[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3677 Introduced in Senate (IS)]
110th CONGRESS
2d Session
S. 3677
To establish a Special Joint Task Force on Financial Crimes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 1 (legislative day, September 17), 2008
Ms. Snowe (for herself and Mrs. Feinstein) introduced the following
bill; which was read twice and referred to the Committee on the
Judiciary
_______________________________________________________________________
A BILL
To establish a Special Joint Task Force on Financial Crimes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Crimes Accountability Act
of 2008''.
SEC. 2. PURPOSE.
The purpose of this Act is to--
(1) strengthen the efforts of the Department of Justice and
Federal, State, and local agencies to investigate and prosecute
significant financial crimes;
(2) recover the proceeds of such crimes; and
(3) ensure just and effective punishment of those who
perpetrate financial crimes.
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'').
(b) Authority.--The Task Force shall be subject to the authority of
the Attorney General under applicable law.
SEC. 4. MEMBERSHIP AND OPERATION.
(a) In General.--Subject to section 6, the Task Force shall have
the following members:
(1) The Deputy Attorney General, who shall serve as Chair.
(2) The Assistant Attorney General (Criminal Division).
(3) The Assistant Attorney General (Tax Division).
(4) The Director of the Federal Bureau of Investigation.
(5) The United States Attorney for the Southern District of
New York.
(6) The United States Attorney for the Eastern District of
New York.
(7) Such other United States Attorneys as the Attorney
General may from time to time designate.
(8) Such other officers or employees of the Department of
Justice as the Attorney General may from time to time
designate.
(b) Operation.--The Deputy Attorney General--
(1) shall convene and direct the work of the Task Force in
fulfilling all its functions under this Act;
(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; and
(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.
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--
(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;
(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; and
(3) make recommendations to the President, through the
Attorney General, from time to time for--
(A) action to enhance cooperation among
departments, agencies, and entities of the Federal
Government in the investigation and prosecution of
significant financial crimes;
(B) action to enhance cooperation among Federal,
State, and local authorities responsible for the
investigation and prosecution of significant financial
crimes;
(C) changes in rules, regulations, or policy to
improve the effective investigation and prosecution of
significant financial crimes; and
(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.
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:
(1) The Secretary of the Treasury.
(2) The Chairman of the Securities and Exchange Commission.
(3) The Inspectors General from relevant agencies and
departments.
SEC. 7. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated such sums as may be
necessary to carry out this Act.
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