the staff of the Ridgewood blog
WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after the House Financial Services Committee released a staff report of its investigation into the U.S. Department of Justice’s (DOJ) decision not to prosecute HSBC or any of its executives or employees for serious violations of U.S. anti-money laundering laws and related offenses.
“While the vast majority of Americans pay a price if they break the law, the Justice Department has once again proven that the rules don’t apply to those with special privileges and connections under the Obama Administration,” said Garrett. “Despite their best efforts for three years to side-step Congressional inquiries and oversight, the House Financial Services Committee was able to find that DOJ has been misleading the American people about their decision not to prosecute HSBC employees and executives on anti-money laundering charges, proving that too-big-to-jail is alive and well.”
The Committee initiated its investigation in March 2013. The Department of Justice (DOJ) and the Department of the Treasury failed to comply with the Committee’s requests to obtain relevant documents, necessitating the issuance of subpoenas to both agencies.
Approximately three years after its initial inquiries, the Committee finally obtained copies of internal Treasury records showing that DOJ has not been forthright with Congress or the American people concerning its decision to decline to prosecute HSBC. To read the House Financial Services Committee’s full report, click here.
Scott Garrett is Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.