Lawmakers Increase Efforts to Fight Financial Fraud

2009-03-23 18:48:40 (GMT) (WiredPRNews.com - Law, News)

Lawmakers increase efforts to combat financial fraud

Lawmakers are providing new solutions for countering the increasing number of financial abuses.

Wired PR News – In the wake of increasing incidents of financial fraud occurring during the recession, lawmakers are increasing their efforts to combat the problem. As reported by the Associated Press (AP), government officials announced Friday that additional funding and authority may be applied to the pursuit of financial fraud cases such as those pertaining to mortgage fraud and ponzi investment schemes.

Democratic Rep. Barney Frank, who is Chairman of the House Financial Services Committee, is quoted as stating in a panel hearing, “We have to satisfy the American public that everything that can be done legitimately is being done.” Barney is further noted to have asked officials from various federal agencies what would be needed to better enable them to provide protection for the public.

Rita Glavin with the criminal division of the Justice Department is quoted as stating that the department is “committed to adopting a proactive approach for better detecting and deterring fraud in the future.”