Washington, D.C. (July 28, 2017) The House Financial Services Committee yesterday held a hearing on the state of the International Financial System with testimony from Department of the Treasury Secretary Steven Mnuchin.

"The free flow of credit is what fuels the American dream. Yet, this opens the door for terrorist and other illegal actors to take advantage of our financial system to do harm against the world. It is no longer enough to simply combat the threats we see today. It isn't enough to just move forward with the threat, but we must get ahead of it. Today, I spoke with Secretary Mnuchin about our nation's effort to combat money laundering and terrorist financing. I greatly appreciate his attention to this serious threat and look forward to working with him through the Terrorism and Illicit Finance Subcommittee to modernize and update our standards to cut off terrorist funding," stated Rep. Pearce.