Enhancing Treasury's Anti-Terror Tools Act
Floor Speech
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Mr. ELLISON. Mr. Speaker, I'd like to thank Chairman Hensarling, Ranking Member Waters, Chairman Fitzpatrick and Ranking Member Lynch for the thoughtful and inclusive process that produced this set of bills. I would also like to thank Mr. Pittenger and Mr. Lynch for introducing this particular bill, Enhancing Treasury's Anti-Terror Tools Act (H.R. 5607).
I am especially appreciative that the bill includes language to help address the remittances crisis facing Somalia. I am fortunate to represent the largest Somali diaspora in our nation. I have heard from my constituents that they are unable to send funds to their loved ones back home. They can't send money for school fees or for medicine. They can't send funds to help a loved one start a business. Banks have stopped providing bank accounts to money services businesses that send funds to Somalia. Very few banks still provide wire transfers to the people of Somalia. As remittances from abroad are critical to the economy of this fragile nation, we are creating a humanitarian crisis which is also a national security problem.
We need to address this crisis. Money is going to flow: either in the system or outside of it. It is in everyone's best interest to provide Somali Americans the ability to safely and transparently send money to loved ones in their home nation.
This pilot program idea grew out of my frustration with finding a solution. I would like to see financial institutions and their regulators act proactively to keep the remittances pipeline open and safe. That's why I so appreciate Mr. Pittenger and Mr. Lynch including language I suggested requiring the Treasury Department to study the potential impact of a pilot program for humanitarian funds to Somalia.
Somalia is improving; it recently passed an Anti-Money Laundering Law and appointed an ambassador to the U.S. The U.S. has acknowledged the government of Somalia and for the first time in decades, has an ambassador to that nation. The need to address the remittances crisis is urgent. I appreciate the Chairman, Ranking Member and my colleagues' commitment to addressing the remittances crisis which hinders Somalia's ability to become a stronger more functional nation.
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