Senate Passes Ant-Fraud Measure

In a 92-4 vote, the U.S. Senate passed legislation giving the government more power to prosecute mortgage and financial fraud. The legislation would also create a commission to investigate the causes of the economic crisis. Some highlights:

• makes it easier to prosecute fraud in commodities futures trading - including options and debt derivatives.
• Authorizes $265 million over the next 2 years to hire more than 600 lawyers and investigators at justice department, SEC and other federal agencies.
• Extends anti-fraud law to cover private mortgage brokers and TARP recipients
• Examines the role of credit rating agencies.
  
• Creates a Senate committee to conduct its own investigation of the financial crisis.