House Passes Anti-Fraud Bill

Press Release

Today the U.S. House of Representatives voted 338-52 in favor of S. 386, the Fraud Enforcement and Recovery Act of 2009, which will strengthen federal law enforcement agencies' ability to fight financial fraud, protect taxpayers' money, and help prevent future economic crises.

The Fraud Enforcement and Recovery Act will provide tougher penalties for corporate and mortgage frauds by amending criminal statutes and providing additional funds for government agencies to investigate and prosecute the financial crimes that contributed to the current economic crisis. It will ensure stricter oversight for TARP and Economic Recovery funds by giving law enforcement agencies additional tools to guard against fraud. It also establishes a Financial Crisis Inquiry Commission, modeled after the 9/11 Commission, to examine the root causes of the current financial crisis and to provide guidance to Congress as it considers additional financial reforms to prevent future fiscal crises.

"I came to Congress in the middle of an economic and financial crisis that will take time to fix, but common sense legislation like this is a step in the right direction," said Congresswoman Betsy Markey. "Protecting consumers, restoring accountability to the financial and housing markets, and ensuring taxpayer dollars are spent wisely are some of my top priorities. It is also critical that we understand the causes of the financial collapse in order to prevent it from ever happening again, and I'm proud to see this bill passed today."

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