Fraud Fight Legislation Passed by CongressBondBeebe
John Merchant, CPA
CNN reports that Congress easily approved a bill this week to allocate more than $500 million over the next two years to provide funds specifically for the fight against fraud. These additional funds would enable the FBI, the SEC and the Treasury Department to hire additional investigators and step up criminal fraud probes. Noting taxpayer outrage during debate on the bill, lawmakers specifically mentioned banks and other entities that have received federal bail-out money as organizations that could be more thoroughly investigated as a result of this appropriation. The bill was sent to President Obama for signature.
For more details, visit http://money.cnn.com/2009/05/08/news/economy/mortgage_fraud/.