WASHINGTON – U.S. Senator Maggie Hassan today questioned Treasury Secretary Janet Yellen on President Biden’s Fiscal Year 2022 budget, including issues relating to research & development (R&D) tax incentives, terrorist financing, and unfair trade and supply chains.
To watch Senator Hassan’s questioning, click here.
Senator Hassan Highlights the Need to Strengthen R&D Tax Incentives
In her first question to the Treasury Secretary, Senator Hassan noted the American Innovation and Jobs Act, her bipartisan bill with Senator Todd Young (R-IN) that would strengthen R&D tax incentives for startups and innovative American businesses and help outcompete China.
Secretary Yellen re-confirmed the importance of Senator Hassan’s work to strengthen R&D incentives in the tax code saying, “It’s a high priority of President Biden. It’s a priority in the budget... but we want to do more to promote R&D and glad to work with you on this.”
Earlier this month, Senator Hassan hosted a virtual discussion with New Hampshire business and education leaders about the need to boost U.S. competitiveness in order to outcompete China and strengthen U.S. national security, including through measures like R&D tax incentives.
Senator Hassan Praises President Biden’s Inclusion of Funding for the Office of Terrorism and Financial Intelligence in FY ’22 Budget
Noting her support for President Biden’s inclusion of $196 million in funding for the Office of Terrorism and Financial Intelligence to disrupt terrorist and organized criminal financing, Senator Hassan secured additional feedback from Secretary Yellen regarding how this increase in funding would help combat terrorism and organized crime: “This is a very important office and it has seen a very big increase in its role and mission over the last five or six years, among other things, it manages more than 30 sanctions programs and sanctions have proven a critical national security tool,” said Secretary Yellen.
Senator Hassan Calls for Treasury to Investigate and Combat Unfair Trade Practices
Senator Hassan, who successfully included an amendment in the bipartisan U.S. Innovation and Competition Act that would strengthen investigations of major trading partners whose unfair practices systematically affect U.S. supply chains and workers, called on Secretary Yellen to outline the Treasury’s efforts to combat trade practices that hurt U.S. businesses and strengthen the U.S. supply chain. Secretary Yellen highlighted the whole of government effort that President Biden undertook to shore up America’s supply chains and noted that unfair foreign subsidies have hurt U.S. competitiveness and manufacturing.