Legislation called the Fraud Enforcement and Recovery Act was approved by the U.S. House of Representatives, after being approved by the Senate. It will become law once it is signed by President Obama. The bill allocates $165 million over the next two years for increased enforcement activities against fraud related to mortgages, securities and commodities, financial institutions, and federal assistance and relief programs. The funding will be shared among the Federal Bureau of Investigation, Department of Justice, and U.S. Attorneys Office.
The legislation would also create a “financial crisis inquiry commission,” consisting of ten members with subpoena power to investigate the cause of the current financial and economic crisis, as well as the collapse of major financial institutions. Commission members would be appointed by both the majority and minority leaders of the Senate and House.
Source: http://jurist.law.pitt.edu/paperchase/2009/05/house-approves-financial-fraud.php
