Sean Patrick Maloney: “as I have said, I oppose H.R. 10. But I have to give the Financial Services Committee this: They didn't add anything…”

“as I have said, I oppose H.R. 10. But I have to give the Financial Services Committee this: They didn't add anything affirmatively harmful to this bill. Indeed, several of these provisions are things that this body has passed before and I support, such as providing the SEC with increased emergency authority, or authorizing Treasury to produce secure currency for other countries. Indeed, one provision of the bill builds on recent legislation I cosponsored. I worked with Rep. Kelly to pass an appropriation of $25 million in funding for FinCEN to make key technological improvements in FinCEN systems. This bill authorizes no-year funding for that purpose, and that is commendable. Other provisions are unobjectionable, such as making technical corrections to money laundering statutes, or requiring Treasury to prepare an annual Money Laundering Strategy. These are things we should have done some time ago. My bigger concern in this Committee is with what we have not done as we come to the end of this session. There is financial services legislation we should be passing--but the majority has failed to give this body a chance to vote on it. The Financial Services Committee voted out legislation extending the Terrorism Risk Insurance Act--but the leadership has failed to bring this to the floor. This is critical to the district I represent. We were attacked on 9/11 and we cannot rebuild and remake our commercial district without terrorism insurance.”