House Approves Legislation To Fight Financial Fraud
Thursday, May 7, 2009
Printable Format
WASHINGTON, D.C. – House Majority Whip James E. Clyburn today released the following statement on yesterday’s passage of the Fraud Enforcement and Recovery Act of 2009, legislation that provides law enforcement the tools to pursue and prosecute the mortgage and corporate fraud which played a significant role in the worst financial crisis in decades. In addition, the legislation creates an independent bipartisan commission to investigate the causes of the economic collapse.
“As part of a continued and comprehensive effort to protect American consumers from the types of fraud and injustice perpetrated during the lead-up to the financial crisis, the House passed the Fraud Enforcement and Recovery Act. The legislation gives law enforcement the tools necessary to fight mortgage and corporate fraud, to hold those responsible for the crisis accountable and to work toward preventing similar situations in the future.
“The act also establishes a commission to investigate the cause of the current mortgage crisis and to recommend practical and effective reform in order to avert future fiscal disasters. It also provides the resources necessary for law enforcement to crack down on businesses that issue fraudulent mortgages and assist in the recovery of funds lost to these frauds.
“The American people deserve peace of mind. This legislation restores protections so the American people don’t fall victim to fraudulent lending practices. The passage of the Fraud Enforcement and Recovery Act is an important part of addressing the financial crisis with increased oversight, accountability and common sense solutions.”
|
