By Jama Ayaanle Feyte live in Washington DC
Washington DC – U.S. Treasury Secretary Scott Bessent has agreed to receive a briefing next week on proposed legislation that would assess the barriers limiting Somaliland’s access to the U.S. financial system. The commitment followed questioning from Representative John Rose during a congressional hearing on Tuesday.
Rose, a Republican from Tennessee, presented his bill — the Somaliland Economic Access and Opportunity Act, or H.R. 7993 — to the House Financial Services Committee. The legislation would require the Treasury Department to report to Congress on the main legal, regulatory, and policy obstacles that hinder Somaliland’s financial access.
Under the proposal, the assessment would cover financial compliance standards, remittance flows, access to international financial institutions, and potential avenues for Somaliland to join the SWIFT financial messaging system. The bill would additionally call for recommendations on broadening lawful financial access while minimizing risks related to money laundering and other illicit activities.
Rose characterized Somaliland as “a valuable partner for the United States,” highlighting its strategic position near major shipping lanes in the Gulf of Aden. He contended that strengthening economic ties with Somaliland could benefit U.S. interests at a time when China is steadily expanding its influence across the Horn of Africa.
Rose further mentioned that he had met with Somaliland President Abdirahman Mohamed Abdullahi earlier that day, during the president’s visit to Washington.
When pressed by Rose on whether closer financial ties could further U.S. security and economic objectives, Bessent avoided commenting directly on the politically sensitive matter of Somaliland’s recognition, deferring instead to the State Department. He did note, however, that deeper economic engagement with the United States generally fosters development and resource generation.
Rose subsequently asked Bessent to examine the bill and its proposed study of financial barriers. Bessent consented to review the legislation, saying, “I will have my international affairs department give me a briefing next week.” He indicated that Treasury officials would engage with Rose’s staff following the briefing.
Asked whether the Treasury Department had the necessary expertise and capacity to complete the proposed assessment within 180 days, Bessent answered, “Yes, sir.”
The bill was introduced in March by Rose, with Representatives Pat Harrigan and Andy Ogles as co-sponsors. Somaliland’s Foreign Ministry welcomed the legislation at the time, describing it as a “constructive step” toward expanded financial access and a stronger partnership with Washington.
Sec. Bessent’s comments signaled a commitment to reviewing the proposal and discussing it with Rose’s office. He stopped short of endorsing the bill’s passage or announcing any modification to Somaliland’s existing access to the U.S. financial system.
About the Author: Jama Ayaanle Feyte is a distinguished journalist, a specialist in Horn of Africa security dynamics, and a political analyst whose work focuses on governance, conflict resolution, and regional integration
