Trump Wants to Use Funds From Banking Settlement to Build the Wall


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Trump has found another source of funds for the Wall!

Last November, French bank SocGen paid $1.3 billion to the U.S. after admitting it violated sanctions on Cuba and Iran. 

Now, Trump is hoping to use some of this money to put towards building the border wall – a clever solution to getting enough funds if he is successful.

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CNBC reported on the story:

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."Fundamentally, this is a slush fund of money taken from private citizens that law enforcement officials are allowed to use for their own purposes," said Robert McNamara, a senior attorney with the libertarian Institute for Justice.

The Week also had the following to say:

In November, French bank Societe Generale admittedthat it spent years breaking American sanctions with the U.S. and Cuba. It had to pay $1.3 billion back to the U.S., and now Trump is hoping to siphon a chunk of it for his border wall, CNBC reports.

From asking Mexico nicely to cramming funds into the national budget, Trump has tried a slew of crafty solutions to fund his promised border wall between the U.S. and Mexico. His current national emergency declaration is still standing, but the $8 billion Trump is hoping to get from that actually stems from a variety of sources. About $3.6 billion comes from military construction already authorized this year, $2.5 billion comes from seized drug profits, and $1.3 billion is from what Democrats gave Trump in the budget. The remaining $601 million, Trump reportedly hopes, will come from the Treasury Department's "asset forfeiture fund," NBC News noted.

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One thing is for sure. Trump does not give up.

He will build the border wall, and this source is a great, resourceful option for funding it if his administration is approved to use the account.


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