Rep. Dennis Moore Holds a Hearing On Financial Crisis Enforcement Network Oversight
Political Transcript Wire › May 04, 2010
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Rep. Dennis Moore Holds a Hearing On Financial Crisis Enforcement Network Oversight
HOUSE COMMITTEE ON FINANCIAL SERVICES, SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS HOLDS A HEARING ON FINANCIAL CRISIS ENFORCEMENT NETWORK OVERSIGHT
APRIL 28, 2010SPEAKERS: REP. DENNIS MOORE, D-KAN. CHAIRMAN REP. STEPHEN F. LYNCH, D-MASS. REP. RON KLEIN, D-FLA. REP. JACKIE SPEIER, D-CALIF. REP. GWEN MOORE, D-WIS. REP. JOHN ADLER, D-N.J. REP. MARY JO KILROY, D-OHIO REP. STEVE DRIEHAUS, D-OHIO REP. ALAN GRAYSON, D-FLA. REP. BARNEY FRANK, D-MASS. EX OFFICIOREP. JUDY BIGGERT, R-ILL. RANKING MEMBER REP. PATRICK T. MCHENRY, R-N.C. REP. RON PAUL, R-TEXAS REP. MICHELE BACHMANN, R-MINN. REP. CHRISTOPHER LEE, R-N.Y. REP. ERIK PAULSEN, R-MINN. REP. SPENCER BACHUS, R-ALA. EX OFFICIOWITNESSES: JAMES FREIS JR., DIRECTOR, TREASURY DEPARTMENT'S FINANCIAL CRIMES ENFORCEMENT NETWORK (FINCEN)TREASURY DEPARTMENT INSPECTOR GENERAL ERIC THORSON, INSPECTOR GENERALRICHARD HILLMAN, MANAGING DIRECTOR OF FINANCIAL MARKETS AND COMMUNITY INVESTMENT, GOVERNMENT ACCOUNTABILITY OFFICE (GAO)EILEEN LARENCE, DIRECTOR, HOMELAND SECURITY AND JUSTICE ISSUES, GOVERNMENT ACCOUNTABILITY OFFICE (GAO)[*] D. MOORE: This hearing of the Subcommittee on Oversight and Investigations of the House Financial Services Committee will come to order. Our hearing this afternoon is entitled "Reviewing FinCEN Oversight Reports."We'll begin this hearing with members' opening statements up to 10 minutes per side, and then we'll hear testimony from our witnesses. For each panel, each witness panel the members will have up to five minutes each to question our witnesses. The chair advises our witnesses to please keep your opening statements to five minutes to keep things moving so we can get to members' questions.Also, any unanswered question can always be followed up in writing for the record. Without objection all members' opening statements will be made part of the record. And I'll now recognize myself for up to five minutes for an opening statement.(UNKNOWN): (OFF-MIKE).D. MOORE: All right. The Financial Crimes Enforcement Network or FinCEN was first established by the Treasury Department in 1990 to provide a government-wide multi-source financial intelligence and analysis network. The organization was later formalized as an official bureau within the Treasury Department by the USA Patriot Act of 2001 when the Bank Secrecy Act's -- the scope was expanded to focus on stopping terrorist financing as well as money laundering.FinCEN administers BSA and is -- is responsible for the process of which financial institutions file suspicious activity reports or SARs. FinCEN will then analyze that information and provide the information analysis to a wide range of law enforcement, intelligence and regulatory agencies.As we know too well, the tragic attacks on the United States on September 11, 2001, exposed our broken intelligence system where one agency knew one thing that another agency did not know and was not empowered with that vital information to try to prevent these attacks.While most of our focus in Congress this past year has been to provide tough TARP oversight and strengthen our financial regulatory system following the financial crisis of 2008, stopping terrorist financing and money laundering remain top priorities.Let me be clear. We must remain vigilant and ensure that our law enforcement and other agencies have all the information they need to do their job at better protecting our country. Our constituents expect and deserve nothing less. Today we'll be reviewing th...See the full content of this document
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