FROM THE OFFICE OF PUBLIC AFFAIRS

September 15, 2004
js-1921

The Honorable John W. Snow
Statement Following Meeting with Members of
the Financial Services Information Sharing and Analysis Center (FS-ISAC)
New York, NY
September 15, 2004

Last week, as we marked the painful anniversary of September 11^th, we were reminded of the sorrow that day brought to our country. I saw it in the eyes of the family members at the memorial at the World Trade Center site, where I was honored to represent the President and First Lady.

But I saw something else in the eyes of the family members, something that I think all Americans felt stirring in their hearts this past Saturday as well: our steadfast resolve to win the war on terror, to render our enemy powerless and dismantle their networks of hatred.

In a fitting follow-up to that anniversary, today I met with leaders of the financial sector to discuss our coordinated efforts to protect our critical financial infrastructure and fight the war on terror by cutting off terrorist blood money.

While we will never forget what happened to us three years ago, we also will not be afraid as we go forward.

Just one month ago we were made aware of a terrorist threat to buildings here in this city, some of the symbols of our nation's financial strength.

The response of the financial community, and of New Yorkers, was a beautiful thing to behold. More employees came to work at the New York Stock Exchange that Monday in August than any other Monday in August in the history of the Exchange.

A real New Yorker may put it more bluntly, but I interpreted the message as thus: "Take that, Al Qaida. You won't win, and you can't win."

As Treasury Secretary I take special pride in the response of the financial community to the menace of terror. Working together closely since September 11^th, we have regained financial and economic strength… and we're making sure that the terrorists are cut off from theirs.

In partnership, the government and the private financial sectors have dedicated ourselves to cutting the flow of blood money off from the killers. Because while hatred fuels the terrorist agenda, money makes it possible.

The public and private financial community has accomplished a lot together on this front of the war on terror in the last three years. The United States has designated 387 entities as terrorists or supporters of designated terrorists and frozen nearly $142 million in terrorist-related assets.  More than $37 million has been frozen in the United States.

The U.S. has also identified and frozen over $4.5 million in al Qaida-related funds.  In addition, almost $72 million has been frozen by other governments worldwide. 

Almost 1500 terrorist-related accounts and transactions have been blocked around the world, including 151 in the United States. 

Our efforts are making a difference.

Of course, we must also be prepared for potential that attacks may occur, in spite of our best efforts to thwart the killers before they can strike. I believe that the financial services sector is in an advanced state of readiness and preparation and that they handled extremely well the recent raising of the threat level to Orange for the financial services firms in New York City, Northern New Jersey, and Washington, D.C.  Customers were able to continue their business as usual. And while there was concern, there was no crisis.

The group I met with today for example, the FS-ISAC, was there when it was needed the most. Shortly after Secretary Ridge's press conference on August 1st, the FS-ISAC leadership convened a conference call with Treasury officials and over 250 representatives from FS-ISAC member organizations to discuss the response to the threat.

The Treasury Department has been in close, continual and ongoing cooperation with the Department of Homeland Security, other federal, state and local financial regulators, the international financial institutions, and the private sector to strengthen and protect our critical financial infrastructure.

Today's meeting gave me an opportunity to personally commend leaders of the financial community for their work and their commitment. I applaud the men and women who make our financial services industry the strongest in the world. Their commitment to getting the job done, even in the face of a menacing enemy, is the reason our financial system is so strong and resilient.

Thanks to them, and thanks to a government that is focused on protecting the homeland with minimal disruptions to our day-to-day lives, our nation's financial markets, financial institutions and financial sector continued to operate normally following the August threat level increase.

As a result of that successful response, people around the world rightly have confidence in the U.S. financial markets. 

Federal regulators and law enforcement officials will continue to work closely with financial market participants to quickly respond to any potential market disruptions. The key financial coordinating groups which work with the financial markets in our efforts to secure the financial infrastructure are working closely with each other, the Department of Homeland Security, other key agencies and the private sector.

The financial community is not frightened; we are prepared. We are not cowed; we are ready. Most importantly, we believe that we will win this war on terror and that America's brightest financial days are ahead of us.

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