Fraud Enforcement Act

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Overview of Law

Enhances investigations and criminal enforcement of federal fraud laws regarding financial institutions including mortgage lending fraud and securities/commodities fraud.

Fraud Enforcement Act Benefits & Positives

DatePositive Result\BenefitRank
05/20/09$42 million in special funding for the Securities and Exchange Commission to investigate securites fraud in financial institutions
05/20/09$40 million in special funding for the Secret Service to investigate financial institutions for fraud
05/20/09$60 million in special funding for Inspector General's Office at the U S Dept of Housing and Urban Development to investigate financial institutions for fraud
05/20/09$60 million in special funding for the Postal Inspection Service to investigate financial institutions for fraud
05/20/09$80 million in special funding to the criminal, civil and tax divisions of the Dept of Justice to investigate and prosecute fraud in financial institutions
05/20/09$100 million in special funding for the offices of the United States Attorneys to investigate and prosecute fraud in financial institutions
05/20/09$140 million in special funding for the Federal Bureau of Investigation to investigate fraud in financial institutions
05/20/09Securities fraud definition amended to include fraud related to commodities futures and derivatives fraud
05/20/09Crime of major fraud against the United States amended to include Federal grants made to stimulate economic recovery for fiscal years 2009 and 2010
05/20/09Mortgage lending businesses added to list of financial institutions subject to Federal criminal law in fraudulent lending practices
05/20/09Financial Crisis Inquiry commission created to examine and report on the domestic and global causes of the 2008 - 2009 financial and economic crisis