Financial Services and General Government Appropriations Act, 2024

Floor Speech

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Mrs. BEATTY. Mr. Chairman, I thank the gentleman from Maryland (Mr. Hoyer) for yielding.

Mr. Chair, I rise in support of the en bloc amendment, which highlights the importance of the Financial Crimes Enforcement Network, FinCEN, to protect our financial system from illicit activities, combat money laundering, and promote the United States' national security.

As we speak, oligarchs, kleptocrats, and other criminals are using anonymous shell companies to engage in money laundering, terrorist financing, tax fraud, corruption, bribery, and other illicit activities.

FinCEN is working tirelessly to implement the Corporate Transparency Act's beneficial ownership rule to increase transparency and, yes, to follow the money to pursue bad actors, from Russian oligarchs to drug traffickers and, more recently, terrorist groups.

Particularly in the wake of the recent Hamas attack, it is evident how vital the bureau's work is to direct and deter financial streams for terrorist groups, so I ask that we support this amendment.

Unfortunately, House Republican's Financial Services and General Government Appropriations Act cuts FinCEN's funding by more than 12 percent and would necessitate significant personnel layoffs.

My colleagues across the aisle claim to prioritize national security while simultaneously undermining the very offices at the Treasury tasked with safeguarding our financial system. This office is already stretched thin, working hard to fulfill its mandate with the limited resources it has. Let's not further hamstring the bureau's national security efforts with a 12-percent budget cut.

Mr. Chairman, I urge my colleagues to support my amendment.

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