Ongoing Investigations

September 2002

                Enron:  The Subcommittee is conducting an investigation into the collapse of Enron Corporation.  Subcommittee hearings were held in May 2002 on the role of the Board of Directors in overseeing Enron’s activities, and in July on the role played by U.S. financial institutions in Enron’s collapse.  A Subcommittee report on the Enron Board was issued in July.

                Gas Prices: The Subcommittee is conducting an investigation into possible price manipulations related to oil and gas markets.  A Subcommittee report was issued and hearings were held in April and May 2002 into motor gasoline prices and the degree of competition in the U.S. gasoline refining and marketing industry.  The Subcommittee is also examining the crude oil market.

                Money Laundering:   The Subcommittee is conducting an investigation into money laundering vulnerabilities in U.S. financial institutions.  Subcommittee staff reports were issued and hearings were held in November 1999 on money laundering in the private banking industry, and in March 2001 on money laundering in the correspondent banking industry.  Several GAO reports related to money laundering issues affecting private banking, the securities industry, the credit card industry, and U.S. corporations formed for Russian entities were also issued at the Subcommittee’s request.

                Offshore Tax Havens: The Subcommittee is conducting an investigation into a variety of issues related to offshore tax havens.  A Subcommittee hearing was held in July 2001 to determine the U.S. position on an international effort to obtain increased cooperation on international tax enforcement efforts from offshore tax havens.