This morning, the Senate Judiciary Committee spent some time discussing the Fraud Enforcement and Recovery Act of 2009: S 386 - known as "FERA". FERA, in addition to being a anagram of fear (and efar) adds a few teeth to the US criminal law.
It extends many provisions of the criminal law to mortgage lenders by adding "Mortgage Lending Business" to the definition of "Financial Institution" in 18 USCA 20. It incorporates TARP fraud into the definition of government contracting fraud in 18 USCA 1031 and it expands the definition of securities fraud (18 USCA 1348) to include fraud involving commodity derivatives.
It also gives the Department of Justice $155 million to ensure that these new criminal provisions are enforced.
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