Feb 04, 2016 11:01 PM GMT
“It’s like you can’t make this stuff up, right? The idea that the Republicans are trying to gut one of the main laws to prevent bank fraud—that’s their response to the 2008 financial crisis.”
...the House of Representatives is set to vote Thursday on a bill that would meaningfully weaken the ability of federal investigators and prosecutors to go after certain cases of corporate malfeasance.
The pleasant-sounding “Financial Institution Customer Protection Act,” written by Missouri Republican representative Blaine Luetkemeyer, would change the federal Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) statutes to remove investigatory power into crimes “affecting” federally insured financial institutions, and reserve it only for crimes “by” and “against” them.
Banks or payment processors would no longer be held criminally responsible for simply aiding fraudulent activity involving customer accounts, since the fraud was not primarily conducted by the bank, nor against it....
Senator Elizabeth Warren lambasted the two bills and accused Republicans of using the all-consuming presidential contests as a distraction.
“The Republicans think no one is looking right now, that all of the public attention is somewhere else, and that this is a chance to try to slip through an amendment to make it harder to prosecute white-collar criminals,” she said.