S 386 in Congressional Session 111

Official Summary

 

Bill Number : S 386

 

Title : An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.

 

SUMMARY AS OF:
5/20/2009--Public Law.    (There are 4 other summaries)

Fraud Enforcement and Recovery Act of 2009 or FERA 

(Sec. 2)

Amends the federal criminal code to include within the definition of "financial institution" a mortgage lending business or any person or entity that makes, in whole or in part, a federally related mortgage loan.  

Defines "mortgage lending business" as an organization that finances or refinances any debt secured by an interest in real estate, including private mortgage companies and their subsidiaries, and whose activities affect interstate or foreign commerce.

Extends the prohibition against making false statements in a mortgage application to employees and agents of a mortgage lending business.   Applies the prohibition against defrauding the federal government to fraudulent activities involving the Troubled Asset Relief Program (TARP) or a federal economic stimulus, recovery, or rescue plan.   Expands securities fraud provisions to cover fraud involving options and futures in commodities.   Expands the concept of monetary proceeds, for purposes of enforcing prohibitions against money laundering, to include gross receipts.   Expresses the sense of Congress with respect to the prosecution of money laundering crimes in combination with other closely-connected offenses.  Requires the Attorney General to report to the House and Senate Judiciary Committees on such prosecutions.

(Sec. 3)

Authorizes appropriations to the Attorney General for FY2010-FY2011 for investigations, prosecutions, and civil and administrative proceedings involving federal assistance programs and financial institutions. Allocates such funds among various departments of the Department of Justice (DOJ). Requires that an appropriate percentage of such funds be used to investigate mortgage fraud. Authorizes additional appropriations to the U.S. Postal Service, the Inspector General for the Department of Housing and Urban Development (HUD), the U.S. Secret Service, and the Securities and Exchange Commission (SEC), including the Office of Inspector General, in FY2010-FY2011 for similar investigations.

Requires the Attorney General, in consultation with the U.S. Postal Inspection Service, the Inspector General for HUD, the Secretary of Homeland Security, and the SEC Commissioner [sic], to submit a report to Congress identifying:

  • amounts spent for investigations, with a certification of compliance that funds have been spent in accordance with this Act
  • amounts recovered from criminal or civil restitution, fines, penalties, and other monetary recoveries

 

(Sec. 4)

Amends the False Claims Act to:

  • expand liability under such Act for making false or fraudulent claims to the federal government
  • apply liability under such Act for presenting a false or fraudulent claim for payment or approval (currently limited to such a claim presented to an officer or employee of the federal government).

 

Requires persons who violate such Act to reimburse the federal government for the costs of a civil action to recover penalties or damages.  Modifies and expands provisions of the False Claims Act relating to intervention by the federal government in civil actions for false claims, sharing of information by the Attorney General with a claimant, retaliatory relief, and service upon state or local authorities in sealed cases.

 

(Sec. 5)

Establishes in the legislative branch the Financial Crisis Inquiry Commission to examine the causes of the current U.S. financial and economic crisis, taking into account fraud and abuse in the financial sector and other specified factors. Requires the Commission to submit a final report on its findings to the President and Congress on December 15, 2010.  Requires the Commission chairperson to appear before the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs within 120 days after the submission of such report. Terminates the Commission 60 days after the submission of such report. Authorizes appropriations.

Votes

Title : An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.
Votes in the US Senate
Roll NumberVote DateQuestionDescriptionVote Result
1712009-04-28On Passage of the BillS. 386 as Amended; Fraud Enforcement and Recovery Act of 2009P
1702009-04-27On the Cloture MotionMotion to Invoke Cloture on the Committee Substitute to S. 386; Fraud Enforcement and Recovery Act of 2009A
1622009-04-23On the Amendment S.Amdt. 986Kyl Amdt. No. 986; To limit the amount that may be deducted from proceeds due to the United States under the False Claims Act for purposes of compensating private intervenors to the greater of $50,000,000 or 300 percent of the expenses and costs of the intervenor.R
1612009-04-22On the Amendment S.Amdt. 995Isakson Amdt. No. 995; To establish the Financial Markets Commission, and for other purposes.A
1602009-04-22On the Amendment S.Amdt. 985Kyl Amdt. No. 985; To modify the definition of the term "obligation".A
Votes in the US House
Roll NumberVote DateQuestionDescriptionVote Result
2352009-05-06On Motion to Suspend the Rules and Pass, as Amended Fraud Enforcement and Recovery ActP
2682009-05-18Suspend Rules and Agree to S Adt to House Adts Fraud Enforcement and Recovery ActP

Sponsors

 
Congressional Sponsors of S 386
 
Bill Number : S 386

Title : An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.

Sponsor: Sen Leahy, Patrick J. [VT] (introduced 2/5/2009)      

ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Sen Bayh, Evan [IN] - 4/20/2009

    Sen Begich, Mark [AK] - 4/27/2009

    Sen Bennet, Michael F. [CO] - 4/22/2009

    Sen Burris, Roland [IL] - 4/27/2009

    Sen Cardin, Benjamin L. [MD] - 4/27/2009

    Sen Dodd, Christopher J. [CT] - 4/27/2009

    Sen Dorgan, Byron L. [ND] - 4/20/2009

    Sen Durbin, Richard [IL] - 4/22/2009

    Sen Gillibrand, Kirsten E. [NY] - 4/27/2009

    Sen Grassley, Chuck [IA] - 2/5/2009

    Sen Harkin, Tom [IA] - 4/20/2009

    Sen Kaufman, Edward E. [DE] - 2/5/2009

    Sen Klobuchar, Amy [MN] - 2/23/2009

    Sen Levin, Carl [MI] - 4/20/2009

    Sen Menendez, Robert [NJ] - 4/27/2009

    Sen Mikulski, Barbara A. [MD] - 4/27/2009

    Sen Murray, Patty [WA] - 4/20/2009

    Sen Pryor, Mark L. [AR] - 4/27/2009

    Sen Reid, Harry [NV] - 4/27/2009

    Sen Rockefeller, John D., IV [WV] - 4/20/2009

    Sen Sanders, Bernard [VT] - 4/21/2009

    Sen Schumer, Charles E. [NY] - 3/5/2009

    Sen Shaheen, Jeanne [NH] - 4/20/2009

    Sen Snowe, Olympia J. [ME] - 4/20/2009

    Sen Specter, Arlen [PA] - 4/20/2009

    Sen Stabenow, Debbie [MI] - 4/21/2009

    Sen Whitehouse, Sheldon [RI] - 4/20/2009

Other Info

Bill Number : S 386

Title : An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.

 
MAJOR ACTIONS:
 
2/5/2009 Introduced in Senate
 
3/5/2009 Committee on the Judiciary. Reported by Senator Leahy with an amendment in the nature of a substitute. Without written report.
 
3/23/2009 By Senator Leahy from Committee on the Judiciary filed written report. Report No. 111-10.
 
4/28/2009 Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 92 - 4. Record Vote Number: 171.
 
5/6/2009 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 59, 1 Present (Roll no. 235).
 
5/14/2009 Resolving differences -- Senate actions: Senate concurred in House amendment with an amendment (SA 1128) by Unanimous Consent.
 
5/14/2009 Resolving differences -- Senate actions: Senate concurred in the House amendment to the title by Unanimous Consent.
 
5/18/2009 Resolving differences -- House actions: On motion that the House suspend the rules and agree to the Senate amendment to the House amendments Agreed to by the Yeas and Nays: (2/3 required): 338 - 52 (Roll no. 268).
 
5/19/2009 Cleared for White House.
 
5/19/2009 Presented to President.
 
5/20/2009 Signed by President.
 
5/20/2009 Became Public Law No: 111-021 [Text, PDF]

 
ALL ACTIONS:
 
2/5/2009:Sponsor introductory remarks on measure. (CR S1681-1682)
 
2/5/2009:Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1682-1684)
 
3/5/2009:Committee on the Judiciary. Ordered to be reported with an amendment favorably.
 
3/5/2009:Committee on the Judiciary. Reported by Senator Leahy with an amendment in the nature of a substitute. Without written report.
 
3/5/2009:Placed on Senate Legislative Calendar under General Orders. Calendar No. 28.
 
3/23/2009:By Senator Leahy from Committee on the Judiciary filed written report. Report No. 111-10.
 
4/3/2009:Cloture motion on the motion to proceed to the measure presented in Senate. (consideration: CR 4/02/2009 S4399; text: CR 4/02/2009 S4399)
 
4/20/2009:Motion to proceed to measure considered in Senate. (consideration: CR S4408-4426)
 
4/21/2009:Cloture motion on the motion to proceed to the measure withdrawn by unanimous consent in Senate. (consideration: CR S4498)
 
4/22/2009:Measure laid before Senate by unanimous consent. (consideration: CR S4531-4561; text of measure as reported in Senate: CR S4531-4532)
 
4/23/2009:Considered by Senate. (consideration: CR S4704-4641, S4657)
 
4/23/2009:Cloture motion on the committee substitute amendment presented in Senate. (consideration: CR S4657; text: CR S4657)
 
4/27/2009:Considered by Senate. (consideration: CR S4735-4738, S4738-4741)
 
4/27/2009:Cloture on the committee substitute amendment invoked in Senate by Yea-Nay Vote. 84 - 4. Record Vote Number: 170. (consideration: CR S4740; text: CR S4740)
 
4/27/2009:Point of order raised against pending amendments en bloc.
 
4/27/2009:The committee substitute as amended agreed to by Unanimous Consent Vote. (consideration: CR S4740)
 
4/28/2009:Considered by Senate. (consideration: CR S4774-4781)
 
4/28/2009:Passed Senate with an amendment by Yea-Nay Vote. 92 - 4. Record Vote Number: 171. (text: CR S4777-4781)
 
4/28/2009 3:57pm:Received in the House.
 
4/28/2009:Message on Senate action sent to the House.
 
4/28/2009 5:17pm:Held at the desk.
 
5/6/2009 2:22pm:Mr. Scott (VA) moved to suspend the rules and pass the bill, as amended.
 
5/6/2009 2:22pm:Considered under suspension of the rules. (consideration: CR H5260-5270)
 
5/6/2009 2:22pm:DEBATE - The House proceeded with forty minutes of debate on S. 386.
 
5/6/2009 3:01pm:At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
 
5/6/2009 3:30pm:Considered as unfinished business. (consideration: CR H5271-5272)
 
5/6/2009 3:39pm:Motion to reconsider laid on the table Agreed to without objection.
 
5/6/2009 3:39pm:On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 367 - 59, 1 Present (Roll no. 235). (text: CR H5260-5264)
 
5/6/2009 3:39pm:The title of the measure was amended. Agreed to without objection.
 
5/6/2009:Message on House action received in Senate and at desk: House amendments to Senate bill.
 
5/14/2009:Senate concurred in House amendment with an amendment (SA 1128) by Unanimous Consent. (consideration: CR S5494-5495)
 
5/14/2009:Senate concurred in the House amendment to the title by Unanimous Consent.
 
5/15/2009:Message on Senate action sent to the House.
 
5/18/2009 3:13pm:Mr. Scott (VA) moved that the House suspend the rules and agree to the Senate amendment to the House amendments. (consideration: CR H5686-5688, S5689)
 
5/18/2009 3:15pm:DEBATE - The House proceeded with forty minutes of debate on S. 386.
 
5/18/2009 3:22pm:At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Burgess objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn. (consideration: CR H5688)
 
5/18/2009 7:09pm:On motion that the House suspend the rules and agree to the Senate amendment to the House amendments Agreed to by the Yeas and Nays: (2/3 required): 338 - 52 (Roll no. 268). (text as House agreed to Senate amendment: CR H5686)
 
5/18/2009 7:09pm:Motion to reconsider laid on the table Agreed to without objection.
 
5/19/2009:Cleared for White House.
 
5/19/2009:Presented to President.
 
5/20/2009:Signed by President.
 
5/20/2009:Became Public Law No: 111-21.