The U.S. opposes a proposed global wealth tax on billionaires, Treasury Secretary Janet Yellen said, rejecting an idea floated by Brazil, France and other nations to tip the economic scales away from the megarich.

The Biden administration has eased restrictions for its electric vehicle tax credit, giving automakers more time to adjust to sourcing requirements meant to reduce reliance on China for materials.

The Treasury Department announced Friday that it has finalized rules for a tax credit that serves to encourage sales of electric vehicles while taking aim at foreign entities of concern, such as China, Russia, North Korea, and Iran, and their grip on critical minerals and EV battery components.

U.S. Treasury Secretary Janet Yellen sent a message of mutual cooperation at a meeting Sunday with Chinese Premier Li Qiang, highlighting the improvement in relations since her visit to China last year while recognizing that major differences remain.

After focusing on trade and economic issues for the first two days of her visit, Yellen turned to the broader U.S.-China relationship in the meeting with Li, one of China’s top leaders.

Treasury Secretary Janet Yellen warned in Beijing on Monday that Chinese banks that facilitate support for Russia amid its war in Ukraine could face U.S. sanctions.

“We continue to be concerned about the role that any firms, including those in the [People’s Republic of China], are playing in Russia’s military procurement,” Yellen said in remarks during a press conference at the close of her trip to China.

U.S. Treasury Secretary Janet Yellen met with Chinese Premier Li Qiang, where she boasted about improving relations with the communist nation.

After discussing economic and trade issues over the course of her visit, Yellen argued that the broader U.S.-China relationship was on the up.

“While we have more to do, I believe that, over the past year, we have put our bilateral relationship on more stable footing,” Yellen remarked during a meeting in the Fujian room of the Great Hall of the People on the west side of Tiananmen Square.

Just weeks after former crypto billionaire Sam Bankman-Fried was convicted on seven counts, another titan of the industry is losing his throne.

Binance CEO Changpeng Zhao plead guilty on Tuesday to “violating and causing a financial institution to violate” the Bank Secrecy Act, which requires financial institutions to help weed out money laundering, according to documents filed in Seattle federal court. Zhao, known as CZ, agreed to pay a $50 million fine and resign from the company. It wasn’t immediately clear what sentence he may face.

The world’s largest crypto exchange, Binance, and its founder, Changpeng Zhao, pleaded guilty yesterday to criminal charges in the US, releasing a wave of pent-up tension that had hung over the crypto industry for years.

Binance founder and CEO Changpeng Zhao will resign from the firm and has pleaded guilty to violating criminal law as part of a deal with the government of the United States.

Zhao’s resignation deal includes him pleading guilty to violating the Bank Secrecy Act, which deals with U.S. anti-money-laundering law. The 46-year-old Zhao, who doesn't live in the U.S., appeared in person on Tuesday in Seattle federal court, where he entered the guilty plea, Attorney General Merrick Garland said during a press conference announcing the action.

Treasury Secretary Janet Yellen ate hallucinogenic mushrooms during her recent visit to China, she announced Monday.

Yellen ate the mushrooms as part of a meal at popular Chinese restaurant chain Yi Zuo Yi Wang (In and Out). She said she was not aware at the time that the dish included psychedelic mushrooms, but it soon became clear.

"So I went with this large group of people and the person who had arranged our dinner did the ordering," Yellen told CNN. "There was this delicious mushroom dish. I was not aware that these mushrooms had hallucinogenic properties."

Treasury Secretary Janet Yellen warned Congress on Monday that the U.S. could be unable to pay its bills as early as June 1 if lawmakers do not raise the federal debt limit.

Ms. Yellen informed House Speaker Kevin McCarthy and other congressional leaders in a letter that incoming tax revenue has been lower than expected, moving up the date by which lawmakers need to act or risk default.

“Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1,” wrote Mrs. Yellen.