WASHINGTON – Congresswoman Carol Shea-Porter today voted for the Fraud Enforcement and Recovery Act which will drastically strengthen the enforcement and prosecution of mortgage and financial fraud. The bill will provide law enforcement with the necessary tools to pursue and prosecute financial fraud. It will also establish a bipartisan commission to investigate the causes of the collapse of our financial system.
“Millions of Americans are suffering because of our nation’s financial crisis and it is important that we hold the people who caused this mess accountable,” said Congresswoman Shea-Porter. “This bill gives law enforcement officials the tools they need to successfully go after financial fraud and also creates an investigating commission to help keep this from happening again.”
Supporting the Fraud Enforcement and Recovery Act is the latest example of Congresswoman Shea-Porter standing up for consumer protection reforms. Shea-Porter cosponsored the Credit Cardholder’ Bill of Rights, which passed the House last week. This legislation applies common-sense regulations and provides cardholders with the information they need to make sound financial decisions. Later this week, the House is expected to vote on the Mortgage Reform and Anti-Predatory Lending Act to curb abusive and predatory lending.