Financial Fraud


At the time of the financial crisis, very few federal agents and prosecutors were working on financial fraud; following September 11, 2001, the focus of that agency had shifted to terrorism. To remedy the problem, Senator Kaufman introduced the Fraud Enforcement and Recovery Act (FERA) with Senators Patrick Leahy (D-VT) and Chuck Grassley (R-IA). FERA would increase the resources available to federal law enforcement and regulatory agencies to investigate and prosecute financial fraud. The bill would also create the Financial Crisis Inquiry Commission to examine the causes of the financial crisis in the United States.