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Stopping Terror Finance: Securing the U.S. Financial Sector, Report Prepared by the Staff of the Task Force to Investigate Terrorism Financing, Committee on Financial Services, U.S. House of Representatives, 114th Congress, Second Session, December 20, 2016
This congressional report, 'Stopping Terror Finance: Securing the U.S. Financial Sector,' was prepared by the Committee on Financial Services of the U.S. House of Representatives. From the Introduction: "Terrorist financing describes a form of financial crime in which an individual or entity solicits, collects, or provides funds 'with the intention that [these funds] may be used to support terrorist acts or organizations.' While terrorists can benefit from big donations of deep-pocketed financiers sympathetic to their cause, terrorist financing often involves relatively small-dollar amounts and itself is just a subset melting into the larger stream of all financial crime occurring in the international financial system. The threat to national security from terrorist financiers is real, so while U.S. policymakers have long recognized the idea that 'following the money' through the retail banking system can help combat terrorism and related forms of illicit finance, new financing technologies have arisen since the September 11, 2001, terror attacks that require constant renewal of detection and disruption methods. […] The bipartisan Task Force to Investigate Terrorism Financing of the Financial Services Committee (Task Force) was authorized for two six-month terms during the 114th Congress to probe the growing terrorist financing problem. The Task Force held eleven hearings, and its 21 Members systematically examined how select terror groups and actors acquire and move funds illicitly. The hearings featured expert testimony from current and former U.S. government employees, with witnesses from both the U.S. and overseas, on a wide range of topics."
United States. Congress. House. Committee on Financial Services
2016-12-20
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Next Terrorist Financiers: Stopping Them Before They Start, Hearing Before the Task Force to Investigate Terrorism Financing of the Committee on Financial Services, House of Representatives, One Hundred Fourteenth Congress, Second Session, June 23, 2016
This is a testimony compilation of the June 23, 2016 hearing on "Next Terrorist Financiers: Stopping Them Before They Start" held before the Task Force to Investigate Terrorism Financing of the House Committee on Financial Services. From the statement of Juan C. Zarate: "To contain the global reach of terrorist groups and to thwart the manifestation of their ambitions, we must disrupt their financing and force them to make operational and strategic choices. After 9/11, the U.S. government understood that defending the country and undermining terrorism required deterring, disrupting, and dismantling terrorist funding sources and networks, as these are all essential to the broader counterterrorism mission. Whether it is Al Qaeda, ISIS, or Hizballah, the reality is that terrorist groups need money to operate their networks, logistics, maintain territory or influence, and to plan strategically against the United States and our allies." Statements, letters, and materials submitted for the record include those of the following: Juan C. Zarate, Jimmy Gurule, John Cassara, Celina B. Realuyo, and Douglas Farah.
United States. Congress. House. Committee on Financial Services
2016-06-23
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Monetary Policy and the State of the Economy, Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, First Session, February 25, 2015
This testimony compilation is from the February 25, 2015 hearing, "Monetary Policy and the State of the Economy," before the U.S. House of Representatives Committee on Financial Services. Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, discussed the current economic situation in her opening statement. She stated that unemployment is at 5.7 percent, but labor force participation and wage growth are low. Real gross domestic product (GDP) and consumer spending have increased, whereas housing construction continues to lag. Oil prices, longer-term interest rates in the United States and other countries have decreased. With regards to monetary policy, Yellen stated that the Federal Open Market Committee (FOMC) is focused on policies that promote maximum price stability and employment, even though inflation and employment rates are not ideal in the present time. Statements, letters, and materials submitted for the record include those of the following: Janet Yellen.
United States. Congress. House. Committee on Financial Services
2015-02-25
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2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection, Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, April 5, 2017
This testimony compilation is from the April 5, 2017 hearing, "The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection," before the U.S. House of Representatives Committee on Financial Services. The purpose of this hearing was to discuss the Consumer Financial Protection Bureau's Spring and Fall 2016 Semi-Annual Report. Statements, letters, and materials submitted for the record include those of the following: Richard Cordray.
United States. Congress. House. Committee on Financial Services
2017-04-05
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Flood Insurance Reform: FEMA's Perspective, Hearing Before the Subcommittee on Housing and Insurance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, March 9, 2017
This testimony compilation is from the March 9, 2017 hearing, "Flood Insurance Reform: FEMA's Perspective" before the U.S. House of Representatives Subcommittee on Housing and Insurance of the Committee on Financial Services. From the statement of Roy Wright: "Flooding continues to be the most common and costly natural disaster in the United States, with the greatest damage potential of all natural disasters worldwide. Over the past 50 years, the NFIP [National Flood Insurance Program] has helped communities, households, and businesses reduce flood risk, supported flood risk analysis and mapping projects, expanded sound floodplain management practices across the country, and reduced the financial burden to survivors when floods occur. We recognize that the nation faces broad public policy questions around flood insurance affordability, continued development in flood-prone areas, the soundness of the NFIP's financial framework, and greater private sector participation in flood insurance markets. Through all of this, FEMA's priority is to increase flood insurance coverage so that disaster survivors can recover more quickly and fully after flood events. Through a timely, multi-year reauthorization, Congress would enable FEMA to continue supporting those who take steps to protect their homes and businesses." Statements, letters, and materials submitted for the record include those of the following: Roy Wright.
United States. Congress. House. Committee on Financial Services
2017-03-09
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Semi-Annual Report of the Bureau of Consumer Financial Protection, Hearing Before the Committee on Financial Services, United States House of Representatives, One Hundred Fourteenth Congress, Second Session, March 16, 2016
This testimony compilation is from the March 16, 2016 hearing on "Semi-Annual Report of the Bureau of Consumer Financial Protection" before the U.S. House Committee on Financial Services". From the statement of Richard Cordray: "Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau's Semi-Annual report to Congress. I appreciate our continued dialogue as we work together to strengthen our financial system and ensure that it serves consumers, responsible businesses, and the long-term foundations of the American Economy. The Bureau presents this Semi-Annual Report to Congress and the American people ion fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau's mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act). The Dodd-Frank Act created the Bureau as the nation's first Federal agency with a mission of focusing solely on consumer financial protection and making consumer financial markets work for America consumers, responsible businesses, and the economy as a whole. In the wake of the financial crises of 2008-2010, the president and Congress recognized the need to address widespread failures in consumer financial protection and the rapid growth in irresponsible lending practices that preceded the crises. To remedy these failures, the Dodd-Frank Act consolidated most Federal consumer financial protection authority in the Bureau." Statements, letters, and materials submitted for the record include those of the following: Richard Cordray.
United States. Congress. House. Committee on Financial Services
2016-03-16
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Implications of U.S. Aircraft Sales to Iran, Hearing Before the House Subcommittee on Monetary Policy and Trade of the Committee on Financial Services, One Hundred Fourteenth Congress, Second Session, July 7, 2016
This is a testimony compilation of the July 7, 2016 hearing on "Implications of U.S. Aircraft Sales to Iran" held before the Senate Committee on Armed Services. From the opening statement of Mark Dubowitz: "More recently, Boeing and Iran Air announced a deal worth an estimated $25 billion to sell and lease aircraft. This represents a multi-billion dollar bet by President Barack Obama that the economic benefits from the JCPOA [Joint Comprehensive Plan of Action] will moderate Iran's behavior before the nuclear restrictions start expiring. Yet Boeing is signing a deal with an Iranian aviation company and an industry complicit in the regime's weapons proliferation and destabilizing adventurism. Boeing and those banking this deal face a due diligence nightmare. They cannot prevent their planes from being used by Iran's Islamic Revolutionary Guard Corps (IRGC), for example, for deadly airlifts to Syria's Bashar al-Assad and Lebanese Hezbollah." Statements, letters, and materials submitted for the record include those of the following: Mark Dubowitz, Eric Lorber, and Zachary K. Goldman.
United States. Congress. House. Committee on Financial Services
2016-07-07
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Semi-Annual Report of the Bureau of Consumer Financial Protection, Hearing Before the U.S. House of Representatives, Committee on Financial Services, One Hundred Fourteenth Congress, First Session, September 29, 2015
This compilation is from the September 29, 2015 hearing titled "Semi-Annual Report of the Bureau of Consumer Financial Protection," held before the U.S. House of Representatives Committee on Financial Services. The following is taken from the Committee Memorandum: "On July 21, 2011, responsibility for promulgating federal consumer financial protection regulations was transferred from other federal agencies to the Bureau. The Bureau also assumed supervisory and examination authority over large depository institutions, defined as those with more than $10 billion in assets. Although prudential banking regulators retain supervisory and examination authority for financial institutions with less than $10 billion in assets, the Bureau's examiners are authorized to participate on a 'sampling' basis when prudential regulators examine institutions with less than $10 billion in total assets. […] The Dodd-Frank Act requires the Bureau Director to publish a semi-annual report on the Bureau's activities and to testify on the report before the House Financial Services and Senate Banking Committees. On June 15, 2015, the Bureau issued its seventh Semi-Annual Report to the President and Congress. The Report covers the Bureau's activities from October 1, 2014 through March 31, 2015. This hearing will explore the report." Statements, letters, and other materials submitted for the record include the following: Committee Memorandum, and Richard Cordray.
United States. Congress. House. Committee on Financial Services
2015-09-29
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Flood Insurance Reform: A Community Perspective, Hearing Before the Subcommittee on Housing and Insurance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, March 16, 2017
This testimony compilation is from the March 16, 2017 hearing "Flood Insurance Reform: A Community Perspective" before the U.S. House of Representatives Subcommittee on Housing and Insurance of the Committee on Financial Services. From the statement of Aram V. Terchunian: "Flood insurance and the National Flood Insurance Program (NFIP) have helped save lives, property and resources through a classic carrot and stick program of incentives and regulations. However, changing technology, science, and policy have created new opportunities to improve the program. In a nutshell, newer buildings that are constructed and maintained to the NFIP standards and ICC building codes are experiencing far less flooding damage than older, legacy homes that do not meet present standards. Moreover, those areas protected by well designed, built, and maintained flood risk reduction projects, such as beach and dune nourishment, experience significantly less damage during extreme events. Mitigation, primarily through elevation and modern construction standards, and incorporating resilient flood and erosion protection projects are the most cost effect manner of reducing damages to these homes, businesses, infrastructure, and resources. The goal in my opinion is to decrease the number of pre-FIRM [Flood Insurance Rate Map] substandard structures and increase flood protection and resiliency projects. In coastal areas, this can be accomplished by integrated coastal risk mitigation." Statements, letters, and materials submitted for the record include those of the following: Melissa H. Luckman, Aram V. Terchunian, Chad Berginnis, and Evan Hecht.
United States. Congress. House. Committee on Financial Services
2017-03-16
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Flood Insurance Reform: A Taxpayer's Perspective, Hearing before the Committee on Financial Services, United States House of Representatives, One Hundred Fifteenth Congress, First Session, June 7, 2017
This is the June 7, 2017 hearing on "Flood Insurance Reform: A Taxpayer's Perspective," held before the U.S. House Committee on Financial Services. From the hearing memorandum: "This hearing will examine the National Flood Insurance Program (NFIP) and six legislative concepts to reform the program. Accordingly, witnesses will discuss how the reforms would strengthen taxpayer protections; provide greater private market access, competition, and consumer choice; enhance mitigation efforts; encourage flood mapping fairness; address consumer costs and affordability; and incorporate NFIP claims processing reforms." Statements, letters, and materials submitted for the record include those of the following: Steve Ellis, Caitlin Berni, Josh Saks, Rebecca Kagan Sternhell, R.J. Lehmann.
United States. Congress. House. Committee on Financial Services
2017-06-07
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Exploitation of Cultural Property: Examining Illicit Activity in the Antiquities and Art Trade, Hearing Before the Subcommittee on Terrorism and Illicit Finance, of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, June 23, 2017
This testimony compilation is from the June 23, 2017 hearing, "The Exploitation of Cultural Property: Examining Illicit Activity in the Antiquities and Art Trade," before the U.S. House of Representatives Committee on Financial Services. From witness testimony of Raymond Villanueva: "Illicit trade in antiquities likely predates the illegal trade in drugs and weapons, two of the major revenue streams for transnational criminal organizations. This trade is part of a global pattern that includes looting and destruction of archaeological sites, smuggling of cultural property, and the sale of illicit antiquities that often benefits international terrorist and transnational criminal organizations." Statements, letters, and materials submitted for the record include those of the following: Alyson Grunder, Brian Daniels, and Raymond Villanueva.
United States. Congress. House. Committee on Financial Services
2017
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Virtual Currency: Financial Innovation and National Security Implications, Hearing Before the Subcommittee on Terrorism and Illicit Finance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, June 8, 2017
This testimony compilation is from the June 8, 2017 hearing, "Virtual Currency: Financial Innovation and National Security Implications," before the U.S. House of Representatives Committee on Financial Services. From the witness testimony of Luke Wilson: "Today's hearing on 'Virtual Currency: Financial Innovation and National Security Implications' is a very good first step forward towards understanding this quickly-evolving technology. My previous employment with the FBI allowed me to investigate several crimes that involved Bitcoin. My experience is that Bitcoin is not, or should not be, alarming to investigators or private companies. Bitcoin is thought to be anonymous by some criminals, in reality it's far from anonymous, and companies like Elliptic have assisted law enforcement and private industry to identify who is behind illicit Bitcoin transactions. Elliptic's software and expertise has assisted in terrorism, ransomware, cyber extortion, and illegal arms trafficking cases, to name a few. In all of these cases we have provided intelligence and leads that help investigators to trace Bitcoin transactions and identify who is transacting. This is all made possible by the record of transactions kept on the blockchain. All Bitcoin transactions are stored on the blockchain, including those performed by criminals. The importance of the blockchain record cannot and should not be undervalued, as it provides a public, permanent and incorruptible record of transactions, the like of which is not available with any other payment method." Statements, letters, and materials submitted for the record include those of the following: Jerry Brito, Scott Dueweke, Kathryn Haun, Jonathan Levin, and Luke Wilson.
United States. Congress. House. Committee on Financial Services
2017
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Terrorist Financing and the Islamic State, Hearing before the House Committee on Financial Services, One Hundred Thirteenth Congress, Second Session, November 13, 2014
This testimony compilation is from the November 13, 2014 hearing, "Terrorist Financing and the Islamic State," before the U.S. House Committee on Financial Services. From the statement of David Cohen: "Thank you for the invitation to appear before you today to discuss the terrorist group known as the Islamic State in Iraq and the Levant (ISIL). I will focus my testimony on the U.S. and international effort that my team at the Treasury Department is leading to undermine ISIL's financial strength, as part of the Administration's comprehensive strategy to disrupt, degrade and ultimately defeat ISIL. Let me begin by briefly reviewing why we are so focused on ISIL. We are determined to defeat ISIL not just because of its brazen atrocities -- its brutal murders, its persecution of members of religious minorities, its rape and enslavement of women and girls -- but also because it threatens core U.S. interests. ISIL threatens American personnel and facilities in Iraq. It threatens our regional allies, including Turkey, Jordan, and Lebanon. And because it is attracting so many foreign terrorist fighters, destabilizing an entire region, and securing a safe haven, ISIL, if left unchecked, could ultimately pose a direct threat to citizens of the United States and our allies outside of the Middle East. Put simply, a terrorist organization with territorial ambitions and a stated desire to kill innocent people abroad must be confronted. That is why, under the leadership of President Obama, the international community has come together to stop this threat. The President has tapped General John Allen as Special Envoy to spearhead the establishment of a broad coalition -- now more than 60 partners strong, ranging from the Middle East to Europe and beyond -- behind a strategy to degrade ISIL's capabilities, roll back its recent gains, and ultimately defeat it." Statements, letters, and materials submitted for the record include those of the following: David Cohen, Jimmy Gurule, Matthew Levitt, and Patrick Johnston.
United States. Congress. House. Committee on Financial Services
2014-11-13
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Evaluating the Security of the U.S. Financial Sector, Hearing Before the United States House of Representatives Committee on Financial Services, One Hundred and Fourteenth Congress, First Session,
This testimony compilation is from the June 24, 2015 hearing "Evaluating the Security of the U.S. Financial Sector," before the U.S. House Committee on Financial Services. From the Committee Memorandum: "Terrorist groups and actors are constantly seeking to exploit the U.S. financial system to fund their operations and launder their revenue. The growth and complexity of the international financial system has also enabled illicit actors to place and move money, hide assets, and conduct transactions anywhere in the world, exposing financial centers to exploitation and abuse. These actors seek to circumvent anti-money laundering and counter-terrorist financing measures by, among other things, taking advantage of the unsettled area of beneficial ownership to form shell corporations. The U.S. financial services sector has also been recognized as a prime target for sophisticated and coordinated cyber attacks." Statements, letters, and other materials submitted for the record include: Committee Memorandum, Cyrus Vance, Jr., Chip Poncy, and John W. Carlson.
United States. Congress. House. Committee on Financial Services
2015-06-24
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Ending 'Too Big to Fail': What is the Proper Role of Capital and Liquidity?, Hearing Before the United States House of Representatives, Committee on Financial Services, One Hundred and Fourteenth Congress, First Session, July 20, 2015
This compilation is from the July 20, 2015 hearing titled "Ending 'Too Big to Fail': What is the Proper Role of Capital and Liquidity?" held before the United States House of Representatives, Committee on Financial Services. The following is taken from the Committee Memorandum: "Since the 2008 financial crisis, U.S. banks have raised more than $400 billion in new capital, and regulators in the United States and elsewhere, working under the aegis of the Basel Committee on Banking Supervision and the G-20's Financial Stability Board, have required those institutions to maintain higher capital buffers than they did before the crisis. Regulators have also--for the first time--adopted liquidity regulations that require financial institutions to maintain 'high quality liquid assets' that they can use to satisfy their funding needs if markets seize up as they did in 2008 and 2009. In several instances, U.S. regulators have gone beyond the standards set by the Basel Committee and imposed more stringent capital and liquidity requirements on U.S. firms, a practice which has come to be known as 'gold-plating.'" Statements, letters, and other materials submitted for the record include the following: Committee Memorandum, Charles W. Calomiris, Sujit Chakravorti, John E. Parsons, and Norbert J. Michel.
United States. Congress. House. Committee on Financial Services
2015-07-23
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Monetary Policy and the State of the Economy: Hearing Before the U.S. House of Representatives Committee on Financial Services, One Hundred and Fourteenth Congress, First Session, July 15, 2015
This compilation is from the July 15, 2015 hearing titled "Monetary Policy and the State of the Economy," held before the United States House of Representatives, Committee on Financial Services. The following has been taken from the Committee Memorandum: "The Full Employment and Balanced Growth Act of 1978 -- commonly referred to as the Humphrey-Hawkins Act -- sets four benchmarks for the economy: full employment, growth in production, price stability, and balance of trade and budget. To monitor progress towards these goals, the Act mandates that the Board of Governors of the Federal Reserve present semi-annual reports to Congress on the state of the U.S. economy and the nation's financial welfare. At these hearings before the Senate Banking Committee and the House Committee on Financial Services, the Chair of the Federal Reserve articulates the strengths and weaknesses of the economy." Statements, letters, and other materials submitted for the record include: Janet Yellen, and the Monetary Policy Report.
United States. Congress. House. Committee on Financial Services
2015-07-15
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Examining the Export-Import Banks' Reauthorization Request and the Government's Role in Export Financing, Hearing Before the United States House of Representatives, Committee on Financial Services, One Hundred and Fourteenth Congress, First Session, June 3, 2015
This compilation is from the June 3, 2015 hearing on "Examinging the Export-Import Banks' Reauthorization Request and the Government's Role in Export Financing," held before the U.S. House of Representatives Committee on Financial Services. From the Committee Memorandum: "The Ex-Im Bank was established by executive order in 1934 and became an independent agency in 1945. The Ex-Im Bank groups its financial products into four categories: (1) direct loans; (2) loan guarantees; (3) working capital guarantees; and (4) export credit insurance. It also has a number of special financing programs. Under the Ex-Im Bank's direct loan program, the Ex-Im Bank offers loans directly to foreign buyers of U.S. goods and services. Under a loan guarantee, the Ex-Im Bank covers the repayment risk on the foreign buyer's debt obligations incurred in the purchase of U.S. exports. The Ex-Im Bank's Working Capital Guarantee Program provides repayment guarantees to lenders (primarily commercial banks) on secured, short-term working capital loans made to qualified exporters. Under the export credit insurance program, the Ex-Im Bank issues an insurance policy to a U.S. exporter, which provides credit to the foreign buyer of the exporter's products." Statements, letters, and other materials submitted for the record are the following: Fred P. Hochberg, Michael T. McCarthy, Daniel J. Ikenson, Rachael Cox, Mihael P. Boyle, Clifford SMith, John G. Murphy, and Richard B. Hirst.
United States. Congress. House. Committee on Financial Services
2015-06-03
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Annual Report of the Financial Stability Oversight Council, Hearing Before the U.S House of Representatives, Committee on Financial Services, One Hundred Fourteenth Congress, First Session, June 17, 2015
This compilation is from the June 17, 2015 hearing "Annual Report of the Financial Stability Oversight Council," held before the U.S. House of Representatives Committee on Financial Services. The following is from the Committee Memorandum: "Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.l. 111-203) established the Financial Stability Oversight Council (FSOC). The FSOC is charged with three statutory mandates: (1) to identify risks to the financial stability of the United States; (2) to promote market discipline by eliminating the expectation of government bailouts; and (3) to respond to emerging threats to the U.S. financial system. The FSOC consists of ten voting members and five nonvoting members. The ten voting members are the heads of nine federal financial regulatory agencies3 and an independent member with insurance expertise; the five nonvoting members are the directors of the Office of Financial Research (OFR) and the Federal Insurance Office, a state insurance commissioner, a state banking supervisor, and a state securities commissioner. The FSOC meets at least quarterly, subject to the call of the Chairperson, who is the Secretary of the Treasury, or to the call of a majority of the members then serving. The Dodd-Frank Act grants the FSOC numerous authorities and tools to carry out its statutory purposes. Section 113 of the Dodd-Frank Act vests the FSOC with the authority to determine whether nonbank financial companies should be subjected to heightened prudential standards and supervision by the Federal Reserve. Such a designation may be made where two-thirds of the voting members of the FSOC, with the concurrence of the Chairman, determine that a nonbank financial company's 'material financial distress'--or the 'nature, scope, size, scale, concentration, interconnectedness, or mix of the activities'--could pose a threat to U.S. financial stability." Statements, letters, and other materials submitted for the record include those of the following: Committee Memorandum, and Jacob J. Lew.
United States. Congress. House. Committee on Financial Services
2015-06-17
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Could America Do More? An Examination of U.S. Efforts to Stop the Financing of Terror, Hearing Before the United States House of Representatives Committee on Financial Services, One Hundred and Fourteenth Congress, First Session, September 9, 2015
This compilation is from the September 9, 2015 hearing 'Could America do More? An Examination of U.S. Efforts to Stop the Financing of Terror," held before the United States House of Representatives Committee on Financial Services. The following is from the opening statement of Scott Modell: "Their [Counter Threat Finance (CFT)] purpose was to effectively counter the financial and logistical depth and sustainment capacity of adversaries engaged in irregular or traditional warfare. Hitting the finances, financiers, and illicit networks, it was thought, would become an important means of warfare. Progress has been limited. Looking ahead, it would serve us well to take an agency-by-agency account of what we collectively know about terrorism finance, an audit of each agency's CTF track record and current trajectory, and ways to add or pare down their respective roles and missions as part of a whole-of-government approach. This should not seek to bring all agencies together all the time. Threat Mitigation Working Groups, Interagency Task Forces, and the like are usually stood up with the best of intentions and may last for a while, but often end with poor results." Statements, letters, and other materials submitted to the record include the following: Scott Modell, Louise Shelley, Daniel Larkin, and Elizabeth Rosenberg.
United States. Congress. House. Committee on Financial Services
2015-09-09
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Oversight of the Financial Stability Oversight Council, Hearing Before the United States House of Representatives, Committee on Financial Services, One Hundred and Fourteenth Congress, First Session, December 8, 2015
This compilation is from the December 3, 2015 hearing, "Oversight of the Financial Stability Oversight Council," held before the House of Representatives Committee on Financial Services. From the Committee Memorandum: "The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) requires the Secretary of the Treasury, as the FSOC [Financial Stability Oversight Council] Chair, to appear before the House Financial Services Committee and the Senate Banking Committee at annual hearings to discuss the FSOC's efforts, activities, objectives, and plans, and to answer questions about the FSOC's annual report. This statutory requirement was last met when Secretary Lew testified before the Committee on the FSOC's 2014 Annual Report on June 17, 2015. This hearing is intended to supplement the statutorily required annual hearing and allow the Committee to hear directly from the FSOC's voting members other than Secretary Lew on matters relating to the FSOC's agenda, operations, and structure. Eight of those nine voting members have agreed to testify; only Federal Reserve Chair Janet Yellen declined the Committee's invitation to appear." Statements, letters, and other materials submitted for the record include the following: Mary Jo White, Timothy G. Massad, S. Roy Woodall, Jr., Debbie Matz, Melvin L. Watt, Martin J. Gruenberg, Richard Cordray, and Thomas J. Curry.
United States. Congress. House. Committee on Financial Services
2015-12-08
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Lessons from the IMF Bailout of Greece, Hearing Before the Subcommittee on Monetary Policy and Trade of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, May 18, 2017
This compilation is from the May 18, 2017 hearing, "Lessons from the IMF Bailout of Greece," held before the U.S. House Subcommittee on Monetary Policy and Trade of the Committee on Financial Services. From the witness testimony of Paul Blustein: "The Subcommittee's hearing on the IMF's [International Monetary Fund] bailout of Greece is welcome evidence of Congressional interest in a complex topic of profound importance to the future of the global economy. The Fund's involvement in Greece is rich in lessons about the workings-and failings-of the international finance system. It's a saga of many twists and turns, which I spell out at length in my book and am presenting in summarized form in this testimony. The phenomenon of countries laid so low by financial crises as to require international bailouts was once thought confined to the emerging world-Mexico, Thailand, and Indonesia for example. The euro-zone crisis showed that advanced economies may be equally susceptible to the vagaries of globalized finance, and may need rescues too." Statements, letters, and materials submitted for the record include those of the following: Paul Blustein, Meg Lundsager, Anna Gelpern, and Rebecca Nelson.
United States. Congress. House. Committee on Financial Services
2017-05-18
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Fueling Terror: The Dangers of Ransom Payments to Iran, Hearing Before the Subcommittee on Oversight and Investigations of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, Second Session, September 8, 2016
This testimony compilation is from the September 8, 2016 hearing, "Fueling Terror: The Dangers of Ransom Payments to Iran," before the U.S. House of Representatives Subcommittee on Oversight and Investigations of the Committee on Financial Services. The various testimonies from this document discuss and debate the FMS [Foreign Military Sales] Trust Fund and ransom payments for the Iranian-American hostages. Statements, letters, and materials submitted for the record include those of the following: Lisa Grosh, Christopher R. Backemeyer, Mary McCord, Paul Ahern, Mark Dubowitz, Michael Rubin, Eric Lorber, and Suzanne Maloney.
United States. Congress. House. Committee on Financial Services
2016-09-08
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Increasing the Effectiveness of Non-Nuclear Sanctions Against Iran, Hearing Before the Subcommittee on Monetary Policy and Trade and the Subcommittee on Terrorism and Illicit Finance of the Committee on Financial Services, United States House of Representatives, One Hundred Fifteenth Congress, First Session, April 4, 2017
This is a testimony compilation of the April 4, 2017 hearing on "Increasing the Effectiveness of Non-Nuclear Sanctions Against Iran" held before the House Subcommittee on Monetary Policy and Trade and the Subcommittee on Terrorism and Illicit Finance, Committee on Financial Services. From the statement of Behnam Ben Taleblu: "Our present discussion on how to push back against Iran's enduring 'non-nuclear' threats is a product of diplomatic developments from the summer of 2015, when international negotiators from the P5+1 and Iran agreed to the Joint Comprehensive Plan of Action (JCPOA) nuclear deal." Statements, letters, and materials submitted for the record include those of the following: Behnam Ben Taleblu, J. Matthew McInnis, Emanuele Ottolenghi, and Suzanne Maloney
United States. Congress. House. Committee on Financial Services
2017-04-04
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Iran Nuclear Deal and its Impact on Terrorism Financing, Hearing Before the U.S. House of Representatives, Committee on Financial Services, One Hundred Fourteenth Congress, First Session, July 22, 2015
This compilation is from the July 22, 2015 hearing titled "Iran Nuclear Deal and its Impact on Terrorism Financing," held before the United States House of Representatives, Committee on Financial Services. The following is from the statement of Ilan I. Berman: "In his July 14th statement formally announcing the agreement, President Obama asserted that it 'prevents' Iran from developing a nuclear weapon. In point of fact, however, it does no such thing. The JCPOA [Joint Comprehensive Plan of Action] is time--‐limited in nature, designed to last for just a decade, with the majority of its provisions expiring in 2025 (and some doing so earlier). For the coming ten years, the deal will indeed make it more difficult--although not impossible--for Iran to develop the constituent parts of a nuclear program. […] The terms of the JCPOA demonstrate that the Iranian regime has persevered on this point. Under the agreement, Iran is poised to receive massive economic relief in the near future. Specifically, later this year, upon IAEA [International Atomic Energy Agency] verification that Iran has divulged the requisite details of its military--‐related nuclear work, the U.S. will begin unblocking $100 billion or more of Iranian revenue from oil sales that had been locked in escrow accounts in China, South Korea, and other nations. To put this sum in context, it amounts to roughly a quarter of Iran's annual gross domestic product (GDP), which totaled $415 billion in 2014." Statements, letters, and other materials submitted for the record include those of the following: Ilan I. Berman, Mark Dubowitz, Steven R. Perles, Olli Heinonen, Richard Nephew.
United States. Congress. House. Committee on Financial Services
2015-07-22
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Assessing the U.S.-EU Covered Agreement, Hearing Before the Subcommittee on Housing and Insurance of the Committee on Financial Services, U.S. House of Representatives, One Hundred Fifteenth Congress, First Session, February 16, 2017
This testimony compilation is from the February 16, 2017 hearing "Assessing the U.S.-EU Covered Agreement" before the U.S. House Subcommittee on Housing and Insurance. From the Committee Memorandum: "The Subcommittee on Housing and Insurance will hold a hearing entitled 'Assessing the U.S.-EU Covered Agreement' on Thursday, February 16, 2017, at 10:00 a.m. in Room 2128 of the Rayburn House Office Building. This hearing will examine the January 13, 2017 announcement from the U.S. Department of Treasury (Treasury) that the United States and the European Union (EU) completed negotiations on a Covered Agreement entitled, 'Bilateral Agreement between the European Union and the United States of America on Prudential Measures Regarding Insurance and Reinsurance.'" Statements, letters, and materials submitted for the record include those of the following: Ted Nickel, Charles Chamness, Leigh Ann Pusey, and Michael T. McRaith.
United States. Congress. House. Committee on Financial Services
2017-02-16
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Serial No. 114-37: Examining Continuing Allegations of Discrimination and Retaliation at the Consumer Financial Protection Bureau, Held Before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Oversight and Investigations, One Hundred and Fourteenth Congress, First Session, June 25, 2015
From the opening statement of Robert Cauldwell: "The CFPB [Consumer Financial Protection Bureau] says there is no evidence of discrimination. The fact that cases are settled to an employee's satisfaction does not obviate the CFPB's behavior. The Bureau retaliation continues. Ask Angela Martin. They continue to retaliate against her after she settled her cases. Ask Ali Naraghi, who also testified last year and has suffered similar treatment to Ms. Martin. Ali suffered for no other reason than he stood up to aggressive and controlling managers like Jim Carley, the Southeast Regional Director, whose employees have given him the nickname ''King James'' because of his harsh rule and his nepotistic management style. Even his own managers complain about him, and Ali just announced he is leaving the Bureau." Statements, letters, and materials submitted for the record include those of the following: Robert Cauldwell, Florine M. Williams, Keith Ellison, and Al Green.
United States. Government Publishing Office; United States. Congress. House. Committee on Financial Services
2015-06-25
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