Paulsen Secures Critical Funding to Safeguard Financial and National Security
Minnesota Congressman’s Amendment Securing $15 million for Financial Crimes Enforcement Network Passes House

FOR IMMEDIATE RELEASE: July 16, 2009
CONTACT: Luke Friedrich (952) 405-8510 / Andrew Foxwell (202) 225-2871

Washington, D.C. – The U.S. House of Representatives today passed an amendment authored by Congressman Erik Paulsen (MN-03) to strengthen financial safeguards and battle financial crimes against the United States.  The amendment was passed by a voice vote and attached to the Financial Services Appropriations bill.

Specifically, Paulsen’s amendment provides $15 million for the Financial Crimes and Enforcement Network (FinCEN) to upgrade and modernize their information technology capabilities and infrastructure. The funding comes from existing money already in the General Services Administration rent account, which is currently used to fund the temporary housing of large government agencies.  

“The information uncovered by FinCen is essential to combating financial crime, including money being funneled to terrorist organizations and cases of mortgage or securities fraud,” Paulsen said. “The last several years have shown the importance of battling these crimes and I’m pleased this timely amendment passed the House today.”

The Department of the Treasury established FinCEN in 1990 to provide a government-wide multi-source financial intelligence and analysis network.  In 2004, the organization became part of the Department of the Treasury's new Office of Terrorism and Financial Intelligence. FinCEN is now the lead office in fighting the financial war on terror, combating financial crime and enforcing economic sanctions against rogue nations.

For more information on FinCEN, please visit http://www.fincen.gov/. 

Details on Rep. Paulsen’s work in Congress can be found at www.paulsen.house.gov.

To view Paulsen’s floor speech on the amendment, click HERE.
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