October 23, 2013

Senator Warren Highlights Enforcement Record of SIGTARP, Questions Fed, SEC, OCC

PDF of the full letter is available here

WASHINGTON, DC - Today, United States Senator Elizabeth Warren sent a letter to Chairman Ben Bernanke of the Board of Governors of the Federal Reserve System (Fed), Chair Mary Jo White of the U.S. Securities & Exchange Commission (SEC) and Comptroller Thomas Curry of the Office of the Comptroller of the Currency (OCC) to request information about the enforcement records of their agencies between 2009 and 2012.

"According to a recent analysis by the Federal Reserve Bank of Dallas, the crisis cost the United States up to $14 trillion in lost economic productivity," writes Senator Warren. "While we must continue working to create jobs and accelerate our economic recovery, we also must look back to ensure that those who engaged in illegal activity during the crisis and its aftermath are held accountable."

In the letter, Senator Warren highlights the enforcement record of the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which is responsible for overseeing the bailouts of the financial industry and whose enforcement staff and budget from 2009-2012 were only a fraction of those at the Fed, SEC and OCC. The letter specifically requests:

1.       The number of individuals your agency has charged criminally, including the number of senior officials you have charged;
2.       The number of criminal convictions your agency has obtained;
3.       The number of prison sentences your agency has secured;
4.       The number of individuals your agency has charged civilly, including the number of senior officers you have charged;
5.       The number of individuals your agency has suspended or permanently banned from working in the financial industry or elsewhere; and
6.       The total amount of funds your agency has obtained through civil judgment or orders of restitution.

"There have been some landmark settlements in recent weeks for which your agencies and others deserve substantial credit," Senator Warren writes. "However, a great deal of work remains to be done to hold institutions and individuals accountable for breaking the rules and to protect consumers and taxpayers from future violations.  Strong enforcement is an important deterrent, and I believe transparency is critical."