Patrick McHenryChairman

WASHINGTON, March 19, 2015 - House Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the committee will create a bipartisan task force to work on improving U.S. efforts to choke off terrorist financing.

“We are committed to making sure our government is doing everything possible to stop the Islamic State and other terrorists from using the global financial system to finance their acts of evil,” said Chairman Hensarling. “Fighting the financial war against terror demands constant innovation and vigilance. The Task Force to Investigate Terrorist Financing will examine what, if any, changes are needed to upgrade and improve our nation’s ability to starve terrorists of the money they need to carry out their attacks.”

The committee is expected to adopt a resolution that formally creates the task force next week.

“As the United States pushes back against the tide of terror and extremism that is the enemy of freedom and peace everywhere, it must do so with every tool available – including within the financial system," said Rep. Mike Fitzpatrick (R-PA) who will serve as Chairman of the task force. “It is my hope that this new task force will encourage and produce true bipartisan measures to devastate and disrupt the ability of terror groups to finance and fund their warped ideologies. I thank Chairman Hensarling and Ranking Member Waters for their leadership in taking the first step toward addressing this important issue, and look forward to working with Rep. Lynch on efforts to expand this committee’s role in the fight against terrorism,” Fitzpatrick added.

“Deterring terrorist activity is not a Democratic or Republican issue, it’s an American issue,” said Maxine Waters (D-CA), the Committee’s Ranking Member. “I hope that this task force is able to embrace our common goal of making America more secure by working together in a non-partisan manner to prevent banks and other financial institutions from supporting terrorist groups.”

"Detecting and disrupting the flow of funding to terrorist groups is critical in our fight against terrorism. While it has proven to be difficult work, it is also worthwhile. I am honored by Ranking Member Maxine Waters' recommendation to serve as the Democratic lead on this new bipartisan Task Force as we join with Chairman Hensarling and Rep. Mike Fitzpatrick to improve our efforts to halt terrorist financing. The rise of ISIS, and the organization’s ability to finance an extensive enterprise requires us to continually meet new challenges in this critical counterterrorism area,” said Congressman Lynch.

Under House rules, committee task forces can exist for no longer than six months, so the Task Force to Investigate Terrorist Financing will complete its work by the end of September.

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