Today, Congressman Patrick Murphy (D-PA) joined Bucks County victims of the financial crisis to press Congress to pass new legislation that he's co-sponsoring to prosecute those on Wall Street who gambled Americans' savings and triggered the economic crisis. This bill is in addition to separate, broader financial regulatory reform that the House is expected to consider later this month.
"There are those who sat by and did nothing while Wall Street ran our economy into a ditch," said Murphy. "Those days are over. We need to make sure this never happens again and that means holding Wall Street accountable for their actions."
"Wall Street and the Big Banks gambled with our retirement savings, but Patrick Murphy is fighting to get things back on track and not let this happen again," said Tom Bates, a retired electrician.
This morning, Murphy announced that he is co-sponsoring the bipartisan bill H.R. 3995, Financial Crisis of 2008 Criminal Investigation and Prosecution Act to hire additional "Wall Street Cops" and prevent further Wall Street abuses. The legislation authorizes additional investigators at the FBI, forensic accountants at the SEC, and federal prosecutors at the DOJ. The SEC especially has suffered from inadequate staffing, as the number of its investigative attorneys -- those responsible for overseeing Wall Street -- was slashed beginning in 2004.
These additional "Wall Street Cops" will catch and prosecute white collar criminals and prevent their continued criminal activities. On May 12, 2010, the Wall Street Journal reported that, "Federal prosecutors, working with securities regulators, are conducting a preliminary criminal probe into whether several major Wall Street banks misled investors about their roles in mortgage-bond deals." Murphy wants to ensure that agencies have the resources to carry out this important investigation and that the American people have a full understanding of any criminal wrongdoings that occurred in the lead-up to the financial crisis.