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Senator Hassan Discusses Recent Bank Failures with Treasury Secretary During Finance Committee Hearing

Senator Hassan Also Discusses Her Bipartisan Efforts to Provide Tax Cuts to Homeowners and Cut Red Tape for Online Sellers

WASHINGTON – U.S. Senator Maggie Hassan today questioned Treasury Secretary Janet Yellen on a variety of critical priorities for New Hampshire during a Finance Committee hearing. The Senator asked the Secretary about the recent bank failures, the Senator’s successful efforts to incentivize energy efficient home upgrades, and the need to cut red tape for online sellers.

To watch Senator Hassan’s questioning, click here.

Addressing Recent Bank Failures

The Senator began her questioning by asking Secretary Yellen about the recent bank failures and the administration’s actions to protect the economy.

“Last weekend, the Treasury and other agencies took several steps to strengthen public confidence following the failure of two banks,” Senator Hassan said. “The priority of federal regulators needs to continue to be protecting families and small businesses by ensuring the stability of our banking system and our economy more broadly.”

Senator Hassan asked about how Treasury is evaluating the success of its actions. Secretary Yellen shared that the administration is using a wide range of indicators to carefully monitor the situation and help make sure that the problems at Silicon Valley Bank in California and Signature Bank in New York don’t spread to other banks. The Secretary also discussed their efforts to monitor the availability of bank loans.

Spreading Awareness About Expanded Tax Cuts for Homeowners

Senator Hassan also discussed her successful efforts to pass her bipartisan Home Energy Savings Act -- which is now law -- that extends tax cuts for homeowners who make energy efficient home upgrades, which can help lower families’ energy bills.

The Senator underscored the importance of ensuring that families know about these expanded tax cuts, particularly as energy prices remain high.

In response, Secretary Yellen said, “As you point out, there are really critical supports here for taxpayers. They can get up to $2,000 for upgrades like heat pumps… We want to get the word out broadly and we would be eager to work with you to discuss ways that we make sure homeowners know what they’re eligible for.”

Cutting Red Tape for Online Sellers

Senator Hassan went on to discuss her efforts with Senator Sherrod Brown (D-OH) to cut red tape for online sellers by reducing the number of casual sellers who are burdened with unnecessary paperwork that could lead them to mistakenly pay more taxes than they owe.

Secretary Yellen told the Senator that the administration also wants to reduce confusion faced by online sellers and would work with her on this issue.