• 2 months ago
On Tuesday, Rep. Josh Gottheimer (D-NJ) questioned Treasury Secretary Janet Yellen on housing costs during a House Financial Services Committee hearing.

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00:00With that, I would like to go to the gentleman from New Jersey, Mr. Gottheimer, who is recognized
00:03for five minutes.
00:04Thank you, Mr. Chairman.
00:05Secretary Yellen, the average price of child care in this country is now higher than the
00:09average cost of rent.
00:10In my home state of New Jersey, the average family pays more than $440 a week in child
00:15care costs.
00:16What forms of tax relief are available for hardworking families struggling with these
00:19high costs, and what is the Biden administration doing to combat the effects of these rising
00:23costs, please?
00:25Well, we certainly have proposed extending the child tax credit, which was immensely
00:33helpful, and we're supportive of the legislation that has gone through the House, would urge
00:41action in the Senate that would extend the child care, the child tax credit, along with
00:49other provisions.
00:53And I think it would be great if we could actually get that passed, lift 400,000 children
00:59above the poverty line.
01:01Switching gears a little bit, following on the questions that were just asked, I applaud
01:05your recent decision to impose additional sanctions on a shadow banking network that
01:12has enabled Iran to fund proxy terror groups, including Hamas, Hezbollah, and the Houthis.
01:17Holding Iran accountable has been a top priority for me and for many of us, which is why I
01:20was proud to help pass the bipartisan Iran-China Energy Sanctions and Ship Acts.
01:24Can you elaborate more on the sanctions and additional action the administration is taking
01:28to reduce the risk of Iran-funded terrorism against America and our allies?
01:33Well, we have taken a wide array of sanctions actions to try to stop the flow of illicit
01:41funds from Iran that funds terrorist groups, the Houthis, Hezbollah, and others.
01:49We've worked jointly with other countries to impose, really using every tool that we
01:57have to crack down on that, as well as sources of revenue, including oil revenues that enable
02:06Iran to have the funds to distribute to these terrorist groups.
02:11Do you think we need to do more to address cooperative sanctions evasion between Iran
02:16and our other adversaries, including Russia, China, and Venezuela?
02:20I'm sorry, what specifically do you have in mind?
02:23What are we doing?
02:24Are we doing anything there?
02:25Does that mean it's on your front burner that you're concerned about, the sanctions evasion?
02:29We have taken, I mean, we know that there are oil shipments that Iran has, and we've
02:39recently taken, we have systematically tried to shut that down, and recently taken very
02:48significant actions that military groups in Iran have used to support their activities
03:00in oil shipments.
03:03Madam Secretary, are you familiar with the recent state laws that require banks to provide
03:07an explanation with specific reasons for closing or denying an account, including in situations
03:12where the decision was related to financial crimes risk?
03:15Yeah.
03:17I'm concerned these state laws may conflict with federal requirements, especially the
03:21obligations that banks have under the federal anti-money laundering laws that prevent terrorists
03:25and illicit financing in the U.S. financial systems.
03:28I presume you share those concerns?
03:30Well, it's a federal obligation to file suspicious activities reports and comply with the requirements
03:40of the Bank Secrecy Act, and that's something that we require and expect all banking organizations
03:49to do.
03:50Are you doing anything to address this issue, this conflict here?
03:53Well, I'm certainly stating that it is an obligation of banks and that we would enforce.
04:04Chair, I'd like to enter into the record a bipartisan letter signed by my colleagues
04:08on this committee.
04:09Representative Luekemeyer and Sherman, please.
04:12Without objection.
04:16We urge you and your counterparts at the OCC and FinCEN to look into this issue, please,
04:20and act, and I hope, if it's okay.
04:23I'd love for our teams to sit down together and talk about actions that we can take.
04:27I'd be glad to do that.
04:28Thank you so much.
04:29In my last 30 seconds, I just want to zoom in on a terror financing issue for just a
04:32minute.
04:33With respect to Iran, do you agree the IRGC's designation as a specially designated global
04:38terrorist organization, as a foreign terrorist organization, should not be lifted until such
04:43time that it has demonstrated that it has permanently ceased the conduct for which it
04:47was designated in the first place?
04:50I mean, that's something I haven't, you know, the exact requirements I haven't looked into,
04:56but that's probably reasonable.
04:58Yeah, I'm concerned about that, and of course, looking at the UNRWA employees who participated
05:04in October 7th, and I hope you're looking at that as well.
05:08Well, we think that those who were responsible for the atrocities should be held to account.
05:17I yield back.

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