Week InAdvance: March 21, 2016
Expect an update on the state of the international financial system when Treasury Secretary Jack Lew testifies before the House Financial Services Committee on Tuesday. Lew is required to report once a year on the progress Treasury has made to improve the global financial system, increase compliance of countries receiving International Monetary Fund aid, and implement safeguards against money laundering and terrorist financing. Last year at this time, the hearing went beyond the designated scope of Lew's annual report to criticize Treasury and the White House for their "one-world view of risk imported from Europe" and for allowing international groups such as the G20's Financial Stability Board, as well as Treasury's own Financial Stability Oversight Council, to "institutionalize 'too big to fail' on a global scale" and to "wield immense power over our global economy and operate largely without transparency."
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