Gottheimer: The 'Price Of Childcare In This Country Is Now Higher Than The Average Cost Of Rent’

4 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.

Gottheimer: The 'Price Of Childcare In This Country Is Now Higher Than The Average Cost Of Rent’

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