S 3677 ISCommentsClose CommentsPermalink

To establish a Special Joint Task Force on Financial Crimes.CommentsClose CommentsPermalink

October 1 (legislative day, September 17), 2008CommentsClose CommentsPermalink

Ms. SNOWE (for herself and Mrs. FEINSTEIN) introduced the following bill; which was read twice and referred to the Committee on the JudiciaryCommentsClose CommentsPermalink

To establish a Special Joint Task Force on Financial Crimes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Financial Crimes Accountability Act of 2008’.CommentsClose CommentsPermalink

SEC. 2. PURPOSE.

The purpose of this Act is to--CommentsClose CommentsPermalink





(1) strengthen the efforts of the Department of Justice and Federal, State, and local agencies to investigate and prosecute significant financial crimes;CommentsClose CommentsPermalink





(2) recover the proceeds of such crimes; andCommentsClose CommentsPermalink





(3) ensure just and effective punishment of those who perpetrate financial crimes.CommentsClose CommentsPermalink

SEC. 3. ESTABLISHMENT.

(a) In General- The Attorney General shall establish within the Department of Justice a Special Joint Task Force on Financial Crimes (referred to in this Act as the ‘Task Force’) whose focus shall be the investigation and prosecution of fraud, misrepresentation, malfeasance, or related crimes with respect to development, advertising, brokerage, or sale of financial products including derivatives, mortgage-backed securities, credit default swaps, and subprime loans, or related services committed by public or private commercial entities and directors, officers, professional advisers, and employees thereof (referred to in this Act as ‘financial crimes’).CommentsClose CommentsPermalink





(b) Authority- The Task Force shall be subject to the authority of the Attorney General under applicable law.CommentsClose CommentsPermalink

SEC. 4. MEMBERSHIP AND OPERATION.

(a) In General- Subject to section 6, the Task Force shall have the following members:CommentsClose CommentsPermalink





(1) The Deputy Attorney General, who shall serve as Chair.CommentsClose CommentsPermalink





(2) The Assistant Attorney General (Criminal Division).CommentsClose CommentsPermalink





(3) The Assistant Attorney General (Tax Division).CommentsClose CommentsPermalink





(4) The Director of the Federal Bureau of Investigation.CommentsClose CommentsPermalink





(5) The United States Attorney for the Southern District of New York.CommentsClose CommentsPermalink





(6) The United States Attorney for the Eastern District of New York.CommentsClose CommentsPermalink





(7) Such other United States Attorneys as the Attorney General may from time to time designate.CommentsClose CommentsPermalink





(8) Such other officers or employees of the Department of Justice as the Attorney General may from time to time designate.CommentsClose CommentsPermalink





(b) Operation- The Deputy Attorney General--CommentsClose CommentsPermalink





(1) shall convene and direct the work of the Task Force in fulfilling all its functions under this Act;CommentsClose CommentsPermalink





(2) may permit, when he deems it appropriate, the designee of a member of the Task Force, including those designated under section 6, to participate in lieu of the member; andCommentsClose CommentsPermalink





(3) shall convene the first meeting of the Task Force not later than 10 days after the date of enactment of this Act and shall thereafter convene the Task Force at such times as he or she deems appropriate, but not less than once per month.CommentsClose CommentsPermalink

SEC. 5. FUNCTIONS.

Consistent with the constitutional authority of the President, the authorities assigned to the Attorney General by law, and other applicable law, the Task Force shall--CommentsClose CommentsPermalink





(1) provide direction for the investigation and prosecution of cases of financial crimes when such cases are determined by the Deputy Attorney General, for purposes of this Act, to be significant;CommentsClose CommentsPermalink





(2) provide recommendations to the Attorney General for allocation and reallocation of resources of the Department of Justice for investigation and prosecution of significant financial crimes, recovery of proceeds from such crimes to the extent permitted by law, and other matters determined by the Task Force from time to time to be of the highest priority in the investigation and prosecution of such crimes; andCommentsClose CommentsPermalink





(3) make recommendations to the President, through the Attorney General, from time to time for--CommentsClose CommentsPermalink





(A) action to enhance cooperation among departments, agencies, and entities of the Federal Government in the investigation and prosecution of significant financial crimes;CommentsClose CommentsPermalink





(B) action to enhance cooperation among Federal, State, and local authorities responsible for the investigation and prosecution of significant financial crimes;CommentsClose CommentsPermalink





(C) changes in rules, regulations, or policy to improve the effective investigation and prosecution of significant financial crimes; andCommentsClose CommentsPermalink





(D) recommendations to the Congress regarding such measures as the President may judge necessary and expedient relating to significant financial crimes, or the investigation or prosecution thereof.CommentsClose CommentsPermalink

SEC. 6. ADDITIONAL PARTICIPATION FOR SPECIFIED FUNCTIONS.

In the Task Force’s performance of the functions set forth in section 5, and to the extent permitted by law, the following officers of the executive branch shall be members of the Task Force in addition to such other officers of the Federal Government as the Deputy Attorney General deems appropriate:CommentsClose CommentsPermalink





(1) The Secretary of the Treasury.CommentsClose CommentsPermalink





(2) The Chairman of the Securities and Exchange Commission.CommentsClose CommentsPermalink





(3) The Inspectors General from relevant agencies and departments.CommentsClose CommentsPermalink

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

There are authorized to be appropriated such sums as may be necessary to carry out this Act.CommentsClose CommentsPermalink