The White House is targeting a windfall from an international banking scandal to help pay for the border wall, according to an administration official.
div > div.group > p:first-child"> 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.
About $3.6 billion will be drawn from previous allocations for military construction. Another $2.5 billion would come from counter drug activities at the Defense Department. The spending deal that Congress passed in January also included $1.4 billion for fencing and other structures. Another $601 million from Treasury's asset forfeiture fund would fill the gap.
The fund's assets are typically used to reimburse other agencies and state and local governments for their work in the investigation. The money may also go to informants or victims in the cases. Other attempts by the administration to pinpoint a pot of money for the wall have been met with resistance. Early reports that the White House was considering using disaster money did not sit well with Republican lawmakers such as Rep. Kevin Brady, whose Texas district was hurt by Hurricane Harvey.
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