Gottheimer questions U.S. Secretary of Treasury Yellen
Follows up on efforts to enforce sanctions against Iran and its state sponsorship of terrorism
WASHINGTON, D.C. — During a House Committee on Financial Services hearing on Tuesday, U.S. Congressman Josh Gottheimer (NJ-5) questioned U.S. Secretary of Treasury Janet Yellen on rising childcare costs, the ongoing effort to sanction Iranian officials, and reduce the risk of potential Iranian-funded acts of terror by its proxies against America and our allies, and new state banking laws which pose a conflict of interest to obligations that banks have under federal anti-money laundering laws.
Gottheimer’s questions for Yellen:
- What forms of tax relief are available for hardworking families struggling with these high childcare costs, and what is the Biden administration doing to combat the effects of rising costs?
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- Video of Gottheimer’s question and Yellen’s response can be found here.
- I applaud your recent decision to impose additional sanctions on a “shadow banking network” that has enabled Iran to fund proxy terror groups including Hamas, Hezbollah, and the Houthis. Holding Iran accountable has been a top priority for me, which is why I was proud to help pass the bipartisan Iran-China Energy Sanctions and SHIP Acts. Can you elaborate more on these sanctions and additional action the Administration is taking to reduce the risk of Iran-funded terrorism against America and our allies?
- Video of Gottheimer’s question and Yellen’s response can be found here.
- I am concerned that state laws that require banks to provide an explanation, with specific reasons, for closing or denying an account present potential major conflicts with federal requirements, especially the obligations that banks have under federal anti-money laundering laws and other laws that prevent terrorist and illicit financing in the U.S. financial system. Do you share these concerns?
- Video of Gottheimer’s question and Yellen’s response can be found here.
U.S. Representatives Josh Gottheimer (NJ-5) Blaine Luetkemeyer (MO-3), and Brad Sherman (CA-32) on Monday sent a bipartisan letter to the U.S. Department of Treasury, FinCEN, and OCC regarding the ongoing challenges to the federal anti-money laundering and terrorist framework and to urge you to continue defending these critical components of the financial system.
“It has come to our attention that several states have recently enacted or are considering laws that risk fracturing the national banking system. These state laws may conflict with federal laws intended to combat money laundering and terrorist financing. A consistent national framework is vital for the protection of U.S. national security, and the U.S. and international financial systems, as well as economic stability and security,” wrote Representatives Gottheimer (NJ-5) Luetkemeyer (MO-3), and Sherman (CA-32). “These state laws could undermine America’s collective efforts to fight financial crime and protect against terrorism. These laws may pose significant challenges to compliance with critical regulations such as the Bank Secrecy Act (BSA), and the Anti-Money Laundering (AML) Act, potentially threatening national security.”
The members asked to be provided a briefing and written update by Aug. 1.