Washington, D.C.—Senator John D. (Jay) Rockefeller IV, a strong supporter of the Fraud Enforcement and Recovery Act, commended its passage in the U.S. Senate by a vote of 92 to 4.
“This is about protecting families from fraud that has plagued the mortgage and financial industries, contributing to a nationwide economic crisis,” said Senator Rockefeller, a cosponsor of the legislation. “It’s time to hold wrongdoers responsible. For our country to rebound from this economic crisis we need proper tools in place to crack down on fraud. This includes giving our law enforcement the tools and resources they need to prosecute and punish those responsible, so that hard-working Americans are not caught in fraudulent schemes again.”
Senator Rockefeller is a longstanding supporter of efforts to protect consumers and taxpayer dollars. As Chairman of the Senate Commerce, Science and Transportation Committee, Senator Rockefeller has held hearings focusing on consumer protections and holding industries accountable for their actions.
Background on The Fraud Enforcement and Recovery Act:
• The Fraud Enforcement and Recovery Act (FERA) will provide funding and new tools needed for law enforcement to prosecute and punish those responsible for mortgage, corporate, and financial fraud, and will ensure that funds expended under the Troubled Assets Relief Program and the Emergency Economic Relief Act are protected by the federal fraud statute.
• FERA authorizes $245 million per year for the next two years for the Department of Justice and various federal agencies to investigate and prosecute cases of fraud.
• FERA also clarifies provisions under the False Claims Act – one of the most effective tools in combating waste and fraud in government spending – to ensure that the government can recover federal funds that were obtained through fraud.
• This bill is supported by top law enforcement coalitions and anti-fraud experts, including the National Fraternal Order of Police, Taxpayers Against Fraud, the Federal Law Enforcement Officers Association, the National Association of Assistant U.S. Attorneys, and the Association of Certified Fraud Examiners. The bill is also supported by the Department of Justice, the Federal Bureau of Investigation, the U.S. Postal Inspection Service, the Inspector General for the Department of Housing and Urban Development, and the U.S. Secret Service.