mr. cleaver. i'd like to recognize miss jackson-lee for five minutes of questioning. >> i did say how grateful i am for your kindness. let me say to congressman emanuel cleaver were joining in enthusiastically with this program to begin and was in opposition to it who have a negative reflection on contractors. but i think because the tso are on the frontline security that they should be consistent in a managing structure as congressman and the airports opted in and was put into law by us individuals who i think with privatization and many of us to oppose it that means the airport cannot opt out except for the contract of whether runs out or not. gather thing i want to make sure that were no longer thinking about tso a small airports. i think it was a mindless concept we will put them at the small airports as someone gets in the plane and opposes the big airport. it is no longer on the table regarding diaz sows. you better thing i want to join is the salaries of the tso because one of the organizati

mr. cleaver. i'd like to recognize miss jackson lee for five minutes of questions. >> and i again say how i grateful i am for your kindness and to the committee. let me say to congressman cleaver, please count me as joining in enthusiastically. when this program began, i was in opposition to it, again not in any reflection on contractors. but i think because the tsos are front line security for national security, there should be a consistent managing structure. and as indicated, congressman, the aprils opted in, given -- but it was put into law by us, individuals who i thought privatization was a good thing. and many of us opposed it. but it is in law. that means the airport can opt in but can opt out except as sort of a lease -- not a lease but a contract, whether it runs out or not. i think that's what happened. the other thing i want to make sure is we're no longer thinking about not having tsos at small airports. remember that was proposed in some i think mindless concept that we won't put the

mr. cleaver's bill called the counteract. mr. cleaver is the chairman of the subcommittee on national security and has been an exceptional leader on anti-money laundering issues. his bill would make a number of improvements to the bank's secrecy act that would protect our national security, make our anti-money laundering regime more effective, and would reduce burdens on financial institutions. for example, the bill will close loopholes for high-risk commercial real estate transactions and the transfer of art antiquities which we heard testimony about in our committee. it would also make modest increases to the threshold for currency transaction reports. which was a compromise that mr. cleaver reached with mr. loudermilk on the other side of the aisle. this would provide financial institutions with regulatory relief while also ensuring that law enforcement has the information they need to catch bad actors who are using our financial system to hide their illicit money. finally, the bill protects privacy by mandating a privacy and c

mr. cleaver, is recognized. mr. cleaver: thank you, matam chair, for your work in this area and for allowing those of us who are interested in this legislation to play a major role. as many of my colleagues are aware, national security is one of the most pressing matters facing the united states of america and the world. i'm excited for the opportunities that this moment presents to address these issues head-on. our most profound responsibility as members of congress is to preserve america's national security and the united states global position as an international leader in free and fair markets. since the last major anti-money laundering reforms of 2001, the national security threats that face our country have evolved profoundly and significantly and frighteningly. many technological attacks have risen to the top of our most recent worldwide threat assessment as a paramount national security risk. underground, online trafficking now allows for simplified avenues to transport illicit material across the nation and

mr. cleaver. >> thank you, mr. chairman. thank you for being here. ms. lynch mentioned some of the things that we should think about and thap i also think she said -- and i -- i was here so i remember -- almost everything you said was the practice when earmarks was discontinued. you have to put it on the website, you have to sign an affidavit saying that this is not going to your cousin bill. it couldn't go to a corporation all those things we had in place. so the missouri delegation we have lunch each month. every one of us -- all eight of us rather said we are going to say out publicly that we support earmarks or whatever you want to call it. but here -- here is where things bump heads. the confluence between politics and constitution. and it's this -- what happens is -- well, first of all in the media. the media said senator stevens is trying to build a bridge to no where. it was not true. he was trying to build a bridge to a small island. that only had i think about 5 a people on it, something like that. most people think that you know there was no d

mr. cleaver: o lord, the chair of the committee, elijah cummings, is now meeting you, the chair of the boardall of the universe. we issue thanks for sending elijah our way. we are better for having had him near us lo these many years, we bless those who have come and will come from near and far to pay tribute to this magnificent man. and now to the one who is able to keep you from falling and make you stand without blemish in the presence of god's glory was rejoicing to their only, god our savior, the glory, majesty , power and authority. god, please now receive the bootlegging preacher based in baltimore, elijah cummings. amen. [captions copyright national cable satellite corp. 2019] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] conversation] >> ladies and gentlemen, the howard university chorale ♪. ♪ announcer 1: earlier today the late congressman elijah cummings was laying in state. he is the first african-american member of congress to be honored this way. all private citizens walked through, to th

mr. cleaver, of missouri. this important piece of legislation is the first major eform in the united states anti-anti-money laundering regime since 2001 and makes critical changes to ensure better enforcement of this country's a.m.l. and bank secrecy act laws. i would like to highlight how this bill addresses the cost and burdens of the bank see crease si act and anti-money laundering compliance for smaller financial institutions including credit unions and community banks. this bill includes multiple avenues to improve information sharing and feedback loops including new programs of omestic liaisons for financial crime enforcement networks. sending officials to the field to connect directly with financial institutions and also makes permanent the exchange program allowing for morrow bus exchange of threat information and analysis among participants nd revised the earl review which was a publication that provided timely threat detection information, which will help banks to better direct their resources and re

mr. cleaver, is recognized for five minutes >> thank you, madame chair, mr. zuckerberg for being here today. in response to a letter that i sent to f sock i was told that unclear whether u.s. and foreign regulators will have the ability to monitor libra and require any kind of corrective actions and at the same time, if u.s. and international regulators are as they've said in the, my letter, to me, unaware if they have the ability to monitor your network and then protect against money laundering and terror financing. how are you going to get over the regulatory hurdles if they're already saying that and what happens if regulators throw up their hands and say that we cannot guarantee the soundness of this product? >> thank you, congressman. so there are two parts of the process here the first is what we and the rest of the association are trying to do to design this system so that it eliminates those risks and the second is the process of working with the regulator on their concerns and questions to make sure it meets approval on the former, the key part of th

mr. cleaver. >> thank you, madam chair. thank you for being here today. on the 27th of february, i sent a letter to the oversight council, and the office of financial research and to the ceo of facebook dave marcus. and i received an interesting response and i'd like to have it entered into the record, madam chair. >> without objection, such is the order. >> let me share a bit of it. it's critically important. the chairman says the u.s. department of treasury requesting a review of libra by fsoc and ofr, we agree with you that these projects should be subject to regulatory review. and they said they would agree to furnish any and all information needed for any investigation or any review of fsoc, a review that fsoc or ofr made be interested in conducting. and i thought that was significant. we agree with your view that fsoc and ofr qualified to assess the development of this work and that fsoc can play a valuable role in coordinating among its member agencies to insure regulatory concerns are addressed. then it concluded by saying we'll not launch until w

mr. cleaver, who is also the chair for the sub kmicommittee international development and monetary policy is recognized for five minutes. >> thank you, madame chair. thank you, mr. zuckerberg, for being here today. in response to letter i sent to fsoc, i was told that it's unclear whether u.s. and foreign regulators will have the ability to monitor libra and require any kind of corrective actions. then, at the same time, if u.s. and international regulators are, as they've said in the -- in my letter -- or the letter to me, unaware if they have the ability to monitor your network and then protect against money laundering andter torandte teta. how are you going to get over the regulatory hurdles? if they're already saying that. what happens if regulators just throw up their hands and say that we cannot guarantee the soundness of this product? >> thank you, congressman. so there are two parts of the process here. the first is what we and the rest of the association are trying to do to design this system so that it eliminates those risks. the second is the process of working with the regulat

mr. cleaver, for five minutes. >> thank you. i'd like to thank all of you, and thank you, too, m mr. mcaleenan for your appearan appearance before the committee and the fact that you've been a straight shooter with us. thank you very much. are any of you concerned about what could happen and may be already happening as a result of the cryptocurrency issue? the thing that is frightening to me in looking at this is that the software is available to just about anybody, including people who would like to do some harm to us. and you can do a transaction just like that. unless we have some really low i iq bad guys, in the future we're going to have to deal with people moving arguably millions of dollars -- millions of invisible dollars going here and there. is there a division -- well, i know finsen is working in the treasury but is there a division anywhere else focusing on this problem that is only going to grow, director wray? >> i think you've put your finger on a very vexing issue for everyone in law enforcement and national security more broadly. at the fbi we have an office of techn

mr. cleaver, who is also the chair of the subcommittee on national security international development and monetary policy is recognized for five minutes. >> thank you, madame chair. >> i actually am deviating from affordable housing issue because i have two people here, i'd like to deal with the zone in housing because i have the treasury secretary and hud secretary, but because of what we have on our agenda tomorrow, examination of facebook, i'm going to deviate a bit secretary, thank you for the response to my letter and i thank you for proactively probing the issue of libra. your letter says working group on digital access is quote monitoring developments related to the libra project, working to assess risks and gaps that require more attention, b end quote. can you go just a little further on that secretary? >> yes, and first of all thank you for your interest in this subject. i do understand the diversion. it is an important subject and we spent a will the of time on this and we look forward to working with you. i've met multiple times with the representatives of facebook. we've told

mr. cleaver, who is also the chair for the sub kmicommittee international development and monetary policy is recognized for five minutes. >> thank you, madame chair. thank you, mr. zuckerberg, for being here today. in response to letter i sent to fsoc, i was told that it's unclear whether u.s. and foreign regulators will have the ability to monitor libra and require any kind of corrective actions. then, at the same time, if u.s. and international regulators are, as they've said in the -- in my letter -- or the letter to me, unaware if they have the ability to monitor your network and then protect against money laundering andter torandte teta. how are you going to get over the regulatory hurdles? if they're already saying that. what happens if regulators just throw up their hands and say that we cannot guarantee the soundness of this product? >> thank you, congressman. so there are two parts of the process here. the first is what we and the rest of the association are trying to do to design this system so that it eliminates those risks. the second is the process of working with the regulat

mr. cleaver: i request permission to speak for one minute. the speaker: without objection. objection is heard. n -- the speaker pro tempore: pursuant to house resolution 656 and rule 18, the chair declares the house in the committee of the whole house on the state of the union for further consideration of h.r. 823. will the gentleman from california, mr. aguilar, kindly ake the chair. the chair: the house is in the committee of the whole house on the state of the union for further consideration of bill h.r. 823, which the clerk will report by title. the clerk: a bill to provide for the designation of certain wilderness areas, recreation management areas, and conservation areas in the state of colorado, and for other urposes. the chair: when the committee rose wednesday, october 30, a request for recorded vote on amendment number 6 printed in part b of house report 116-264 offered by the gentleman from colorado, mr. crow, had been postponed. pursuant to clause 6 of rule 18, proceedings will now resume -- part b of house report number 116-264 on which further proceedings were

mr. cleaver: o lord, the chair elijah mmittee, cummings, is now meeting you, the chair of the board of alluniverse. we issue thanks for sending elijah our way. we are better for having had him near us lo these many years, we bless those who have come and will come from near and far to pay tribute to this magnificent man. and now to the one who is able to keep you from falling and make you stand without blemish in the presence of god's glory was rejoicing to their only, god our savior, the glorry, majesty power and authority. god, please now receive the bootlegging preacher based in baltimore, elijah cummings. amen. >> ladies and gentlemen, the choir.university ♪ [singing] ♪ ♪ [singing] ♪ >> the late maryland congressman and oversight committee chair elijah cummings died last week at the age of 68 after a long illness. he will lie in state on the house side of the u.s. capitol and the public will be able to pay their respects shortly and we'll take you back inside statuary hall in a bytyqi. vice president pence among the officials expected today. he'll be paying his respects shortly. at abo