Trump wants to use a big banking settlement to help build the wall
The White House is targeting a windfall from an international banking scandal to help pay for the border wall, according to an administration official.
French bank Societe Generale struck a deal with the U.S government in November to pay $1.3 billion after admitting that it violated U.S. sanctions on Cuba and Iran for years. The administration is hoping to funnel as much as $359 million from that settlement to a special account at the Treasury Department to fund the wall, the official said.
Yet it's unclear whether the White House can use the money for the wall. The Treasury account — known as the asset forfeiture fund — is made up of cash, property and other items seized during civil and criminal investigations. Use of the funds is restricted by federal law, and the account itself is a lightning rod for criticism, with both conservatives and liberals calling it an example of government overreach.
In its 2017 annual report, the fund listed total assets worth $4 billion.
https://www.msn.com/en-us/money/markets/trump-wants-to-use-a-big-banking-settlement-to-help-build-the-wall/ar-BBV0I61
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