Lawmakers Question Treasury Officials on Efforts to Sanction Hostile Nations

Lawmakers Question Treasury Officials on Financial Sanctions

Lawmakers are demanding answers from Treasury officials about the Biden administration’s commitment to placing effective financial sanctions on governments and entities that support actions hostile to the United States. At a hearing of a subcommittee of the House Financial Services Committee on April 27, lawmakers addressed and questioned Treasury officials about their ability to disrupt the flow of money to these entities.

Restricting Banking and Commerce of China, Iran, and Russia

The hearing focused on efforts to restrict and interfere with the banking and commerce of China, Iran, and Russia. Appearing as witnesses were Treasury Under Secretary for TFI Brian Nelson and Himamauli “Him” Das, acting director of the FinCEN department of the Treasury.

Blocking Bad Actors’ Access to Money

Subcommittee Chairman Blaine Luetkemeyer (R-Mo.) called out the Treasury Department for not being tough enough with China and Russia. He demanded accountability from Treasury for its refusal to stop Russia from waging war on Ukraine. Luetkemeyer cited the genocide that China and its ruling party, the Chinese Communist Party (CCP), are conducting against the Uyghurs.

Nelson testified that TFI develops and uses a comprehensive framework of regulations against money laundering and the financing of terrorism, gathers and studies information, takes enforcement actions, and enlists the private sector and nongovernmental agencies to prevent states with bad intent from exploiting weaknesses in financial networks.

Rep. Brittany Pettersen (D-Col.) spoke on the issue of deadly fentanyl trafficked into the United States, most of which comes from Mexico and is made with precursor chemicals from China and the CCP. She thanked Nelson and Das for the work the Treasury is doing to combat drug, human, and firearm trafficking.

• Treasury officials questioned on financial sanctions
• Lawmakers demand accountability from Treasury
• Efforts to restrict banking and commerce of China, Iran, and Russia
• TFI develops comprehensive framework to prevent exploitation of financial networks
• Treasury combats drug, human, and firearm trafficking