Somalia: U.S. Treasury Chief Pledges Briefing On Somaliland Financial Access Bill
[Horn Diplomat] Washington, Sept. 16 (Horndiplomat) -- U.S. Treasury Secretary Scott Bessent said he would seek a briefing next week on a bill examining barriers to Somaliland's access to the U.S. financial system, after Representative John Rose pressed him on the proposal at a congressional hearing on Tuesday.
U.S. Treasury Secretary Scott Bessent pledged to provide a briefing next week on a bill aimed at improving Somaliland's access to the U.S. financial system, following a congressional hearing on the proposal. Representative John Rose, the sponsor of the bill, pressed Bessent on the topic during the hearing. The bill, known as the Somaliland Economic Access and Opportunity Act (H.R.
7993), was introduced in March by Rose and co-sponsored by Representatives Pat Harrigan and Andy Ogles. The legislation seeks to identify legal, regulatory, and policy barriers limiting Somaliland's financial access, including compliance standards, remittance flows, participation in the SWIFT messaging system, and measures to reduce money laundering risks.
Rose emphasized Somaliland's strategic importance as a partner for the United States, citing its proximity to major shipping routes and potential to advance U.S. interests as China's influence grows in the Horn of Africa. Bessent agreed to review the bill and provide a briefing on the proposed study within the next week. He assured Rose that Treasury has the necessary expertise and capacity to complete the assessment within 180 days.
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