[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 331 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 331

      To increase the number of Federal law enforcement officials 
             investigating and prosecuting financial fraud.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 27, 2009

 Mr. Schumer (for himself, Mr. Shelby, Mr. Durbin, Mrs. Feinstein, Mr. 
Bayh, Mr. Tester, Mr. Graham, Mr. Sessions, and Mr. Roberts) introduced 
the following bill; which was read twice and referred to the Committee 
                            on the Judiciary

_______________________________________________________________________

                                 A BILL


 
      To increase the number of Federal law enforcement officials 
             investigating and prosecuting financial fraud.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Supplemental Anti-Fraud Enforcement 
for our Market Act'' or the ``SAFE Markets Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) A critical part of solving our current financial 
        crisis, and preventing future debacles, is to bring to justice 
        those who caused it through fraudulent acts.
            (2) However, law enforcement resources directed to 
        financial fraud have been severely diminished in the last 
        several years. Recent reports indicate that the FBI's staffing 
        for white collar crimes such as mortgage fraud has decreased by 
        36 percent from 2001 levels, with a loss of 625 agents. The 
        number of Assistant United States Attorneys has increased 
        between .5 and 1 percent per year in recent years, but 
        virtually all new prosecutors have been dedicated to fighting 
        gang, internet, and immigration crimes, and some offices have 
        been subjected to hiring freezes. In addition, the budget of 
        the Securities and Exchange Commission has remained static for 
        3 years until Congress increased its appropriations by 4 
        percent for 2009.
            (3) In the wake of the Savings and Loan crisis of the 
        1980s, a series of strike forces based in 27 cities was staffed 
        with 1000 FBI agents and forensic experts and dozens of federal 
        prosecutors. That effort yielded more than 600 convictions and 
        $130,000,000 in ordered restitution.
            (4) This authorization will bring FBI and prosecutorial 
        staffing up to the levels that are necessary to investigate and 
        prosecute complex financial crimes. Only through effective law 
        enforcement can we restore worldwide faith in American markets.

SEC. 3. ADDITIONAL LAW ENFORCEMENT.

    (a) Additional Employees for the Federal Bureau of Investigation.--
The Director of the Federal Bureau of Investigation is authorized to 
hire an additional 500 agents who shall be dedicated to investigating 
violations of the law relating to the United States financial markets.
    (b) Additional Employees for the Department of Justice.--The 
Attorney General is authorized to hire an additional 50 Assistant 
United States Attorneys who shall be dedicated to prosecuting 
violations of the law relating to the United States financial markets.
    (c) Additional Employees for the Securities and Exchange 
Commission, Division of Enforcement.--The Securities and Exchange 
Commission is authorized to hire 100 additional enforcement staff 
members who shall be dedicated to prosecuting violations of the law 
relating to the United States financial markets.

SEC. 4. AUTHORIZATION.

    There are authorized to be appropriated to carry out this Act 
$110,000,000 for fiscal year 2009.
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