👋 Readers, this is 34 straight weeks of Weekly Notes!
Here’s my aspirational travel blog update: I spent the past week in the Big Apple with my whole family! Last night, I experienced the US Open 🎾 for the first time with friends, colleagues, partners, and clients. Great time, and thank you, NYC🗽!
This week's headlines... The Fed is rethinking its policy and strategy, and there might be some rate changes next month. It turns out that financial crime and illicit financing drive almost all national security and global threats — just “follow the bouncing ball."
Otherwise, it’s been a fairly quiet week.
Below, you’ll find directly sourced links to information that I’ve been consuming since last week and using to get smarter on issues of interest.
I hope these weekly notes are useful, and I appreciate any feedback you have.
Interesting issues and news across the US economic and national security landscape.
Analysis:
Fraud funds proliferation, the Iranian networks continue to circumvent sanctions measures, more bad guy stuff, and the Fed focuses on more macro goals. The intersection of global actors (nation-state and otherwise), financial networks, and economic policy is the window into national security and this Administration’s steadfast focus.
Treasury Sanctions Fraud Network Funding DPRK Weapons Programs
Treasury Targets Iranian Oil Exports and Shadow Fleet
Monetary Policy and the Fed’s Framework Review
2025 Statement on Longer-Run Goals and Monetary Policy Strategy
Interesting issues and news across finance, technology, risk, regulation, and financial crime.
Analysis:
One digital bank is off the hook, but another gets slapped, demonstrating that enforcement is all relative. There are some interesting hearings on the docket in the House, as FinCEN appears to be under a microscope(?). AI innovation is now being promoted by the FLOTUS as well, indicating this Administration really is all-in on winning the AI race.
Dutch online bank Bunq fined for failures in money laundering controls
From First to Proven: Anchorage Digital’s Consent Order Is Lifted
HEARINGS NOTICE: House Financial Services Committee Schedule for September 2025
First Lady Melania Trump Launches Nationwide Presidential AI Challenge
Interesting reports.
MIT NANDA: The Internet of AI Agents
Interesting charts of the week.
