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Corporate Governance

: PomTalk

Congress Introduces Bill to Increase Funds to Fight White Collar Crime

By Carol Straw

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Recently, Senators Charles Schumer and Richard Shelby introduced bipartisan legislation to enhance SEC enforcement capabilities, as well as overall federal enforcement ability, according to Jim Hamilton?s blog. The Supplemental Anti-Fraud Enforcement (?SAFE?) Market Act would grant an additional $110 million annually to the SEC and the Justice Department to hire 100 new enforcement division employees and 50 new Assistant United States attorneys respectively. Having been hamstrung by lack of resources in the past, this measure would augment the federal agencies? power to prosecute white collar-crimes that have contributed to the ongoing fiscal crisis.

In comments at the confirmation hearings of new SEC Chair-designate Mary Schapiro, Sen. Schumer said that the SEC needs a stronger emphasis on finding and preventing fraud by bolstering its inspection and examination process. He also advised the Commission to adopt former Chair Donaldson?s proposal to have an office of risk assessment.

[See Jim Hamilton?s blog - Senate Reform Bill Would Enhance SEC Enforcement Capabilities]

Full post as published by PomTalk on January 26, 2009 (boomark / email).