Beatty Backed Amendment Gets Greenlight by Financial Services Committee

Beatty Backed Amendment Gets Greenlight by Financial Services Committee

WASHINGTON, D.C. – Today, the U.S. House of Representatives’ Committee on Financial Services accepted an amendment offered by U.S. Congresswoman Joyce Beatty (OH-03) related to the funding of the U.S. Department of Treasury’s Office of Technical Assistance (OTA).

The bipartisan amendment expresses the Committee’s support for OTA’s work. OTA provides public finance ministries and central banks in developing and emerging nations with the much-needed tools to better manage public finances and bolster financial safeguards.

“OTA has been providing ongoing support to the Central Bank of Somalia to improve financial oversight and management, build upon international safety standards, and – most importantly – provide a long-term solution to the remittance issue,” said Rep. Beatty. “Each year, $1.3 billion in remittance aid is sent to loved ones living in Somalia. This is of upmost importance to the Somalian community in my district. In fact, Ohio’s Third Congressional District is home to the second largest Somalian constituency in the country.” Rep. Beatty continued, “I have heard from many of my constituents about the significant hurdles they face when sending money back to their loved ones who rely on remittance to simply make ends meet. My straightforward amendment will allow the OTA to continue its work to help my constituents.”

Building capacity and a strong central bank in countries like Somalia will provide a long-term solution to the remittance issue, as well as prevent money from falling in terrorists’ hands – particularly in developing nations where terrorist cells operate.

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