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David S. Cohen, Daniel L. Glaser, Timothy G. Massad, Wanda Felton, and Sean Robert Mulvaney

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David S. Cohen, Daniel L. Glaser, Timothy G. Massad, Wanda Felton, and Sean Robert Mulvaney S. HRG. 112–115 NOMINATIONS OF: DAVID S. COHEN, DANIEL L. GLASER, TIMOTHY G. MASSAD, WANDA FELTON, AND SEAN ROBERT MULVANEY HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED TWELFTH CONGRESS FIRST SESSION ON NOMINATIONS OF: DAVID S. COHEN, OF MARYLAND, TO BE UNDER SECRETARY FOR TERRORISM AND FINANCIAL CRIMES, DEPARTMENT OF THE TREASURY DANIEL L. GLASER, OF THE DISTRICT OF COLUMBIA, TO BE ASSISTANT SECRETARY FOR TERRORIST FINANCING, DEPARTMENT OF THE TREASURY TIMOTHY G. MASSAD, OF CONNECTICUT, TO BE ASSISTANT SECRETARY FOR FINANCIAL STABILITY, DEPARTMENT OF THE TREASURY WANDA FELTON, OF NEW YORK, TO BE FIRST VICE PRESIDENT AND VICE CHAIR OF THE EXPORT-IMPORT BANK OF THE UNITED STATES SEAN ROBERT MULVANEY, OF ILLINOIS, TO BE A MEMBER OF THE BOARD OF DIRECTORS FOR THE EXPORT-IMPORT BANK OF THE UNITED STATES MAY 3, 2011 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PRINTING OFFICE 68–179 PDF WASHINGTON : 2011 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island RICHARD C. SHELBY, Alabama CHARLES E. SCHUMER, New York MIKE CRAPO, Idaho ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee DANIEL K. AKAKA, Hawaii JIM DEMINT, South Carolina SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska HERB KOHL, Wisconsin PATRICK J. TOOMEY, Pennsylvania MARK R. WARNER, Virginia MARK KIRK, Illinois JEFF MERKLEY, Oregon JERRY MORAN, Kansas MICHAEL F. BENNET, Colorado ROGER F. WICKER, Mississippi KAY HAGAN, North Carolina DWIGHT FETTIG, Staff Director WILLIAM D. DUHNKE, Republican Staff Director CHARLES YI, Chief Counsel PAT GRANT, Counsel COLIN MCGINNIS, Professional Staff Member BRIAN FILIPOWICH, Legislative Assistant HESTER PEIRCE, Republican Senior Counsel JOHN O’HARA, Republican Senior Investigative Counsel ANU KASARABADA, Deputy Clerk BRETT HEWITT, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor (II) CONTENTS TUESDAY, MAY 3, 2011 Page Opening statement of Chairman Johnson ............................................................. 1 Opening statements, comments, or prepared statements of: Senator Shelby .................................................................................................. 3 WITNESSES David S. Cohen, of Maryland, nominee for Under Secretary for Terrorism and Financial Crimes, Department of the Treasury ......................................... 4 Prepared statement .......................................................................................... 26 Responses to written questions of: Chairman Johnson .................................................................................... 31 Senator Shelby ........................................................................................... 33 Senator Schumer ....................................................................................... 34 Senator Brown ........................................................................................... 37 Senator Vitter ............................................................................................ 37 Senator Johanns ........................................................................................ 43 Senator Kirk .............................................................................................. 44 Daniel L. Glaser, of the District of Columbia, nominee for Assistant Secretary for Terrorist Financing, Department of the Treasury ....................................... 6 Prepared statement .......................................................................................... 27 Responses to written questions of: Senator Shelby ........................................................................................... 54 Senator Brown ........................................................................................... 58 Senator Hagan ........................................................................................... 59 Timothy G. Massad, of Connecticut, nominee for Assistant Secretary for Fi- nancial Stability, Department of the Treasury ................................................. 8 Prepared statement .......................................................................................... 28 Responses to written questions of: Chairman Johnson .................................................................................... 59 Senator Shelby ........................................................................................... 62 Wanda Felton, of New York, nominee for First Vice President and Vice Chair, Export-Import Bank of the United States .............................................. 9 Prepared statement .......................................................................................... 29 Responses to written questions of: Chairman Johnson .................................................................................... 64 Senator Shelby ........................................................................................... 65 Senator Vitter ............................................................................................ 66 Sean Mulvaney, of Illinois, nominee for Member of the Board of Directors, Export-Import Bank of the United States .......................................................... 10 Prepared statement .......................................................................................... 29 Responses to written questions of: Chairman Johnson .................................................................................... 73 Senator Shelby ........................................................................................... 74 Senator Vitter ............................................................................................ 75 (III) NOMINATIONS OF: DAVID S. COHEN, OF MARYLAND, TO BE UNDER SECRETARY FOR TERRORISM AND FINANCIAL CRIMES, DEPARTMENT OF THE TREASURY; DANIEL L. GLASER, OF THE DISTRICT OF COLUMBIA, TO BE ASSISTANT SECRETARY FOR TERRORIST FINANCING, DEPARTMENT OF THE TREASURY; TIMOTHY G. MASSAD, OF CONNECTICUT, TO BE ASSISTANT SECRETARY FOR FINANCIAL STABILITY, DEPARTMENT OF THE TREASURY; WANDA FELTON, OF NEW YORK, TO BE FIRST VICE PRESIDENT AND VICE CHAIR, EXPORT-IMPORT BANK OF THE UNITED STATES; SEAN ROBERT MULVANEY, OF ILLINOIS, TO BE A MEMBER OF THE BOARD OF DIRECTORS, EXPORT-IMPORT BANK OF THE UNITED STATES TUESDAY, MAY 3, 2011 U.S. SENATE, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, Washington, DC. The Committee met at 10:06 a.m. in room SD–538, Dirksen Sen- ate Office Building, Hon. Tim Johnson, Chairman of the Com- mittee, presiding. OPENING STATEMENT OF CHAIRMAN TIM JOHNSON Chairman JOHNSON. Good morning. I call this hearing to order. Thanks to all of you for joining us here today, and a special thanks to our witnesses and their family members who are with us. Before we begin, I want to take a moment to mention the devas- tation and the tragic loss of life in the wake of hundreds of torna- does that broke out across the Southern United States last week. Ranking Member Shelby, I know your home town of Tuscaloosa was among the hardest hit, and I want to convey my condolences to all of those affected by these catastrophic events. I was also (1) 2 pleased to see a quick, coordinated response from President Obama, FEMA, and a number of Cabinet Secretaries. Today we consider five distinguished individuals nominated to serve in critical positions within the Obama administration. David Cohen and Daniel Glaser have both been nominated for key antiterrorism positions within the Department of the Treasury. As the President said in his address to the Nation on Sunday night, the death of Bin Laden marks the most significant achievement to date in our Nation’s effort to defeat Al Qaeda. But his death does not mark the end of the effort. There is no doubt that Al Qaeda will continue to pursue attacks against us. We must and we will remain vigilant at home and abroad. I wholeheartedly agree with the President. Mr. Cohen’s and Mr. Glaser’s nominations are critical to these ongoing efforts to protect our homeland. Mr. Cohen has been nominated to become the Under Secretary for Terrorism and Financial Crimes and is currently serving in the role in an acting capacity. Mr. Glaser has been nomi- nated to become the Assistant Secretary for Terrorist Financing. Timothy Massad has been nominated to serve as Assistant Sec- retary for Financial Stability at the Treasury Department, a role he is currently fulfilling in an acting capacity. Wanda Felton and Sean Mulvaney have both been nominated for positions at the Ex- port-Import Bank of the United States. Ms. Felton has been nomi- nated to serve as the First Vice President and Vice Chair, and Mr. Mulvaney has been nominated to become a member of the Board. Let me say a brief word about each of these nominees. David Cohen has had a long and distinguished career of public service in the public and private sector. Prior to serving as Acting Under Secretary for Terrorism and Financial Crimes, he was the Assistant Secretary for Terrorist Financing. He has also worked in the Treasury Department’s Office of General Counsel and in the private sector with the law firm of Wilmer,
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