Financial Services Subcommittee Reviews Antifraud Bill

A House subcommittee yesterday reviewed a bill that would establish a computerized network linking some 200 antifraud databases.

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.

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