White House issues fact sheet on new fraud task force

Senior officials from the Department of Justice, federal financial regulators and across the cabinet will participate in the recently announced Task Force on Market Integrity and Consumer Fraud, which will place “new emphasis on the growing problems of cyber fraud and fraud targeting the elderly,” the White House says in a fact sheet posted July 12.

The fact sheet, which follows the July 11 announcement of the task force by executive order of President Donald Trump, says (among other things) that the task force will:

  • provide the president with recommendations on regulatory and legislative changes needed to improve the investigation and prosecution of fraud and other financial crimes that cause harm to American consumers, investors, and markets; and
  • make recommendations to the president to enhance cooperation among agencies in their efforts to investigate and prosecute fraud.

The July 11 executive order (also slated for publication in the July 16 Federal Register) provides the list of task force members (from Justice, FBI, U.S. attorneys general and other Justice officials as the attorney general may designate) and gives further detail, previously reported, on the participation of other agencies.

This task force replaces the financial fraud task force created in 2009 during the Obama administration.

President Donald Trump’s Administration is Fighting Fraud on Consumers, Investors and Markets (July 12)

Executive Order Regarding the Establishment of the Task Force on Market Integrity and Consumer Fraud (July 11)

Bureau Joins Task Force on Market Integrity and Consumer Fraud (July 12)

Department of Justice, Bureau of Consumer Financial Protection, U.S. Securities and Exchange Commission, Federal Trade Commission Announce Task Force on Market Integrity and Consumer Fraud (July 11)

Remarks of FTC Chairman Joe Simons at the Announcement of the Task Force on Market Integrity and Consumer Fraud (July 11)

Executive Order 13519 (Nov. 19, 2009, Federal Register)

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