When a House Financial Services subcommittee last week took up the issue of Islamic charities and terror financing, what wasn’t seen is far more interesting—and important—than what was. The story of how what had promised to be an explosive session was gutted is a tale of international lobbying, partisan protection, and misplaced animosity. And of course, it wouldn’t be genuine intrigue without loads of Saudi cash. Rep. Sue Kelly (R-NY), chairwoman of the Oversight and Investigations subcommittee, had originally scheduled a hearing for last month that was to include administration officials, experts who were prepared to provide evidence of financing...