Congressman Cleaver Chairs First Subcommittee Hearing on National Security, International Development, and Monetary Policy
(Washington, D.C.) – Congressman Emanuel Cleaver, II held his first hearing as Chair of the new U.S. House Financial Services’ Subcommittee on National Security, International Development, and Monetary Policy (NSIDMP). The hearing entitled, “Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime” will delve into federal laws addressing anti-money laundering and counterterrorism financing.
In his opening statement as Chair, Congressman Cleaver said,
“These are some of the most pressing issues facing our country and the world and I am excited for the opportunities this Congress presents to confront them head on. Many of the matters that are likely to come before this subcommittee have historically enjoyed broad bipartisan support. They go to the heart of our most profound responsibility as members of Congress—preserving America’s national security and the United States’ global position as an international leader in free and fair markets. I am convinced that there is no better issue to start our subcommittee’s work than a discussion of policies to detect and deter financial crimes.”
The subcommittee reviewed several key bills, including a bill designed to reform the Federal Bank Secrecy Act and anti-money laundering laws to better protect the country form those attempting to use U.S. markets to commit crimes. The bill also:
• encourages financial regulators to work with regulated institutions to implement innovative pilot programs,
• allows each financial regulatory agency to establish an “innovation lab” that will provide outreach to law enforcement, financial institutions, and others for new technologies,
• creates an “Innovation Counsel” to coordinate actives related to Bank Secrecy Act compliance.
Another bill discussed was a Beneficial Ownership bill by Rep. Carolyn Maloney (D-NY). This bill requires that people who form companies or LLC’s disclose the “beneficial owners” of those corporations to prevent criminals from exploiting United States corporations. It also assists law enforcement in detecting and preventing terrorism, money laundering, and other misconduct involving United States companies and LLCs.
The final bill addressed in today’s hearing was H.R. 389, the Kleptocracy Asset Recovery Rewards Act. This bill establishes the Kleptocracy Asset Recovery Rewards Program within the Department of Treasury. The program may provide rewards to individuals furnishing information leading to the restraining, seizure, forfeiture, or repatriation of stolen assets linked to foreign government corruption.
“With virtual currencies, dark web marketplaces, and illicit technologies expanding to threaten citizens’ safety and hard-earned savings, it is imperative that our federal agencies evolve to meet and conquer these new challenges,” said Congressman Cleaver in his opening statement.
Emanuel Cleaver, II is the U.S. Representative for Missouri’s Fifth Congressional District, which includes Kansas City, Independence, Lee’s Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; the Ranking Member of the Subcommittee on Housing and Insurance; member of the Select Committee on the Modernization of Congress; Chairman of the House Subcommittee on National Security, International Development and Monetary Policy; the Committee on Homeland Security; and, a Senior Whip of the Democratic Caucus. For more information, please contact Heather Frierson at 816-842-4545 or Heather.Frierson@mail.house.gov A high-resolution photo of Congressman Cleaver is available here.