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WASHINGTON—U.S. Representative Brittany Pettersen (CO-07) has been appointed to serve as the Vice Ranking Member of the National Security, Illicit Finance, and International Financial Institutions Subcommittee. This is one of six subcommittees tasked with executing the work of the House Financial Services Committee, and specifically covers all international finance, including combating threats other countries and terrorist organizations pose to America’s economy and national security.

Pettersen was chosen as Vice Ranking Member, in part, due to her leadership on matters dealing with the illicit drug trade and drug trafficking, which the Subcommittee has jurisdiction over and has been one of Pettersen’s priorities in Congress, as well as in her decade spent in the Colorado state legislature. She introduced her first bill through the Subcommittee earlier this month, which would create a National Center to prevent the import and distribution of fentanyl and other illicit synthetic drugs.

Pettersen today led her first Subcommittee hearing, which can be viewed or downloaded by clicking here.

“In this new role as Vice Ranking Member of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, I will work with my fellow committee members on both sides of the aisle to address some of the most pressing issues facing our nation,” said Pettersen. “From cracking down on the illicit drug trade to safeguarding the American financial system and our national security, I am dedicated to building a stronger economy to help hardworking Coloradans and people across the country.”

Pettersen’s first hearing as Vice Ranking Member today focused on financial crimes, intelligence, and terrorism. The witnesses included Brian Nelson, the Treasury Under Secretary for Terrorism and Financial Intelligence, and Himamauli Das, the Acting Director of the Financial Crimes Enforcement Network (FinCEN). In the hearing, Pettersen focused on the roles of the Office of Terrorism and Financial Intelligence and FinCEN in preventing criminal activities, including human trafficking, firearms trafficking, the trafficking of stolen and counterfeit goods, and—in particular—drug trafficking. 

Pettersen questioned the witnesses on how the budget legislation passed by House Republicans yesterday would impact these agencies and what cuts it would force them to make in the areas of national security and terrorism intelligence.

To access the full subcommittee hearing, click here. A transcript of Pettersen’s opening remarks can be found below.

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Thank you all for being here today – I really appreciate you. And thank you for the critical work that you are doing to protect our country from domestic and international terrorism, and stop criminals who specialize in drug, human, and firearm trafficking from utilizing the American financial system to exploit people throughout our communities. 

One area of your focus that is a top priority for me is working together to stop the flood of fentanyl into this country. Like too many Americans, my family has been impacted by the opioid crisis. My mom’s addiction began with the over-prescription of opioids, which led to heroin and ultimately fentanyl when it started to take over the drug supply chain in 2016. 

Unfortunately, my mom’s story is not unique in Jefferson County, or in Colorado, or the United States. The opioid epidemic is now more lethal than ever as we continue to see drugs become more and more potent and easier to traffic. We have seen the devastating impacts of overdoses and fentanyl poisoning across this country and around the world. 

Addressing this crisis with the urgency and dedication needed to save lives and protect our kids is going to require significant resources for agencies like yours to stop the drug cartels from utilizing our financial system to launder money, support better coordination between agencies, as well as stopping the widespread distribution and sale of illicit drugs through social media platforms and payment apps. The agencies you represent play an essential role in all of this.

The Office of TFI and FinCEN are not solely working in prevention. Instead, your agencies specialize in identifying criminal activities and then using the intelligence to “Detect and Disrupt” their activities. 

As a mom of a 3 year old, I want to thank you for what you and your team are doing to protect our country and look forward to discussing your essential work in more depth, including the updates on the Anti Money- Laundering Act of 2020 and the Corporate Transparency Act of 2020 which, after fully being implemented, will likely represent one of the most significant efforts in decades to combat the financing of terrorism and other criminal activity that threaten the United States.

I am deeply concerned with the budget reductions that were just passed out of the House yesterday and what this means for our national security and the future of our country. The Office of TFI and its sub-agencies, like FinCEN and the Office of Foreign Asset Control, are already understaffed. If the cuts implemented by the House budget were to go into effect, that just passed, the capacity and capability of these agencies to effectively do their jobs will be seriously curtailed.

We will see significant staff cuts and potentially programmatic cuts. I know that my colleagues on the other side of the aisle also care deeply about these issues, and we must forcefully speak up against these budget cuts that will make our country less safe and hinder the important work that agencies like yours are undertaking every day.

I now yield my time back.