Conditions of Migrant Children at housing facilities. This is two hours and 20 minutes. The committee will come to order. Without objection, the chair is authorized to declare recess of the committee at any time. The full committee during convening to identify, resolve and present vulnerabilities on tsas Security Operations. I now recognize myself for five minutes to give an Opening Statement. Today, nearly 20 years since the terrible attacks of september 11, 2001, we are holding this hearing to examine why urgent warnings from independent auditors about security vulnerabilities at the transportation and Security Administration have been languishing for years without being resolved. In 2016, i led a Bipartisan Group of members in asking the Government Accountability office to examine tsas covert Testing Program. This past april, gao issued the declassified results of its work. Unfortunately, gao confirmed many of our worst fears. According to gao, nine security vulnerabilities were ide
So that we can be compliant Going Forward and as the chairman said any business we do with any u. S. Client is done on a completely compliant aces. Again you have reported or certainly in our reports we see the size of u. S. Banking assets and credit swiss. Do you have any u. S. Assets in total in switzerland . I dont know if we do. I dont think we do have that estimate. U. S. Citizen assets in suisse banks i dont have that on hand. No further questions at this time. Thank you very much senator johnson. Lets go to just a few facts to set down very firmly. Of the 22,000 banks the customers that you had in 2006 after you did required a showing of compliance with their u. S. Tax laws and we talk about u. S. Customers, 18,900 of those accounts were closed and today there is about 3500 that you have determined are in compliance. Are those numbers correct . Those numbers are correct as of today but i would like to add that in total we have breathed youd been verified Tax Compliance of of whi
Closed and 3000 the number you have just mentioned are still with us. So what is the total number of accounts that we no longer have of the 22,000 . The 18,000 number you mentioned. And if i may add mr. Chairman, we had a Large Population of u. S. Resident clients. I would say 11,000 i believe that had account balances below 1 Million Dollars under Asset Management and they were not even given the option to stay because to move to one of our fully u. S. License broker dealers you needed 1 million is the minimum balance. 18,000 of these did not have the opportunity to prove tax compliance. Mr. Cerutti your u. S. Policy required that swiss accounts open for u. S. Residents be concentrated in a single swiss office we talked about the sla in. Is that correct . It required that it be concentrated. In saln and the other office near the airport those were the 12 that were later merged in 2009. All right and the point was that office was supposed to have a Relationship Managers they got specia
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