# Annual Testimony of the Secretary of the Treasury on the State of the International Financial System

The GOP Financial Services Committee held a hearing on September 15, 2026, featuring the annual testimony of the Secretary of the Treasury on the state of the international financial system. The discussion focused heavily on U.S. leadership in global financial institutions such as the IMF and World Bank, with emphasis on ensuring these institutions adhere to their core missions, including poverty reduction and economic growth, while avoiding mission creep. The Secretary highlighted recent policy shifts, including the World Bank's renewed engagement with nuclear energy financing and efforts to phase out lending to China by 2031. Sanctions enforcement, particularly against Iran and its financial networks, was a significant topic, with the Treasury detailing actions like Operation Economic Outcast and sanctions on foreign banks facilitating illicit transactions. The committee also addressed domestic financial regulatory issues, including updates to suspicious activity and currency transaction reporting thresholds to reduce burdens on community banks, deposit insurance reform, and oversight of digital assets and AI-related financial risks. Several members raised concerns about economic conditions, inflation, trade policies, and the impact of tariffs, while the Secretary defended the administration's economic record and initiatives. The hearing included discussions on combating financial scams, enhancing transparency in international lending, and maintaining the U.S. dollar's status as the global reserve currency. No specific contract awards or procurement actions were reported, but policy and regulatory discussions could influence future financial sector procurement and compliance requirements.

**Jurisdictions:** federal
**Industries:** Professional Services, Information Technology
**Topics:** Regulatory Compliance, Cybersecurity
**Published:** September 15, 2026

### Sources
- [Annual Testimony of the Secretary of the Treasury on the State of the International Financial System](https://www.youtube.com/watch?v=lGpvrwljFfc) - GOPFinancialServices