(1) The Federal Bureau of Investigation (FBI) 
has testified that ‘‘today’s financial crisis dwarves 
the S&L crisis as financial institutions have reduced 
their assets by more than $1 trillion related to the 
current global financial crisis compared to the esti-
mated $160 million lost during the S&L crisis.’’ 
(Testimony by Mr. John Pistole, Deputy Director of 
the Federal Bureau of Investigation of the United 
States Department of Justice before the U.S. Senate 
Committee on the Judiciary, February 11, 2009). 
(2) The FBI has testified that mortgage fraud 
was such a major contributor to the current global 
financial crisis that: ‘‘it would be irresponsible to ne-
glect mortgage fraud’s impact on the U.S. housing 
and financial markets’’. 
(3) In the late 1980s and early 1990s, the 
United States experienced a similar financial crisis 
with the collapse of the Savings and Loan institu-
tions. Again, according to Deputy Director Pistole, 
‘‘the Department of Justice (DOJ), [and more spe-
cifically the FBI], were provided a number of tools 
through the Financial Institutions Reform, Recovery 
and Enforcement Act of 1989 (FIRREA) and Crime 
Control Act of 1990 (CCA) to combat the aforemen-
tioned crisis. As stated in Senate Bill 331 dated 
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January 27, 2009, ‘in the wake of the Savings and 
Loan crisis of the 1980s, a series of strike forces 
based in 27 cities was staffed with 1,000 FBI 
agents and forensic experts and dozens of Federal 
prosecutors’.’’. 
(4) Fraud also played a decisive role in the Sav-
ings and Loan crisis. The FBI and Justice Depart-
ment made prosecuting those elite frauds among its 
highest priorities. This took a massive commitment 
of FBI resources, but it produced the most success-
ful prosecution of an epidemic of elite fraud in his-
tory—over 1,000 ‘‘priority’’ felony convictions of 
senior insiders, according to Professor William K. 
Black in his book ‘‘The Best Way to Rob a Bank 
is to Own One’’. 
(5) However, the FBI, because of its crippling 
personnel limitations, has been unable to assign suf-
ficient FBI agents assigned to investigate the cur-
rent global financial crisis. The FBI identified the 
mortgage fraud ‘‘epidemic’’ in congressional testi-
mony in September 2004. It had so few white-collar 
crime specialists available, however, that it was able 
to assign only 120 special agents to mortgage fraud 
cases—less than one-eighth the agents it found es-
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sential to respond adequately to the huge, but far 
smaller, Savings and Loan crisis. 
(6) Given the magnitude of the financial crisis 
of 2008 and the resulting losses and billions of tax-
payer dollars spent to keep the financial system 
from collapsing, the FBI should have no less than 
1,000 agents to address corporate, securities, and 
mortgage fraud located across the country, and, in 
addition, more forensic experts and Federal prosecu-
tors to uncover the crimes committed and bring the 
perpetrators to justice. 
(7) This authorization is expected to bring the 
FBI and prosecutorial staffing to the necessary lev-
els to investigate complex financial crimes and pros-
ecute those who have committed these crimes. 
SEC. 3. ALLOWABLE USE OF FUNDS. 
The funds authorized in this Act shall be used for 
the following: 
(1) The hiring of additional employees, includ-
ing the hiring of 1,000 FBI agents and, in addition, 
a sufficient number of forensic experts, by the Direc-
tor of the Federal Bureau of Investigation in the 
Department of Justice to investigate corporate, secu-
rities, and mortgage fraud, and associated violations 
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of the law relating to the United States financial 
markets. 
(2) The hiring of additional employees by the 
Attorney General of the Department of Justice to 
prosecute violations of the laws relating to the 
United States financial markets. 
(3) The hiring of additional employees by the 
Chair of the Securities and Exchange Commission 
Division of Enforcement to investigate and prosecute 
violations of the law relating to United States finan-
cial markets. 
SEC. 4. AUTHORIZATIONS. 
There are authorized to be appropriated to carry out 
this Act such sums as necessary for fiscal year 2013, fiscal 
year 2014, fiscal year 2015, and fiscal year 2016. Such 
sums shall be available until obligated. 
Æ 
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