Said hearing will come to order. We will hear testimony on the nomination to read the undersecretary of the treasury and if confirmed would be the third undersecretary of the treasury with the responsibility for the office of tourism and Financial Intelligence the undersecretary reports directly to the secretary. This is responsible for executing for moneylaundering while overseeing enforcement of the constantly evolving sanctions program. Also receiving regulatory and enforcement opportunities such as the office of terrorism in Financial Crimes for foreign assets to control the office of intelligence and announce analysis and the Financial Crimes enforcement network. Mr. Szubin comes over 14 years of government experience. With the recent deal that is considered here in the senate. And to help assemble with the architecture gives the worlds leading state sponsor terrorism. Given the context it is important and timely. I appreciate your willingness to allow the nominee the acting treas
I commend you for pushing it through the house i had help even from the other side. Exactly. The way that it will be used and be effective is that it allows the federal regulators to rely on state examinations for purposes of overseeing compliance with antiMoney Laundering regulations, that will expand our ability to get insight into the quality of the antiMoney Laundering efforts out in the across the country, particularly in the Money Services industry. And that will, i think, enhance the confidence that Financial Institutions have in taking on Money Service businesses as customers. So to get back to the derisk in question. What we are hoping to foster is an environment where institutions do in fact engage in a continue, really, to engage in a balance of risk, and the Better Foundation for that risk assessment, i think the better off we all are. Thank you. I want to say, i would like to work with you to help more Financial Institutions understand whats available under the act. Let me