Securities Law Updates | New Statutes, Regulations and Rules
June 22, 2009
House Passes, Pres. Obama Signs into Law Anti-Financial Fraud Act
Fraud Enforcement and Recovery Act
S. 386, H. R. 1748, 5/20/2009
On May 18th, 2009, the House of Representatives passed the final Fraud Enforcement and Recovery Act of 2009 (S. 386) by a vote of 338-52, which was signed into law by the President on May 20th. This bill will protect taxpayers by giving the Department of Justice more tools to fight fraud in the use of TARP and recovery funds, and to increase accountability for corporate and mortgage frauds that have contributed to the recent economic collapse.
This measure also establishes a Financial Crisis Inquiry Commission, proposed by Democratic Caucus Chair John Larson and Republican Sen. Isakson, to examine the causes…
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