Congressman Travis Childers (D-MS) today joined a majority of his colleagues in supporting final passage of the Fraud Enforcement and Recovery Act of 2009, which won bipartisan House approval by a vote of 367 to 59. The legislation will provide critical funding and tools to help law enforcement pursue and prosecute the type of fraud many blame for the worst financial crisis in decades, and establishes a bipartisan commission to investigate the causes of the financial system's collapse and the ensuing recession.
The bill passed in the Senate on April 28 by a vote of 92 to 4.
"In the face of today's economic crisis, hard working North Mississippians have lost their homes, their savings, and their jobs. This bill demands oversight and accountability from the fraudulent institutions that got us into this mess," said Congressman Childers. "When I voted twice against TARP authorization, I disapproved that it lacked adequate oversight and accountability when it came to spending billions of hard-earned taxpayer dollars. Today, I am proud to support the Fraud Enforcement and Recovery Act to help determine the causes of our current financial troubles, hold the responsible institutions accountable, and ensure that these problems do not happen again. This important legislation also calls for the diligent tracking of the funds it authorizes for these investigations, adding another level of transparency to the process."
The Fraud Enforcement and Recovery Act is the latest in a series of consumer protection reforms recently passed by the House. Last week, the House passed the Credit Cardholders' Bill of Rights, which includes tough new protections for consumers facing excessive credit card fees, sky-high interest rates and unfair agreements that credit card companies revise at will. Later this week, the House is expected to vote on the Mortgage Reform and Anti-Predatory Lending Act to curb abusive and predatory lending.