A bill to establish a Special Joint Task Force on Financial Crimes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Crimes Accountability Act 
of 2008''.

SEC. 2. PURPOSE.

    The purpose of this Act is to--
            (1) strengthen the efforts of the Department of Justice and 
        Federal, State, and local agencies to investigate and prosecute 
        significant financial crimes;
            (2) recover the proceeds of such crimes; and
            (3) ensure just and effective punishment of those who 
        perpetrate financial crimes.

SEC. 3. ESTABLISHMENT.

    (a) In General.--The Attorney General shall establish within the 
Department of Justice a Special Joint Task Force on Financial Crimes 
(referred to in this Act as the ``Task Force'') whose focus shall be 
the investigation and prosecution of fraud, misrepresentation, 
malfeasance, or related crimes with respect to development, 
advertising, brokerage, or sale of financial products including 
derivatives, mortgage-backed securities, credit default swaps, and 
subprime loans, or related services committed by public or private 
commercial entities and directors, officers, professional advisers, and 
employees thereof (referred to in this Act as ``financial crimes'').
    (b) Authority.--The Task Force shall be subject to the authority of 
the Attorney General under applicable law.

SEC. 4. MEMBERSHIP AND OPERATION.

    (a) In General.--Subject to section 6, the Task Force shall have 
the following members:
            (1) The Deputy Attorney General, who shall serve as Chair.
            (2) The Assistant Attorney General (Criminal Division).
            (3) The Assistant Attorney General (Tax Division).
            (4) The Director of the Federal Bureau of Investigation.
            (5) The United States Attorney for the Southern District of 
        New York.
            (6) The United States Attorney for the Eastern District of 
        New York.
            (7) Such other United States Attorneys as the Attorney 
        General may from time to time designate.
            (8) Such other officers or employees of the Department of 
        Justice as the Attorney General may from time to time 
        designate.
    (b) Operation.--The Deputy Attorney General--
            (1) shall convene and direct the work of the Task Force in 
        fulfilling all its functions under this Act;
            (2) may permit, when he deems it appropriate, the designee 
        of a member of the Task Force, including those designated under 
        section 6, to participate in lieu of the member; and
            (3) shall convene the first meeting of the Task Force not 
        later than 10 days after the date of enactment of this Act and 
        shall thereafter convene the Task Force at such times as he or 
        she deems appropriate, but not less than once per month.

SEC. 5. FUNCTIONS.

    Consistent with the constitutional authority of the President, the 
authorities assigned to the Attorney General by law, and other 
applicable law, the Task Force shall--
            (1) provide direction for the investigation and prosecution 
        of cases of financial crimes when such cases are determined by 
        the Deputy Attorney General, for purposes of this Act, to be 
        significant;
            (2) provide recommendations to the Attorney General for 
        allocation and reallocation of resources of the Department of 
        Justice for investigation and prosecution of significant 
        financial crimes, recovery of proceeds from such crimes to the 
        extent permitted by law, and other matters determined by the 
        Task Force from time to time to be of the highest priority in 
        the investigation and prosecution of such crimes; and
            (3) make recommendations to the President, through the 
        Attorney General, from time to time for--
                    (A) action to enhance cooperation among 
                departments, agencies, and entities of the Federal 
                Government in the investigation and prosecution of 
                significant financial crimes;
                    (B) action to enhance cooperation among Federal, 
                State, and local authorities responsible for the 
                investigation and prosecution of significant financial 
                crimes;
                    (C) changes in rules, regulations, or policy to 
                improve the effective investigation and prosecution of 
                significant financial crimes; and
                    (D) recommendations to the Congress regarding such 
                measures as the President may judge necessary and 
                expedient relating to significant financial crimes, or 
                the investigation or prosecution thereof.

SEC. 6. ADDITIONAL PARTICIPATION FOR SPECIFIED FUNCTIONS.

    In the Task Force's performance of the functions set forth in 
section 5, and to the extent permitted by law, the following officers 
of the executive branch shall be members of the Task Force in addition 
to such other officers of the Federal Government as the Deputy Attorney 
General deems appropriate:
            (1) The Secretary of the Treasury.
            (2) The Chairman of the Securities and Exchange Commission.
            (3) The Inspectors General from relevant agencies and 
        departments.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act.

Summary: Financial Crimes Accountability Act of 2008 - Directs the Attorney General to establish within the Department of Justice (DOJ) a Special Joint Task Force on Financial Crimes to: (1) provide direction for the investigation and prosecution of financial crimes (i.e., fraud, misrepresentation, or malfeasance involving financial products); and (2) make recommendations to the Attorney General and the President on allocating resources and coordinating governmental efforts to investigate and prosecute financial crimes.