WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement after he was appointed to serve as Chairman of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions on the House Financial Services Committee. Congressman Luetkemeyer served as the Ranking Member of the Consumer Protection & Financial Institutions Subcommittee last Congress.

“When Republicans took back the majority, our Conference made combatting the Chinese threat to our country a top priority. Nowhere has China’s aggression been more blatant than through the weaponization of its economy. For too long, international financial institutions and large investors have been complicit in China’s unethical and immoral actions, and I’m honored that Chairman McHenry has asked me to lead the Financial Services Committee’s efforts to stop it,” said Luetkemeyer.    

“While China’s influence on our markets is one of our most notable challenges, it certainly isn’t our only concern. As a subcommittee we will closely examine all aspects of international finance, including the CFIUS process, the Financial Crimes Enforcement Network’s approach to Beneficial Ownership laws, and policies that enable illicit and terrorism finance to flow freely in the U.S. and around the world.”

House Financial Services Committee Chairman Patrick McHenry said, “Congressman Blaine Luetkemeyer’s wealth of knowledge and experience will continue to be invaluable to Committee Republicans in his new role as Chairman of the National Security Subcommittee. As the top Republican on the House Small Business Committee and longtime top Republican on the Financial Institutions Subcommittee, Blaine’s accomplishments and distinguished leadership speak for themselves. Congressman Luetkemeyer’s extensive work on reforming the Financial Crimes Enforcement Network and combatting the generational threat posed by the Chinese Communist Party make him supremely qualified to lead this Subcommittee.”

Background:

Among other things, Congressman Luetkemeyer’s Subcommittee will cover:

• Strengthen policies to combat the generational threat posed by the Chinese Communist Party
• Overseeing the operations and policy development with respect to the Office of Terrorism Financial Intelligence
• Overseeing the policy development at the International Financial Institutions
• Identifying best practices and policies that continue to strengthen diversity and inclusion within the national security and international finance industry