II 

110TH CONGRESS 

2D SESSION S. 3677 

To establish a Special Joint Task Force on Financial Crimes. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 1 (legislative day, SEPTEMBER 17), 2008 

Ms. SNOWE (for herself and Mrs. FEINSTEIN) introduced the following bill; 

which was read twice and referred to the Committee on the Judiciary 

A BILL 

To establish a Special Joint Task Force on Financial Crimes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financial Crimes Ac5 countability Act of 2008’’. 

6 SEC. 2. PURPOSE. 

7 The purpose of this Act is to— 

8 (1) strengthen the efforts of the Department of 

9 Justice and Federal, State, and local agencies to in10 vestigate and prosecute significant financial crimes; 

11 (2) recover the proceeds of such crimes; and 


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1 (3) ensure just and effective punishment of 

2 those who perpetrate financial crimes. 

3 SEC. 3. ESTABLISHMENT. 

4 (a) IN GENERAL.—The Attorney General shall estab5 lish within the Department of Justice a Special Joint Task 

6 Force on Financial Crimes (referred to in this Act as the 

7 ‘‘Task Force’’) whose focus shall be the investigation and 

8 prosecution of fraud, misrepresentation, malfeasance, or 

9 related crimes with respect to development, advertising, 

10 brokerage, or sale of financial products including deriva11 tives, mortgage-backed securities, credit default swaps, 

12 and subprime loans, or related services committed by pub13 lic or private commercial entities and directors, officers, 

14 professional advisers, and employees thereof (referred to 

15 in this Act as ‘‘financial crimes’’). 

16 (b) AUTHORITY.—The Task Force shall be subject to 

17 the authority of the Attorney General under applicable 

18 law. 

19 SEC. 4. MEMBERSHIP AND OPERATION. 

20 (a) IN GENERAL.—Subject to section 6, the Task 

21 Force shall have the following members: 

22 (1) The Deputy Attorney General, who shall 

23 serve as Chair. 

24 (2) The Assistant Attorney General (Criminal 

25 Division). 


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1 (3) The Assistant Attorney General (Tax Divi2 sion). 

3 (4) The Director of the Federal Bureau of In4 vestigation. 

5 (5) The United States Attorney for the South6 ern District of New York. 

7 (6) The United States Attorney for the Eastern 

8 District of New York. 

9 (7) Such other United States Attorneys as the 

10 Attorney General may from time to time designate. 

11 (8) Such other officers or employees of the De12 partment of Justice as the Attorney General may 

13 from time to time designate. 

14 (b) OPERATION.—The Deputy Attorney General— 

15 (1) shall convene and direct the work of the 

16 Task Force in fulfilling all its functions under this 

17 Act; 

18 (2) may permit, when he deems it appropriate, 

19 the designee of a member of the Task Force, includ20 ing those designated under section 6, to participate 

21 in lieu of the member; and 

22 (3) shall convene the first meeting of the Task 

23 Force not later than 10 days after the date of enact24 ment of this Act and shall thereafter convene the 


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1 Task Force at such times as he or she deems appro2 priate, but not less than once per month. 

3 SEC. 5. FUNCTIONS. 

4 Consistent with the constitutional authority of the 

5 President, the authorities assigned to the Attorney Gen6 eral by law, and other applicable law, the Task Force 

7 shall— 

8 (1) provide direction for the investigation and 

9 prosecution of cases of financial crimes when such 

10 cases are determined by the Deputy Attorney Gen11 eral, for purposes of this Act, to be significant; 

12 (2) provide recommendations to the Attorney 

13 General for allocation and reallocation of resources 

14 of the Department of Justice for investigation and 

15 prosecution of significant financial crimes, recovery 

16 of proceeds from such crimes to the extent permitted 

17 by law, and other matters determined by the Task 

18 Force from time to time to be of the highest priority 

19 in the investigation and prosecution of such crimes; 

20 and 

21 (3) make recommendations to the President, 

22 through the Attorney General, from time to time 

23 for— 

24 (A) action to enhance cooperation among 

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1 eral Government in the investigation and pros2 ecution of significant financial crimes; 

3 (B) action to enhance cooperation among 

4 Federal, State, and local authorities responsible 

5 for the investigation and prosecution of signifi6 cant financial crimes; 

7 (C) changes in rules, regulations, or policy 

8 to improve the effective investigation and pros9 ecution of significant financial crimes; and 

10 (D) recommendations to the Congress re11 garding such measures as the President may 

12 judge necessary and expedient relating to sig13 nificant financial crimes, or the investigation or 

14 prosecution thereof. 

15 SEC. 6. ADDITIONAL PARTICIPATION FOR SPECIFIED FUNC16 TIONS. 

17 In the Task Force’s performance of the functions set 

18 forth in section 5, and to the extent permitted by law, 

19 the following officers of the executive branch shall be 

20 members of the Task Force in addition to such other offi21 cers of the Federal Government as the Deputy Attorney 

22 General deems appropriate: 

23 (1) The Secretary of the Treasury. 

24 (2) The Chairman of the Securities and Ex25 change Commission. 


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1 (3) The Inspectors General from relevant agen2 cies and departments. 

3 SEC. 7. AUTHORIZATION OF APPROPRIATIONS. 

4 There are authorized to be appropriated such sums 

5 as may be necessary to carry out this Act. 

Æ 


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