September 11, 2001 : Attack on America
Statement by Treasury Secretary Paul O'Neill Following the Meeting of the G-7 Finance Ministers in Washington; October 6, 2001

Statement by Treasury Secretary Paul O'Neill Following the Meeting of the G-7 Finance Ministers in Washington

It was a pleasure to host this extraordinary meeting of G-7 Finance Ministers and Central Bank Governors. The attacks of September 11 were not only an attack on the United States but also an attack on all freedom-loving people. I was particularly heartened when my colleagues suggested we stand here together today to show the world our unity of purpose and our collective determination to disrupt the financing of terrorism.

During our meeting today, we devised a joint action plan to coordinate the efforts of our seven nations and to broaden our efforts to include every nation in the world. Each G-7 nation has located and frozen Taliban and bin Laden assets in accordance with UN Security Council Resolutions 1267 and 1333. Each of us has committed to meeting the Egmont group criteria to facilitate the sharing of information. And we are pleased that the FATF [Financial Action Task Force] has agreed to hold a special session here in Washington later this month to expand its work to include combating terrorist financing.

Our Russian colleagues joined our discussion on how to combat the financial underpinnings of terrorism, and I look forward to their efforts in this crucial area. We are well on the way to building an international coalition to disrupt terrorist fundraising.

We also discussed the steps each of us are taking to speed our path to growth, and I was reminded of how valuable it is to exchange views on the appropriate policy response to the current economic environment. We in the United States are pursuing trade promotion authority and tax policy changes to boost consumer spending, raise business investment and rekindle economic growth. I remain confident that our economic fundamentals are strong and the U.S. economy will excel in the long run. Our actions, along with the steps being taken by our G-7 partners, will soon reinvigorate global growth.

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