Political Quotes

“Better coordination of the antifraud efforts of the more than 250 Federal, State, and local agencies that regulate the banking, securities, and insurance industry is long overdue. As my colleagues know, it is often society's most vulnerable members, including our senior citizens, older veterans, and the terminally ill that are the targets of financial scam artists. In fact, they fashion their pitch towards these groups. They also feed on charitable schemes where they misrepresent that they are raising money for charity. In light of what happened September 11, I think this country has no toleration for those who go out as a financial scam and take advantage of tragedies such as September 11 to raise money with no intention of giving that money to help in the cause. The cost of these outrageous scams is estimated to exceed $100 billion annually in this country. By breaking down the barriers to information exchange that have hampered antifraud initiatives at the national level and among State regulators, H.R. 1408 will go a long way in reducing the risk to average American consumers and investors of losing their life savings due to financial fraud.”