“The terrorist group, Islamic State in Iraq and the Levant (ISIL), is a direct threat to the United States and our national security, and it must be destroyed. ISIL is believed to be the world’s most well-financed terrorist organization, which is especially concerning as it is almost entirely self-financed unlike most other terror threats the United States has faced. It has been reported that ISIL has more than $2 billion in assets and that it may raise between $1-2 million more a day to fund its horrific acts of brutality.
“To defeat ISIL, we must starve it of its funding, and the United States government must do everything in its power to cut off financing to ISIL. We cannot allow those who provide funds or services to terrorists to do business in the United States or its interests.
“Today’s hearing was an important step in ensuring that our government has the tools and the resolve to cut off ISIL’s funding. I look forward to continuing to work with my colleagues on the Financial Services Committee to find ways to starve ISIL of the resources it requires to fund its barbaric acts of terrorism.”