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Business

Treasury warns banks: illegal labor schemes are draining taxpayers, fueling fraud and exploiting U.S. businesses

WASHINGTON — The U.S. Treasury Department is warning banks and other financial institutions to watch for suspicious money trails tied to illegal workers, shady labor brokers and employers accused of using unlawful labor schemes to dodge taxes, steal identities and undercut legitimate American businesses.

The Treasury Department’s Financial Crimes Enforcement Network, known as FinCEN, issued a joint advisory on June 5, 2026, urging financial institutions to detect and report illicit activity connected to the unlawful employment of people not authorized to work in the United States.

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Top Stories

Gunfire erupts outside South Federal Kwik Star in Mason City, one person taken to hospital

MASON CITY — A person was taken to MercyOne North Iowa Medical Center after gunfire broke out outside the South Federal Avenue Kwik Star in Mason City late Wednesday night, according to Mason City police.

The shooting was reported after an argument between several men near a gas pump at the Kwik Star, located along South Federal Avenue. Mason City Police Chief Mike McKelvey said the dispute apparently escalated into gunfire.

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Politics

Ollenburg ousts Bloomingdale in House District 60 GOP primary, will face Schmidt in November

CLEAR LAKE — Iowa House District 60 voters will see a new general election matchup in November after Republican challenger Dani Ollenburg defeated longtime GOP incumbent Jane Bloomingdale in Tuesday’s primary.

Ollenburg, a Clear Lake Republican and political newcomer, defeated Bloomingdale, of Northwood, by a vote of 1,620 to 1,176 in the June 2, 2026, Republican primary. Ollenburg received 57.9% of the vote, while Bloomingdale received 42.1%.

Ollenburg will now face Democrat Alexander Schmidt of St. Ansgar in the November 3 general election. Schmidt was unopposed in the Democratic primary and received 1,142 votes.

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Top Stories

Northern Iowa U.S. 18 safety project eyes passing lanes, turn lanes between Sanborn and Spencer

SANBORN — A northern Iowa highway corridor could see safety and traffic-flow improvements as the Iowa Department of Transportation studies possible upgrades to U.S. Highway 18 between Sanborn and the U.S. Highway 71 intersection north of Spencer.

The planning effort focuses on roughly 26 miles of U.S. 18, a key east-west route used by local drivers, commuters, farm traffic, commercial trucks and travelers moving across northwest and northern Iowa.

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Business

Trump budget pitch leans on tax cuts, trade pressure and deregulation as Treasury chief Bessent defends 2027 plan

WASHINGTON — President Donald Trump’s 2027 budget proposal is being framed by his Treasury Department as a continuation of the administration’s broader economic philosophy: lower taxes, tougher trade enforcement, less regulation and a larger role for private investment in building family wealth.

Treasury Secretary Scott Bessent appeared Wednesday, June 3, 2026, before the U.S. Senate Finance Committee, where he defended Trump’s fiscal year 2027 budget and argued that the administration’s economic agenda is already producing results for workers, families and businesses.

In prepared remarks, Bessent said the budget “builds on this Administration’s progress in unleashing a new era of economic expansion.”

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Politics

Gov. Reynolds signs dozens of final bills, adds public safety crackdown as 2026 Iowa session closes

DES MOINES — Iowa Gov. Kim Reynolds took final action on the remaining bills from the 2026 legislative session on Tuesday, June 2, 2026, signing dozens of policy and budget measures into law while also approving a separate package of public safety bills aimed at repeat offenders.

The final round of action formally closed the books on a wide range of legislation dealing with education, public assistance, workforce development, campaign finance, health care licensing, law enforcement rights, economic development, mining, state government spending and other major policy areas.

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