A bill to stop financial institution crime, require certain officers of companies to certify that they have conducted due diligence relating to criminal conduct or civil fraud, create accountability in deferred prosecution agreements, and for other purposes.
About This Bill
Committee
Latest Action · April 3, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Ending Too Big to Jail Act
This bill addresses fraud and criminal conduct within financial institutions.
The bill replaces the Office of the Special Inspector General for the Troubled Asset Relief Program with the Office of the Special Inspector General for Financial Institution Crime and tasks the office with investigating crimes within financial institutions when such institutions fail.
Financial institutions, bank holding companies, and savings and loan holding companies with assets greater than $10 billion must annually certify that all criminal conduct and civil fraud has been disclosed to the Department of Justice. The bill establishes civil and criminal penalties for violations.
The bill also revises the circumstances under which the government may enter into a deferred prosecution agreement with defendants that are not individuals. These agreements must be determined by the court to be in the public interest.
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