Featured Stories
Statement on IOSCO Compliance for Federal Reserve Bank of New York Administered Reference Rates
NEW YORK, July 18 -- The Federal Reserve Bank of New York issued the following statement on July 17, 2026:
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Statement on IOSCO Compliance for Federal Reserve Bank of New York Administered Reference Rates
The Federal Reserve Bank of New York (New York Fed) today updated its Statement of Compliance with the IOSCO Principles for Financial Benchmarks (the Principles).
The New York Fed's Audit Group independently reviewed the organizational and operational framework used to administer the Effective Federal Funds Rate (EFFR), Overnight Bank Funding Rate (OBFR), Tri-Party General Collateral Rate
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NEW YORK, July 18 -- The Federal Reserve Bank of New York issued the following statement on July 17, 2026:
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Statement on IOSCO Compliance for Federal Reserve Bank of New York Administered Reference Rates
The Federal Reserve Bank of New York (New York Fed) today updated its Statement of Compliance with the IOSCO Principles for Financial Benchmarks (the Principles).
The New York Fed's Audit Group independently reviewed the organizational and operational framework used to administer the Effective Federal Funds Rate (EFFR), Overnight Bank Funding Rate (OBFR), Tri-Party General Collateral Rate(TGCR), Broad General Collateral Rate (BGCR), Secured Overnight Financing Rate (SOFR), SOFR Averages, and SOFR Index with respect to governance, quality of the benchmark, quality of the methodology, and accountability.
The Audit Group determined that these reference rates are in compliance with the Principles.
In 2013, IOSCO published the Principles, which were then endorsed by the Financial Stability Board as being standards of best practice for benchmark administration. The purpose of releasing an updated version of this statement is to maintain transparency surrounding the administration of these benchmarks in a manner consistent with the Principles.
The New York Fed will continue to assess the compliance of all of its reference rates with the Principles on an annual basis and issue a Statement of Compliance accordingly.
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Original text here: https://www.newyorkfed.org/markets/opolicy/operating_policy_260717
SEC Charges Ex-Director of Public Company, 3 Friends in Connection With Alleged Insider Trading
WASHINGTON, July 18 -- The Securities and Exchange Commission issued the following litigation release (No. 2:26-cv-12451; E.D. Mich. filed July 17, 2026):
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Securities and Exchange Commission v. Jamal Chammout, et al., Civil Action No. 2:26-cv-12451 (E.D. Mich. filed July 17, 2026)
On July 17, 2026, the Securities and Exchange Commission charged Ali El Siblani, a former senior executive and director of Desktop Metal, Inc., a then-publicly traded company, and three of El Siblani's friends, Jamal ("Jimmy") Chammout, Ali Jawad, and Rabih Rakha, all of Michigan, alleging that El Siblani's friends
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WASHINGTON, July 18 -- The Securities and Exchange Commission issued the following litigation release (No. 2:26-cv-12451; E.D. Mich. filed July 17, 2026):
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Securities and Exchange Commission v. Jamal Chammout, et al., Civil Action No. 2:26-cv-12451 (E.D. Mich. filed July 17, 2026)
On July 17, 2026, the Securities and Exchange Commission charged Ali El Siblani, a former senior executive and director of Desktop Metal, Inc., a then-publicly traded company, and three of El Siblani's friends, Jamal ("Jimmy") Chammout, Ali Jawad, and Rabih Rakha, all of Michigan, alleging that El Siblani's friendsunlawfully traded based on material nonpublic information in advance of an August 11, 2021 announcement that Desktop Metal would acquire The ExOne Company at a premium to the market price. El Siblani, Jawad, and Rakha have agreed to settle the SEC's charges against them.
The SEC's complaint, filed in the U.S. District Court for the Eastern District of Michigan, alleges that from at least June through August 2021, Desktop Metal entrusted El Siblani with highly sensitive information about its proposed acquisition of ExOne, including the significant premium the company planned to pay ExOne shareholders. According to the complaint, rather than keeping this material non-public information to himself--as required under Desktop Metal's internal policies--El Siblani breached his fiduciary duty to Desktop Metal and its shareholders by tipping his close friends Chammout, Jawad, and Rakha before the acquisition was publicly announced. The SEC's complaint alleges that shortly after communicating with El Siblani, each of the tippees simultaneously started building substantial positions in ExOne securities and kept buying stock right up until the announcement. After the acquisition was publicly announced, the tippees are alleged to have quickly sold off their ExOne positions and obtained illicit profits in the amounts of: $218,036 for Chammout, $218,082 for Jawad, and $61,006 for Rakha.
The SEC's complaint charges El Siblani, Chammout, Jawad, and Rakha with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC's complaint seeks permanent injunctive relief and civil penalties against all defendants, disgorgement with prejudgment interest against Chammout, Jawad, and Rakha, and an order barring El Siblani from service as an officer or director of a public company.
Without admitting the allegations in the SEC's complaint, El Siblani, Jawad, and Rakha have agreed to the entry of final judgments, subject to court approval, that would permanently enjoin them from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, order El Siblani to pay a civil penalty of $497,124, and prohibit him for four years following entry of the judgment from serving as an officer or director of a public company, order Jawad to pay disgorgement of $218,082, prejudgment interest of $72,364, and a civil penalty of $218,082, and order Rakha to pay disgorgement of $61,006, prejudgment interest of $20,243, and a civil penalty of $61,006.
The SEC's investigation was conducted by Taryn Lewis and Nicolas Magena and supervised by Brian Fagel of the SEC's Chicago Regional Office. The SEC's litigation will be led by Timothy Leiman and Jonathan Polish and supervised by Eric Phillips, also of the Chicago Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority (FINRA).
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26589.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26589
Environment and Natural Resources Division: Dallas Seafood Business Fined $250,000 for Falsifying Country of Origin for Salmon
WASHINGTON, July 18 -- The U.S. Department of Justice Environment and Natural Resources Division issued the following news release on July 17, 2026:
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Dallas Seafood Business Fined $250,000 for Falsifying Country of Origin for Salmon
Seafood Supply Co., a Dallas seafood wholesaler, was sentenced today to pay a $250,000 fine for violating two counts of the Lacey Act.
According to court documents, Seafood Supply falsified the country of origin of salmon sold from January 2020 to February 2022. The company would designate Chilean salmon as salmon from Scotland or other European countries.
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WASHINGTON, July 18 -- The U.S. Department of Justice Environment and Natural Resources Division issued the following news release on July 17, 2026:
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Dallas Seafood Business Fined $250,000 for Falsifying Country of Origin for Salmon
Seafood Supply Co., a Dallas seafood wholesaler, was sentenced today to pay a $250,000 fine for violating two counts of the Lacey Act.
According to court documents, Seafood Supply falsified the country of origin of salmon sold from January 2020 to February 2022. The company would designate Chilean salmon as salmon from Scotland or other European countries.Typically, the Chilean salmon was less expensive than product from Scotland.
In addition to the fine, Seafood Supply was placed on probation for three years and ordered to implement an environmental compliance plan. The company previously pleaded guilty on March 4. Seafood Supply has been under new leadership since the time of the violations.
Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department's Energy and Natural Resources Division (ENRD); U.S. Attorney Ryan R. Raybould for the Northern District of Texas; and Assistant Director Paige Casey of the National Oceanic and Atmospheric Administration (NOAA)'s Office of Law Enforcement, Southeast Division made the announcement.
NOAA investigated the case as part of Operation Upstream Diligence.
Trial Attorney Christopher L. Hale of ENRD's Environmental Crimes Section prosecuted the case with assistance from the U.S. Attorney's Office for the Northern District of Texas.
ENRD is a member of the Department of Justice's Trade Fraud Task Force, a cross-agency law enforcement effort that also involves the Criminal and Civil Divisions' Fraud Sections, ENRD, the Department of Homeland Security, and U.S. Attorney's Offices nationwide. The Task Force was created to leverage all of the Department's tools and authorities to prevent trade fraud that deprives the government of vital revenue, threatens critical domestic industries, undermines consumer confidence, and weakens national security. The Task Force is designed to pursue enforcement actions against parties who seek to evade tariffs and other duties, as well as smugglers who seek to import prohibited goods into the American economy. The Justice Department encourages whistleblowers to alert the government to credible allegations of fraud, including utilizing the qui tam provisions of the False Claims Act or through the Criminal Division's Corporate Whistleblower Program at CorporateWhistleblower@usdoj.gov using the form available here (https://www.justice.gov/media/1362356/dl?inline=&utm_medium=email&utm_source=govdelivery).
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Original text here: https://www.justice.gov/opa/pr/dallas-seafood-business-fined-250000-falsifying-country-origin-salmon
Census Bureau Statement on Supplemental Poverty Measure
WASHINGTON, July 18 -- The U.S. Census Bureau issued the following tip sheet on July 17, 2026:
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Census Bureau Statement on Supplemental Poverty Measure
The U.S. Census Bureau today announced plans to re-release estimates for the Supplemental Poverty Measure (SPM) from 2019 to 2024. The update comes after the discovery of errors by the Bureau of Labor Statistics (BLS), which produces the experimental thresholds for the Census Bureau's SPM. The errors stemmed from methodology changes introduced in 2021, which affected the 2019 and 2020 SPM estimates. Today, BLS published the revised thresholds
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WASHINGTON, July 18 -- The U.S. Census Bureau issued the following tip sheet on July 17, 2026:
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Census Bureau Statement on Supplemental Poverty Measure
The U.S. Census Bureau today announced plans to re-release estimates for the Supplemental Poverty Measure (SPM) from 2019 to 2024. The update comes after the discovery of errors by the Bureau of Labor Statistics (BLS), which produces the experimental thresholds for the Census Bureau's SPM. The errors stemmed from methodology changes introduced in 2021, which affected the 2019 and 2020 SPM estimates. Today, BLS published the revised thresholdsfor 2019-2024 to correct these errors. These thresholds will be used for the revised SPM estimates, which will be published in a working paper prior to the release of the annual poverty report in September.
The Census Bureau produces two poverty measures each year, the Official Poverty Measure and the SPM. The Official Poverty Measure, which was established by the Office of Management and Budget's Statistical Policy Directive 14, compares money income to a national threshold which is adjusted for family composition but does not vary by geography.
The SPM uses an expanded post-tax and transfer measure of resources that adds noncash benefits from government programs such as housing, utility and nutritional assistance, and subtracts taxes and necessary expenses, such as work, childcare and medical. Thresholds for the SPM are produced by BLS using Consumer Expenditure Survey data and vary by family composition, housing tenure and geography.
The Census Bureau is committed to providing quality data on the nation's people and economy. More information on the impact of the revised thresholds on SPM rates will be provided in the coming weeks.
No news release associated with this announcement. Tip sheet only.
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Original text here: https://www.census.gov/newsroom/press-releases/2026/statement-on-supplemental-poverty-measure.html
CDC: Shredded Iceberg Lettuce Served at Taco Bell Locations is Source of Cyclosporiasis Infections in Five States
WASHINGTON, July 18 -- The U.S. Department of Health and Human Services Centers for Disease Control and Prevention issued the following news release:
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Shredded iceberg lettuce served at Taco Bell locations is source of cyclosporiasis infections in five states
A CDC food safety alert regarding a multistate outbreak of cyclosporiasis infections has been posted at https://www.cdc.gov/cyclosporiasis/outbreaks/07-26/index.html.
Key Points:
* Over 1,644 people in 5 states have been infected with Cyclospora. Illnesses have been reported from Indiana, Kentucky, Michigan, Ohio, and West Virginia.
*
... Show Full Article
WASHINGTON, July 18 -- The U.S. Department of Health and Human Services Centers for Disease Control and Prevention issued the following news release:
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Shredded iceberg lettuce served at Taco Bell locations is source of cyclosporiasis infections in five states
A CDC food safety alert regarding a multistate outbreak of cyclosporiasis infections has been posted at https://www.cdc.gov/cyclosporiasis/outbreaks/07-26/index.html.
Key Points:
* Over 1,644 people in 5 states have been infected with Cyclospora. Illnesses have been reported from Indiana, Kentucky, Michigan, Ohio, and West Virginia.
*Ninety-four people have been hospitalized, and no deaths have been reported.
* The illnesses have been linked to shredded iceberg lettuce served at Taco Bell locations in Indiana, Kentucky, Michigan, Ohio, and West Virginia.
* FDA's traceback investigation has identified a single supplier of iceberg lettuce from Mexico used by the Taco Bell locations where sick people ate.
* Shredded iceberg lettuce sold in grocery stores or served in other restaurants is not affected.
* This alert only includes illnesses that are lab confirmed and have been linked to this product, not all cyclosporiasis illnesses being reported to and by CDC.
What You Should Do:
* Do not eat shredded iceberg lettuce served at Taco Bell locations in Indiana, Kentucky, Michigan, Ohio, and West Virginia.
* If you have symptoms of cyclosporiasis, contact your healthcare provider to receive care and report symptoms.
* You may need to specifically request that your healthcare provider test you for Cyclospora.
Cyclosporiasis Symptoms:
* Some people may not experience symptoms.
* Symptoms can include watery diarrhea, loss of appetite, and weight loss.
* Symptoms usually begin about one week after becoming infected.
* Without treatment, symptoms can last anywhere from a few days to a month or longer.
* If you have symptoms, stay well hydrated.
If you have questions about cases in a particular state, please call that state's health department.
If you are a member of the media, please fill out this Request for Comment form to submit your media inquiry to CDC.
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U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES
Whether diseases start at home or abroad, are curable or preventable, chronic or acute, or from human activity or deliberate attack, CDC's world-leading experts protect lives and livelihoods, national security and the U.S. economy by providing timely, commonsense information, and rapidly identifying and responding to diseases, including outbreaks and illnesses. CDC drives science, public health research, and data innovation in communities across the country by investing in local initiatives to protect everyone's health.
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Original text here: https://www.cdc.gov/media/releases/2026/shredded-iceberg-lettuce-served-at-taco-bell-locations-is-source-of-cyclosporiasis-infections.html
Brazil's Piaui State to Modernize Fiscal Management With IDB Support
WASHINGTON, July 18 -- The Inter-American Development Bank issued the following news release:
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Brazil's Piaui State to Modernize Fiscal Management with IDB Support
The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a $53 million investment loan to improve revenue and expenditure management in the Brazilian state of Piaui.
The project, part of the third phase of the IDB-backed PROFISCO program in Brazil, will modernize fiscal management in Piaui, strengthening fiscal sustainability and supporting the alignment of the state with Brazil's consumption tax
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WASHINGTON, July 18 -- The Inter-American Development Bank issued the following news release:
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Brazil's Piaui State to Modernize Fiscal Management with IDB Support
The Board of Executive Directors of the Inter-American Development Bank (IDB) approved a $53 million investment loan to improve revenue and expenditure management in the Brazilian state of Piaui.
The project, part of the third phase of the IDB-backed PROFISCO program in Brazil, will modernize fiscal management in Piaui, strengthening fiscal sustainability and supporting the alignment of the state with Brazil's consumption taxreform.
The project will improve public sector governance, planning, and transparency. It includes workforce training and fiscal education programs for the general population, modernization of digital infrastructure and cybersecurity, and expanded use of data analytics and artificial intelligence.
In tax administration, the project will improve revenue collection, update the taxpayer registry, modernize taxpayer services, and enhance oversight through digital tools and artificial intelligence. It will also support more effective budgeting, expenditure management, accounting, and tax-related legal processes, helping the state enhance fiscal health and improve public spending outcomes, and the delivery of public services.
In addition, the project will strengthen the management and recovery of public debt, modernize legal processes, and enhance the management of fiscal and legal risks. It will also support more efficient handling of court-ordered payments and legal claims through digital tools and streamlined procedures.
The project's main beneficiaries include taxpayers, who will benefit from improved systems and processes for meeting their tax obligations, and the broader population of Piaui, who will benefit from greater fiscal transparency and more effective public policies.
The IDB loan has a 24.5-year term, a six-year grace period, and an interest rate based on SOFR. Counterpart financing totals $5.3 million. Following approval by the IDB's Board of Executive Directors, the program will move through the required Brazilian legal and administrative processes before implementation begins.
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About the IDB
The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the Bank works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise, and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
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Original text here: https://www.iadb.org/en/news/brazils-piaui-state-modernize-fiscal-management-idb-support
Announcement of Cooperation Between the Government of the Republic of Iraq and the Government of the Syrian Arab Republic on the Rehabilitation and Reconstruction of the Iraq-Syria Crude Oil Pipeline
WASHINGTON, July 18 -- The U.S. State Department issued the following news release on July 17, 2026:
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Announcement of Cooperation Between the Government of the Republic of Iraq and the Government of the Syrian Arab Republic on the Rehabilitation and Reconstruction of the Iraq-Syria Crude Oil Pipeline
The United States welcomes the Government of the Republic of Iraq and the Government of the Syrian Arab Republic's intent to advance the rehabilitation and reconstruction of the Iraq-Syria crude oil pipeline as a priority infrastructure project of bilateral and regional strategic significance.
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WASHINGTON, July 18 -- The U.S. State Department issued the following news release on July 17, 2026:
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Announcement of Cooperation Between the Government of the Republic of Iraq and the Government of the Syrian Arab Republic on the Rehabilitation and Reconstruction of the Iraq-Syria Crude Oil Pipeline
The United States welcomes the Government of the Republic of Iraq and the Government of the Syrian Arab Republic's intent to advance the rehabilitation and reconstruction of the Iraq-Syria crude oil pipeline as a priority infrastructure project of bilateral and regional strategic significance.Both countries recognize the strategic objective of restoring a critical energy corridor linking Iraqi oil production to Mediterranean export markets and beyond. The United States welcomes the engagement of a U.S.-led international consortium to execute the technical and financial aspects of this project. Upon rehabilitation, this groundbreaking project will have an initial transport capacity of 2 million barrels per day of crude oil.
Today's announcement marks an important milestone for the region and for Syria-Iraq relations. The commitment of both countries to work jointly to rehabilitate and operate the pipeline, create a legal framework, and engage constructively with the consortium advances security and stability through prosperity, made possible by the vision and leadership of President Donald J. Trump.
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Original text here: https://www.state.gov/releases/office-of-the-spokesperson/2026/07/announcement-of-cooperation-between-the-government-of-the-republic-of-iraq-and-the-government-of-the-syrian-arab-republic-on-the-rehabilitation-and-reconstruction-of-the-iraq-syria-crude-oil-pipeline/
