11.17.09

Comment On Executive Order Establishing A Financial Fraud Enforcement Task Force

“President Obama’s creation of a Financial Fraud Enforcement Task Force to investigate and prosecute financial crime builds on the commitment made earlier this year with the enactment of the Fraud Enforcement and Recovery Act.  Financial and mortgage fraud were major contributors to a financial crisis that has harmed millions of Americans and undermined confidence in our markets and our financial system.  Large sums in private investments and taxpayers' dollars are lost to fraud each year.  We can make no greater investment in the financial security and stability of our country than by allocating the necessary resources to root out and prosecute fraud. 

“Congress will have another opportunity to demonstrate its commitment to reducing fraud when the Senate considers health reform legislation in the coming weeks.  I intend to work closely with others in the Senate to ensure that health insurance reform includes meaningful steps to fight health care fraud.

“I applaud the President’s decision to establish this task force, and I look forward to continuing to work with him and with others in Congress to combat fraud.”

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[Leahy is the author of the Fraud Enforcement and Recovery Act, which was signed into law in May.  He is a lead cosponsor of the Health Care Fraud Enforcement Act.  In October, he chaired a hearing of the Senate Judiciary Committee to explore effective strategies to combat health care fraud.  Earlier this year, Leahy applauded the creation of the Health Care Fraud Prevention and Enforcement Action Team (HEAT).]

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