Press Releases

WEEK IN REVIEW


 

Washington, April 22, 2016 -

ISIS Profiting From Looted Antiquities

The Task Force to Investigate Terror Financing held a hearing on Tuesday to examine the best ways to counter the plunder and sale of priceless cultural antiquities by Islamic State terrorists.  Such looting is occurring on an “unprecedented scale” and some estimate ISIS could be generating up to $200 million per year from the illicit trade in antiquities and archaeological treasures.

“The United States must do its part in curbing the demand for these cultural and artistic pieces by taking another look at customer due diligence and improving coordination with our international partners. This is a revenue stream exploited by illicit actors around the world and it cannot continue unabated,” said Task Force Chairman Michael Fitzpatrick (R-PA).

There are some 4,500 archaeological sites located in ISIS territory that are at risk – vulnerable to looting, destruction, or both. ISIS has derived significant illicit revenues from the plunder and destruction of cultural sites and artifacts in Syria and Iraq – what some have called “the largest challenge for the international heritage community since World War II.”

“ISIS is likely the wealthiest radical terrorist organization in contemporary history, with widely diversified sources of income. Stopping the highly lucrative illicit trade in antiquities is imperative not only because it is a major source of income for terrorist organizations like ISIS, but also due to the irreparable damage it is causing to Syria’s cultural heritage,” said Amr Al-Azm, an Associate Professor of Middle East History and Anthropology at Shawnee State University in Ohio.

SEC Budget Has Quadrupled, But Not Agency’s Effectiveness

The Capital Markets and Government Sponsored Enterprises Subcommittee held a hearing on Thursday with top officials of the Securities and Exchange Commission (SEC) to conduct oversight of their offices and divisions.

“During much of the time when Congress has been accused of starving the SEC of the funds it needs to fulfill its mission, its budget has actually quadrupled in the last 15 years. It would be one thing if this four-fold increase in funding coincided with an agency that has become four times as effective. Instead, we are likely to look back at this period as a time when the SEC missed some of the greatest frauds in history, was ill-prepared for the financial crisis of 2008, failed to properly incorporate economic analysis into rulemakings, and, more recently, has often times been complicit in advancing the priorities of special interests,” said Subcommittee Chairman Scott Garrett (R-NJ).

The SEC has sufficient funds to perform its statutory obligations. In 2000, the SEC’s operating budget was about $369 million. In 2016, the SEC’s budget authority is more than $1.6 billion.

The SEC must be data driven in promulgating its rules and needs to conduct robust cost-benefit analysis, instead of squandering its resources on rulemakings that harm U.S. companies and investors. Rather, the SEC must prioritize activities that fulfill the agency’s statutory mission to protect investors; ensure fair, orderly, and efficient markets; and facilitate capital formation.

Member Spotlights

Rep. Tom Emmer (R-MN)|Emmer Gets 1st Bill Passed in House

Rep. Tom Emmer got his first bill passed on the floor of the House of Representatives, which would give Congress oversight over two government entities, the Financial Stability Oversight Council and the Office of Financial Research.  Emmer's bill would put the agencies' budgets through the appropriations process of Congress, require quarterly reports and a public comment period before the agencies issue any new regulations.

Rep. Mia Love (R-UT)| My View: a Victory for Middle and Low-Income Utahns

This week was a victory for middle and low-income Utahns who are looking for ways to realize their version of the American dream. That victory came when the U.S. House of Representatives passed my bill, HR3791, which will enable thousands of people to achieve personal freedom through economic freedom.

Weekend Must Reads

Wall Street Journal|The Great Recession Blame Game

When the subprime crisis broke in the 2008 presidential election year, there was little chance for a serious discussion of its root causes. Candidate Barack Obama weaponized the crisis by blaming greedy bankers, unleashed when financial regulations were “simply dismantled.” He would go on to blame them for taking “huge, reckless risks in pursuit of quick profits and massive bonuses.”

Investor’s Business Daily| Washington’s Business Bashing Stalls Economy

Suddenly, all of the talk on Wall Street and Main Street is about whether the American economy is sinking into another recession. Who’s to blame? Try the White House and the political class.

The Washington Post | The United States must not aid and abet Iranian money laundering

Iran has yet to see the economic growth it wants from President Obama’s nuclear deal, and it’s demanding additional concessions — above and beyond the agreement — in return for nothing. Specifically, Ayatollah Ali Khamenei wants the United States to end sanctions aimed at curbing Iran’s funding for terrorism and illicit weapons so Iran can gain access to the U.S. financial system, where the majority of international business is conducted.

In the News

Morning Consult | Fiduciary Rule Disapproval Resolution Introduced in House

American Banker|Fed Implements Off-Site Exams for Small Banks

American Banker | CFPB Rebuked by Judge for Exceeding Authority

Washington Examiner 'We don't know': State Dept. blind to Iran's terror funding

Bloomberg Watchdog Urges Fed to Strengthen Embargoed Release Practices

Fox News |Republicans want Obama to rule out Iran's access to dollar

The Hill | House panel votes to overturn Obama's financial adviser rule

Bloomberg | As Dodd-Frank Fight Continues, the Resistance Scores Some Victories

Washington Post| Inside Paul Ryan’s quest to set the Republican agenda

On the Horizon

Wednesday, April 27, 2016 at 10:00 A.M
Monetary Policy and Trade Subcommittee
“How Can the U.S. Make Development Banks More Accountable?”

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