[Congressional Record Volume 155, Number 70 (Thursday, May 7, 2009)]
[Extensions of Remarks]
[Page E1090]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               FRAUD ENFORCEMENT AND RECOVERY ACT OF 2009

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                               speech of

                          HON. JOHN D. DINGELL

                              of michigan

                    in the house of representatives

                         Wednesday, May 6, 2009

  Mr. DINGELL. Madam Speaker, I rise in support of S. 386, the Fraud 
Enforcement and Recovery Act. This legislation provides the Department 
of Justice with the tools it needs to fight fraud in the use of funds 
under the Troubled Asset Relief Program, TARP, and the American 
Recovery and Reinvestment Act. S.386 has a number of provisions that 
seek to protect Americans by ensuring the agencies tasked with 
investigating and prosecuting mortgage and financial fraud have the 
funding and personnel they need to do so. I am also pleased the House 
recognizes the need for increased accountability for mortgage lending 
businesses not directly regulated or insured by the Federal Government, 
an industry responsible for nearly half the residential mortgage market 
before the housing crash.
  I am more hesitant to support other provisions of S. 386. This bill 
includes an amendment to establish a special commission to investigate 
the causes of the current financial crisis. I believe that any such 
commission should be comprised of members of this body, who are 
furthermore from the committees of jurisdiction relevant to the matter. 
I have introduced a resolution, H. Res. 345, to do precisely that. It 
is my long-held belief that the Congress should, contrary to the 
prevailing fashion of the times, conduct its own oversight work. For 
the simple fact that members of this body will ultimately write the 
legislation to re-impose a strict regulatory framework upon the 
financial services industry, they should be personally involved in 
vigorous efforts to expose the many and sundry causes of this country's 
recent economic collapse. In brief, well-informed members of Congress 
write more effective legislation.
  With this in mind, I voice my support for aggressive oversight of the 
financial services industry, but respectfully object to the manner in 
which S. 386, as amended, mandates it be performed.

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