Fitzpatrick Leads Bill to Halt ISIS Funding

Press Release

Congressman Mike Fitzpatrick (PA-8) announced new legislation Wednesday aimed at crippling the funding and financing abilities of ISIS. The Isolate ISIS Act, introduced by Fitzpatrick, would cut off income to ISIS by codifying sanctions and penalties on any institutions engaging in trade or commerce with the terror group, including individuals and corporations in the United States.

"ISIS is a unique terror organization in that it is able to self finance at an extremely high level -- giving itself the resources and influence to expand its reign of hate and oppression," said Fitzpatrick. "It's reported that ISIS now controls tens of thousands of barrels of oil a day, netting the terror group nearly $2 million in sales through foreign markets. To halt ISIS' growth, we must stop its ability to fund and finance -- that's what the Isolate ISIS Act does."

Fitzpatrick's Isolate ISIS Act is made up of two parts:

-Imposing sanctions on foreign financial institutions that do business with ISIS (or individuals acting on their behalf) by locking those financial institutions out of doing business with U.S. banks or using U.S. banking systems.

-Imposing harsh penalties and sanctions on individuals or corporations inside the U.S. who do business with foreign third parties engaged in commerce with the Islamic State. The provision is focused on those who may facilitate the black market sales of petroleum products by ISIS.

"Simply put, the Isolate ISIS Act is one piece of larger response to the threats posed by ISIS," said Fitzpatrick. "By attacking the group's funding we can slow its growth, limit the reach of its recruiting efforts and push back against the twisted world-view it promotes."

Fitzpatrick's announcement comes just hours before President Obama is scheduled address the nation regarding ISIS.

"It is my hope that tonight the president will lay out a clear strategy to assuage Americans very real concerns and send a message to those who wish us harm," added Fitzpatrick. "Our nation must speak with one voice when it comes to foreign policy - regardless of location, party or legislative body. However, any response must include taking action against ISIS' financing through legislation like the Isolate ISIS Act ."

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