Senator Hassan, Treasury Secretary Discuss Efforts to Combat Terrorist Funding Streams at Finance Committee Hearing

Statement

Senator Maggie Hassan raised the importance of the Treasury Department's work to combat terrorist financing at a Senate Finance Committee hearing on the Department's proposed budget. She also stressed the importance of supporting craft breweries and the R&D tax credit for local businesses and startups -- all issues that the Senator has prioritized as a member of the Committee.

Following up on Senator Hassan's push to robustly fund Treasury Department programs that combat terrorist funding streams, Senator Hassan said, "I am pleased to see that the 2021 Treasury budget proposes increased funding for the Office of Terrorism and Financial Intelligence, and for the Financial Crimes Enforcement Network. These offices play a vital role in combating emerging national security threats." Senator Hassan asked Treasury Secretary Steven Mnuchin to share how the budget increases will further the Department's efforts, and Secretary Mnuchin announced that the Department will soon be issuing new cryptocurrency rules to crack down on terrorist and other criminal organizations financing their illicit activities.

Senator Hassan said to Secretary Mnuchin, "I continue to hear from New Hampshire brewers that delays in approvals are slowing their business growth, despite the additional funds that Congress has provided and years of work to cut down on the backlog. Mr. Secretary, can you explain to the Committee what resources the Treasury's budget would provide…to address this backlog, and will you commit to continuing to work with Congress on this issue?"

Secretary Mnuchin responded, "Yes, yes, and yes," and committed to working with Senator Hassan and Congress on streamlining the process for formula and label approvals, reducing the application backlog, and cutting red tape for craft breweries. Senator Hassan also discussed her continued efforts to make permanent the craft beverage tax cut extension that was included in the government funding bill for fiscal year 2020.

In addition, Secretary Mnuchin committed to reviewing Senator Hassan's bipartisan bill to expand the Research & Development tax credit for new and small businesses and working with Senator Hassan on ways to support entrepreneurs.

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