Establishment of the Financial Fraud Enforcement Task Force
Nov 19, 2009
Signed by: Barack Obama
Signed on: Nov 17, 2009
Published on: Nov 19, 2009
Nov 19, 2009
Signed by: Barack Obama
Signed on: Nov 17, 2009
Published on: Nov 19, 2009
Summary
Forms a government group to find and punish people who commit serious money-related crimes, especially those connected to the recent financial crisis.
What problem does this solve?
After a major financial crisis, it was hard to coordinate efforts to punish those responsible for serious money crimes. This order creates a special team, led by the Department of Justice, to bring together many government agencies to investigate and prosecute these crimes.
What does this order do?
Establishes a new task force
Creates the interagency Financial Fraud Enforcement Task Force to investigate and prosecute significant financial crimes related to the financial crisis.
Names the Attorney General as chair
Puts the Attorney General in charge of the Task Force, directing its work and convening its meetings.
Includes broad agency membership
Lists over 20 federal departments, agencies, and offices as members, including the Departments of Treasury and Justice, the SEC, and the FBI.
Defines the task force's mission
Outlines the group's duties, which include advising on prosecutions, improving cooperation between agencies, and coordinating law enforcement operations.
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Coordination with state, local, tribal, and territorial law enforcement
Coordinates with state and local law enforcement
Encourages inviting state, local, and tribal law enforcement groups to participate in the task force's efforts to improve coordination.
Replaces the Corporate Fraud Task Force
Terminates Executive Order 13271 and replaces the Corporate Fraud Task Force, continuing its work under this new structure.
Who does this affect?
- Financial institutions and corporations
- Federal and state law enforcement agencies
- Victims of financial fraud
What is the real world impact?
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Strengthens response to the financial crisis
Creates a coordinated effort across many government agencies to investigate and prosecute financial crimes that contributed to the economic downturn, aiming to restore public confidence.
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Centralizes enforcement power
Places the Attorney General in charge of a wide-ranging task force, giving the Department of Justice direct control over the investigation of significant financial crimes across the federal government.
When does this start?
This order takes effect immediately on November 17, 2009, and sets a deadline for the first task force meeting.
First task force meeting
The Attorney General must hold the first meeting of the Task Force within 30 days of November 17, 2009.