1.This Act may be cited as
the Financial Crimes Accountability
Act of 2008
.
2.The purpose of this Act is to—
(1)strengthen the
efforts of the Department of Justice and Federal, State, and local agencies to
investigate and prosecute significant financial crimes;
(2)recover the
proceeds of such crimes; and
(3)ensure just and
effective punishment of those who perpetrate financial crimes.
3.
(a)The Attorney General shall establish within the
Department of Justice a Special Joint Task Force on Financial Crimes (referred
to in this Act as the Task Force
) whose focus shall be the
investigation and prosecution of fraud, misrepresentation, malfeasance, or
related crimes with respect to development, advertising, brokerage, or sale of
financial products including derivatives, mortgage-backed securities, credit
default swaps, and subprime loans, or related services committed by public or
private commercial entities and directors, officers, professional advisers, and
employees thereof (referred to in this Act as financial
crimes
).
(b)The
Task Force shall be subject to the authority of the Attorney General under
applicable law.
4.
(a)Subject to section 6, the Task Force shall have the
following members:
(1)The Deputy
Attorney General, who shall serve as Chair.
(2)The Assistant
Attorney General (Criminal Division).
(3)The Assistant
Attorney General (Tax Division).
(4)The Director of
the Federal Bureau of Investigation.
(5)The United States
Attorney for the Southern District of New York.
(6)The United States
Attorney for the Eastern District of New York.
(7)Such other United
States Attorneys as the Attorney General may from time to time
designate.
(8)Such other
officers or employees of the Department of Justice as the Attorney General may
from time to time designate.
(b)The
Deputy Attorney General—
(1)shall convene and
direct the work of the Task Force in fulfilling all its functions under this
Act;
(2)may permit, when
he deems it appropriate, the designee of a member of the Task Force, including
those designated under section 6, to participate in lieu of the member;
and
(3)shall convene the
first meeting of the Task Force not later than 10 days after the date of
enactment of this Act and shall thereafter convene the Task Force at such times
as he or she deems appropriate, but not less than once per month.
5.Consistent with the constitutional authority
of the President, the authorities assigned to the Attorney General by law, and
other applicable law, the Task Force shall—
(1)provide direction
for the investigation and prosecution of cases of financial crimes when such
cases are determined by the Deputy Attorney General, for purposes of this Act,
to be significant;
(2)provide
recommendations to the Attorney General for allocation and reallocation of
resources of the Department of Justice for investigation and prosecution of
significant financial crimes, recovery of proceeds from such crimes to the
extent permitted by law, and other matters determined by the Task Force from
time to time to be of the highest priority in the investigation and prosecution
of such crimes; and
(3)make
recommendations to the President, through the Attorney General, from time to
time for—
(A)action to enhance
cooperation among departments, agencies, and entities of the Federal Government
in the investigation and prosecution of significant financial crimes;
(B)action to enhance
cooperation among Federal, State, and local authorities responsible for the
investigation and prosecution of significant financial crimes;
(C)changes in rules,
regulations, or policy to improve the effective investigation and prosecution
of significant financial crimes; and
(D)recommendations
to the Congress regarding such measures as the President may judge necessary
and expedient relating to significant financial crimes, or the investigation or
prosecution thereof.
6.Additional
participation for specified functionsIn the Task Force's performance of the
functions set forth in section 5, and to the extent permitted by law, the
following officers of the executive branch shall be members of the Task Force
in addition to such other officers of the Federal Government as the Deputy
Attorney General deems appropriate:
(1)The Secretary of
the Treasury.
(2)The Chairman of
the Securities and Exchange Commission.
(3)The Inspectors
General from relevant agencies and departments.
7.Authorization of
appropriationsThere are
authorized to be appropriated such sums as may be necessary to carry out this
Act.