's time to stop choking growth. It’s time to reduce rates.

The Democrats spent years telling you the inflation-ridden Biden economy was working. Now they claim President Trump’s booming economy isn’t — even as consumer spending climbs, businesses invest, and trade deals deliver. The Golden Age is just getting started.

Today, in its largest Iran-related action since 2018, Treasury is sanctioning more than 115 individuals, entities, and vessels that make up a vast shipping empire controlled by Mohammad Hossein Shamkhani, son of a top political advisor to the Supreme Leader. This network transports oil and petroleum products from Iran and Russia, as well as other cargo, to buyers around the world, generating tens of billions of dollars in profit.

Innovation fuels the American spirit, but it needs forward-thinking regulation to thrive. @POTUS is providing the certainty entrepreneurs & investors need. In @WashingtonPost, I discuss how he's positioning the U.S. as the crypto capital of the world: washingtonpost.com/opinions/2025/…

Are you tired of winning yet? 🇺🇸

Inflation remains tame and consumer confidence is soaring because the American people trust President Trump to put America First and rebalance our economy and global trade. cnn.com/2025/07/29/bus…

Last week, we hosted a Big Beautiful Breakfast with House and Senate staffers to thank them for their hard work on the development and passage of the One Big Beautiful Bill. I also want to thank the tax team here @USTreasury for their tireless efforts toward realizing President Trump’s vision of a new Golden Age for the American people.

Inflation has fallen to a four-year low, consistently coming in below expectations since @POTUS took office. Through tax certainty, deregulation, and strong trade agreements, this administration is delivering results. President Trump’s full agenda is fundamentally disinflationary.

The CapEx Comeback is in full swing: "President Trump’s 'big, beautiful bill' has sparked an investment surge across American businesses." foxbusiness.com/politics/trump…

The CapEx Comeback is a direct result of the fundamental shifts in economic policy envisioned by @POTUS. This administration is creating enormous incentives for domestic investment.

The Iran-backed Houthis collaborate with opportunistic businessmen to reap enormous profits from the importation of petroleum products and to enable the group’s access to the international financial system. Today, @USTreasury is sanctioning two individuals and five entities that profit through money laundering and importing petroleum products into territory controlled by the Houthis. These networks of shady businesses underpin the Houthis’ terrorist machine, and Treasury will use all tools at its disposal to disrupt these schemes.

Business equipment production is up nearly 17% annualized through the first half of the year—the fastest pace since 1997. This CapEx Comeback was jumpstarted by the OBBB, which made investment spending retroactive to Inauguration Day. Higher capital investment drives productivity growth, leading to stronger wages and living standards, especially for blue collar and middle-class workers. They’re seeing their second biggest pay raise to start a new administration since the first Trump Administration. Because the OBBB is permanent, the surge in capital investment will fuel a sustained economic boom that benefits workers and businesses nationwide.

With the GENUIS Act now law, a new era of transactions is here. Stablecoins backed by U.S. Treasury bills will modernize global payments. This is a game-changer for trade, with the potential of trillions of dollars in additional investments in global finances that will boost dollar demand and strengthen American economic leadership.

Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. Thanks to President Trump’s visionary leadership, and @SenatorHagerty's important work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.

With the GENIUS Act providing legal clarity on stablecoins, we now have a faster, cheaper, and more secure way to trade. This boosts global acceptance and demand for dollar-backed digital payments, reinforcing @POTUS’s promise to make the U.S. the Crypto Capital of the World.

The GENIUS Act provides much needed regulatory clarity for the use of stablecoins in modernizing our payment systems. This is a great day for the American people and further cements the dollar as the world’s reserve currency.

President Trump promised to make America the “crypto capital of the world.” @HouseGOP’s actions today to pass the CLARITY Act and send GENIUS to the President’s desk keep that promise. @RepFrenchHill and @CongressmanGT should be commended for their leadership, and I look forward to working with the @SenateGOP to give entrepreneurs, investors, and innovators the regulatory certainty they deserve.

Thanks to the One Big Beautiful Bill, hardworking Americans will see tax relief on their overtime and tipped wages. Treasury is moving swiftly to implement, and these deductions are available regardless of the payment method. foxbusiness.com/politics/one-b…