House Financial Services Committee displays counterfeit money

<p>WASHINGTON-The House Financial Services Committee is currently displaying examples of counterfeit U.S. currency seized by the U.S. Secret Service around the globe. “The exhibit now occupies a prominent place in our Committee offices where Members and the public can learn more about this important work (combating counterfeiting),” Financial Services Committee Chairman Michael G. Oxley (R-Ohio) said. During fiscal year 2001, approximately $47.5 million in counterfeit U.S. currency was passed, approximately $12.6 million was seized, and over 5,200 arrests were made in the U.S. However, Oxley noted, the Secret Service “does such a good job of nabbing counterfeit bills that few Americans ever bother to examine their money for authenticity.” Less than .02% of the currency in U.S. circulation is counterfeit, according to a statement from Oxley’s office. He also said that approximately 40% of the counterfeit money seized and passed within the U.S. was produced in Colombia. During fiscal year 2001, authorities from the U.S. and Colombia arrested 65 suspects, shut down 16 manufacturing plants, and seized over $78 million in counterfeit U.S. currency.</p>