Fraud Enforcement and Recovery Act of 2009
In May 2009, the Fraud Enforcement and Recovery Act of 2009, or FERA, Pub.L. 111-21, 123 Stat. 1617, S. 386, public law in the United States, was enacted. The law takes a number of steps to enhance criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities fraud.
Significant to note, Section 3 of the Act authorized additional funding to detect and prosecute fraud at various federal agencies, specifically:
- $165,000,000 to the Department of Justice,
- $30,000,000 each to the Postal Inspection Service and the Office of the Inspector General at the United States Department of Housing and Urban Development (HUD/OIG)
- $20,000,000 to the Secret Service
- $21,000,000 to the Securities and Exchange Commission
These authorizations were made for the federal fiscal years beginning October 1, 2009 and 2010, after which point they expire, and are in addition to the previously authorized budgets for these agencies.
Read more about this topic: Mortgage Fraud
Famous quotes containing the words fraud, recovery and/or act:
“He saw, he wish’d, and to the prize aspir’d.
Resolv’d to win, he meditates the way,
By force to ravish, or by fraud betray;
For when success a lover’s toil attends,
Few ask, if fraud or force attain’d his ends.”
—Alexander Pope (1688–1744)
“Walking, and leaping, and praising God.”
—Bible: New Testament Acts, 3:8.
Referring to the miraculous recovery of a lame man, through the intervention of Peter.
“It is difficult for one person to act a play.”
—Chinese proverb.