Fraud Enforcement And Recovery Act Of 2009
Floor Speech
BREAK IN TRANSCRIPT
Mr. SCOTT of Virginia. I yield myself such time as I may consume.
Madam Speaker, the bill, S. 386, the Fraud Enforcement and Recovery Act of 2009, is a bill crafted to combat the financial fraud that contributed to causing, and worsening, our Nation's mortgage crisis, as well as other financial schemes such as securities fraud, ID theft, and organized retail theft. Not only does the bill clarify certain Criminal Code sections, but more importantly, it provides resources to law enforcement agencies to enforce present antifraud statutes.
This is essentially the same bill the House passed 2 weeks ago, with a minor amendment that the Senate added before it approved the House-amended bill last week, by unanimous consent.
It also keeps the independent bipartisan commission proposed by the gentleman from Connecticut (Mr. Larson) to examine more broadly the circumstances giving rise to the current financial crisis.
The Senate has clarified the subpoena power of the commission to specify that at least one Republican-appointed commissioner must approve the issuance of any subpoena.
I would like to thank, once again, the chairman of the full Judiciary Committee, the gentleman from Michigan (Mr. Conyers); the ranking member of the full committee, the gentleman from Texas (Mr. Smith); the ranking member of the Crime Subcommittee, Mr. Gohmert; and other Members of the committee, such as the gentleman from Texas (Mr. Poe) as well as the gen tle lady from Illinois (Mrs. Biggert), and our colleagues in the other body for their help in making this such a strong bipartisan bill.
BREAK IN TRANSCRIPT
Source