U.S. Treasury chief urges Lebanon to crack down on Iranian and Hezbollah money flows
U.S. Treasury Secretary Scott Bessent pressed Lebanese leaders to take decisive steps against Iranian and Hezbollah financial networks and to push key banking reforms.
U.S. Treasury Secretary Scott Bessent met with Lebanese Prime Minister Nawaf Salam and Finance Minister Jaber Yassine on Monday to discuss Lebanon's financial challenges. He urged the government to implement decisive measures to dismantle Iranian and Hezbollah financial networks that are undermining the economy. Bessent stressed that such actions are critical for rebuilding trust in Lebanon's banking system, which has suffered from a prolonged crisis.
He also called for the advancement of comprehensive financial sector reforms to improve transparency and stability. The discussion reflects growing U.S. pressure on Lebanon to address external influences and internal banking weaknesses.
Why it matters
Disrupting illicit finance could help stabilize Lebanon's banking system and curb external influence.
How this story developed
- Sep 7 U.S. interest costs hit $1.25 trillion, consuming nearly one-fifth of federal revenue
- Sep 11 US Treasury prices slipped Friday, lifting the 10-year yield to roughly 4.97%, close to the 5% mark, as oil prices climbed and expectations of a Federal Reserve rate hike grew.
- Sep 16 The Federal Reserve announced a quarter-point increase in its benchmark rate, marking the first hike since the previous administration and the first under Chair Kevin Warsh.
- Sep 16 The Fed announced a quarter‑point increase to its key interest rate.
- Sep 17 Fed increased the federal funds rate by 25 basis points to a 3.75‑4 percent target range in its first hike since 2023, with a 12‑0 vote.
- Sep 17 The Federal Reserve lifted its policy rate by a quarter point, its first increase in three years.
- Sep 18 Fed officials indicated that at least one more 0.25‑point rate increase may be implemented before year‑end.
- Sep 22 AMD’s market value reached $1 trillion.
- Sep 25 Treasury yields have risen, pushing interest costs to consume nearly one‑fifth of revenue.
- Sep 25 Bond yields climbed back above 5% and oil prices rebounded, pushing Wall Street lower.
- Sep 25 US stock futures rose on Friday as Treasury yields slipped and Brent crude fell to $98.83 a barrel.
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