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Executive Order Establishes Interagency Enforcement Task Force

On Tuesday, the Department of Justice, the Treasury, HUD, and the SEC announced that President Obama has established by executive order an interagency Financial Fraud Enforcement Task Force to concentrate on efforts to combat financial fraud. The task force will be led by the Department of Justice, and representatives from theTreasury, HUD, and the SEC will serve on the the task force's steering committee.  According to the executive order, the representatives of 23 federal agencies will participate in the task force, as well as various Offices of Inspectors General and related Federal entities, as well as "other executive branch departments, agencies,or offices as the President may, from time to time,designate or that the Attorney General may invite."

According to the official announcement, the Task Force "along with representatives from a broad range of federal agencies, regulatory authorities and inspectors general, will work with state and local partners to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, address discrimination in the lending and financial markets and recover proceeds for victims."

The new Financial Fraud Enforcement Task Force replaces and continues the initiatives of the Corporate Fraud Task Force established in 2002, also by executive order. 

The interagency announcement of the Financial Fraud Enforcement Task Force is available at: http://www.sec.gov/news/press/2009/2009-249.htm

The full text of the Executive Order is available at: http://www.sec.gov/news/press/2009/2009-249-exec-order.pdf