Financial Services Subcommittee Reviews Antifraud Bill
The Financial Services Antifraud Network Act, H.R. 1408, underwent a markup session -- where legislation is reviewed line by line and changes are made -- by the Subcommittee on Financial Institutions and Consumer Credit.
The bill would establish a computerized network linking the antifraud databases of state and federal financial regulators and law enforcement agencies. The bill was introduced April 4 by Reps. Mike Rogers, R-MI, and Michael G. Oxley, R-OH, chairman of the House Committee on Financial Services.
In testimony before a joint hearing of the Financial Institutions and Oversight subcommittees on March 6, the Financial Services Roundtable estimated that the financial services industry loses more than $100 billion a year to fraud.
The antifraud network would be established through a new antifraud subcommittee of the President's Working Group on Financial Markets.
If the subcommittee passes the bill, it is scheduled for markup in full committee later this month.