Fraud Enforcement and Recovery Act

Floor Speech

FRAUD ENFORCEMENT AND RECOVERY ACT -- (Extensions of Remarks - May 19, 2009)

* Mr. VAN HOLLEN. Madam Speaker, I rise to support the Fraud Enforcement and Recovery Act of 2009. This bill will allow us to better understand what caused the economic collapse and provide the resources necessary to help prevent future economic crises. I applaud Congressman JOHN LARSON'S hard work on this critical legislation.

* This legislation cracks down on mortgage and corporate fraud, which have reached historic rates. FBI mortgage fraud investigations have more than doubled in the last three years, and massive new corporate fraud schemes continue to be uncovered. Congress and the President are committed to protecting the American consumer and getting our economy back on track, and fighting these abuses is an integral part of this effort.

* It will also establish the Financial Crisis Inquiry Commission, which will examine the causes and factors that led to the worst financial crisis since the Great Depression. The Commission's recommendations will help inform Congress as we move forward with common sense reforms to prevent these crises from happening in the future.

* The Fraud Enforcement and Recovery Act of 2009 includes a clear commitment to fighting waste, fraud and abuse--a commitment that has become a hallmark of this Congress. We are working with the President every day to rebuild our economy in a way that is consistent with our values of hard work, responsibility and broadly shared prosperity. I urge my colleagues to join me to continue this work.

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