I can think of no better topic with which to begin our work in this Congress than the one that brings us here today - protecting consumers by making sure that our financial watchdog agencies have the necessary tools to fight fraud and that they cooperate and coordinate their efforts in fighting fraud. The concept of linking together already existing databases maintained by various financial regulatory and law enforcement agencies to combat fraud against consumers makes good common sense. If implemented properly, such a network could serve as an effective early warning system when con artists like Mr. Frankel attempt to expand the frontiers of their criminal enterprises to new industries and new locales. As with any effort to promote cooperation between regulators of different industries across multiple jurisdictional lines, achieving that objective is easier said than done. Anyone who has spent significant time inside the Beltway knows how difficult it can be to get different government bureaucracies to coordinate their activities, even in an area such as this where the benefits of such cooperation are so obvious.
Turf battles are one of Washington's favorite pastimes.
In addition, logistical questions relating to access to the anti-fraud database and the kinds of information that will be available there will need to be addressed. I am confident that today's hearing will help the Committee begin to answer these questions, and I look forward to hearing from all of our distinguished witnesses. Finally, let me commend Chairman Oxley for moving so quickly in this Congress to place this important matter on the Committee's agenda. I look forward to working with him, Mrs. Kelly, and my other colleagues as we consider legislative proposals to advance the fight against financial fraud.