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	For Immediate Release: June 26, 2007
	Financial Services Committee Passes FDIC Enforcement Enhancement Act
	Washington, DC - The House Committee on Financial Services today passed H.R. 2547, the FDIC Enforcement Enhancement Act, authored by Congressman Albio Sires (D-NJ) and Congresswoman Judy Biggert (R-IL), which will imposes penalties on companies that falsely claim to be Federal Deposit Insurance Corporation (FDIC) insured.  The bill protects the reputation of the FDIC as well as the millions of consumers that trust the financial regulatory institutions. “This is important consumer protection legislation that is necessary to preserve the trusted name of one of the most recognized federal agencies,” Congressman Sires said. “The FDIC believes this legislation is necessary to help them to continue to fight financial scams.” “The FDIC must have the tools to shut down these imposters quickly – before they bilk seniors and other savers and investors out of their hard-earned money,” said Congresswoman Judy Biggert, Ranking Member of the Subcommittee on Housing and Community Opportunity.  “Public confidence in the FDIC seal is every bit as important as the FDIC guarantee itself – if we don’t protect the seal, we’ll lose the power of the guarantee.” The FDIC has become aware of various schemes that defraud consumers by misrepresenting the insurance corporation. Criminals use the FDIC’s name, logo, or abbreviation to suggest that the products they sell are insured by the FDIC.  The scams, in many cases, target older Americans.  The FDIC is currently powerless against perpetrators that operate outside the deposit insurance system. The FDIC Enforcement Enhancement Act will strengthen the FDIC’s enforcement powers by allowing it to enter cease and desist orders against scammers and impose fines of up to $1,000,000 per day on any person who falsely represents the insurance corporation.   The FDIC Enforcement Enhancement Act would also allow the FDIC to file an injunction against the people or companies misrepresenting it under the rules of any federal, state, foreign court or competent jurisdiction.