Press Releases

McHenry: These Are Good and Necessary Legislative Efforts to Hold Russia Accountable for Their Actions

Washington, March 17, 2022 -

Today, the House Financial Services Committee is holding a markup of several bills to further isolate the Putin regime from the international financial system in response to Russia’s invasion of Ukraine. Of the five pieces of legislation being considered at today’s markup, four of the bills are bipartisan, with two led by Republican members.

Watch Republican Leader Patrick McHenry’s (NC-10) opening remarks here.

Read Republican Leader McHenry’s opening remarks as prepared for delivery:

“Thank you, Madam Chair, for holding this markup.

“We all heard the incredible and moving speech from President Zelensky and I, like the rest of you, am thankful we are holding this markup today.  

“I commend the Chair for unifying the committee to ensure we remain focused on this important moment in history—to hold Russia accountable and help the Ukrainian people.

“This is how legislating should be done.

 “It is also precisely the signal that our committee should be sending the day after the Ukrainian President called on Congress to put American values into action by stepping up our support for his people.

“This humanitarian crisis has forced over three million people—half of them children—to flee their homeland.

“We need to act. Here, we have four smart, thoughtful bills—two Democrat, two Republican, truly bipartisan—that will make a difference for Ukraine and its people.

 “First and foremost, the U.S. must maintain a firm, long-term commitment to cutting off Russia from global trade and financial markets.

“And not just because of Russia; China is watching, too.

“Any sign of weakness or unwillingness to support our allies will be noted, and potentially exploited.

“To their credit, the Administration’s sanctions are helping to isolate the Russian economy.

“The value of the ruble is plummeting.

“Russia’s credit rating is ‘junk.’

“Their debt is coming due, and the coffers are tapped.

“It’s Congress’ job now—and specifically, that of this committee—to keep this pressure on.

“Today, this Committee will: institute global debt payment relief for Ukraine so the country can prioritize humanitarian and defense spending; ban U.S. transactions with sanctioned Russian entities; exclude Russia from the G-20, Bank for International Settlements, and other international financial bodies’ proceedings; halt Russia from accessing hard currency through the IMF.

“These are good and necessary legislative efforts to hold Russia accountable for their actions.

“However, we have a difference of opinion on the fifth bill in today’s markup, which I believe goes further than what is necessary to address the emergency in Ukraine and could expand FinCEN’s reach into the everyday activities of ordinary Americans, from homebuyers to small business owners.

“But this is how the legislative process should work. 

“We should come together to offer ideas to solve the day’s most pressing issues. 

“Where we agree, we should work together. 

“And where we don’t, we should keep working to find common ground.

“I again want to thank the Chair for holding today’s markup and showing leadership at such an important time. 

“I yield back.”


Print version of this document