WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today in support of the Fraud Enforcement and Recovery Act:
“Today, the House voted for final passage of the Fraud Enforcement and Recovery Act of 2009, a bill that will improve the integrity of our financial system and help us avoid a repeat of the recent economic crisis. The legislation gives the Justice Department the resources it needs to more aggressively pursue fraud in the use of TARP and recovery funds, which waste taxpayer money; mortgage fraud, which the FBI reports has increased significantly in recent years; and corporate fraud, which was typified by Bernie Madoff’s $65 billion Ponzi scheme.
“The bill also establishes a Financial Crisis Inquiry Commission, which will investigate the causes of the crisis and clearly explain them to the public. The Commission’s work will be especially valuable in Congress’s continuing efforts to shape tough, sensible regulation to prevent the irresponsible Wall Street risk-taking that severely damaged our entire economy. I look forward to President Obama’s signature of this valuable legislation.”