Commentary: Congressman Pearce issued the following statement in response to being named as Chairman of the House Subcommittee on Terrorism and Illicit Finance:
“ISIS is the richest terror organization in human history. President Obama did nothing to shut off their diverse sources of funding. Oil sales, sale of antiquities, kidnapping, and human trafficking make up the core funding base for ISIS and have been carried out virtually unheeded the last eight years under President Obama,” said Pearce.
“I thank Chairman Hensarling for establishing the Terrorism and Illicit Finance Subcommittee and entrusting me at the helm. Funding is key to the success of terrorist organizations; without it, they lose influence, support, and effect. The Terrorism and Illicit Finance Subcommittee will help the Trump Administration identify ways to shut off terror financing.
From examining methods to hinder criminal and terrorist organizations from accessing financial products, to combating the use of our financial system as a weapon, I look forward to working with Chairman Hensarling and the members of the Financial Services Committee to ensure that Congress and President Trump have the tools they need to fully engage in the fight against terrorism and illicit financing,” Pearce continued.
The House Subcommittee on Terrorism and Illicit Finance will be formally established when the House Financial Services Committee organizes for the 115th Congress.