The ‘Task Force on Market Integrity and Consumer Fraud’ will be integrated by the Consumer Financial Protection Bureau, Department of Justice, Federal Trade Commission and the Securities and Exchange Commission.
The new force – which will replace the Financial Fraud Enforcement Working Group created by former President Barack Obama in November 2009 after the financial crisis – will be led by the Deputy Minister of Justice Rod J Rosenstein. FBI Director Christopher A Wray will also participate.
According to Trump’s order, it will advise Attorney General Jeff Sessions and has the authority to summon officials from all other government agencies to participate in meetings and make recommendations to bolster cooperation between agencies and for drafting new legislative reforms.
“Fraud committed by companies and their employees has a devastating impact on American citizens in the financial markets, the healthcare sector and elsewhere,” says Rosenstein.
“The President’s order directs the Task Force to invite participation from our law enforcement partners at many departments and agencies. By working together, we can achieve more effective and efficient outcomes.
“Drawing on our pooled resources, including subject matter expertise, data repositories and analysts and investigators, we can identify and stop fraud on a wider scale [better] than any one agency acting alone.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.