Sen. Elizabeth Warren (D-Mass.) sent a letter to the Federal Reserve, OCC and SEC last week requesting information on the agencies’ enforcement records 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,” Warren said. “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.”
Specifically, Warren requested information on the number of individuals charged criminally; convictions obtained by the agencies; prison sentences secured by the agencies; number of individuals charged civilly; number of individuals suspended or permanently barred from the financial industry; and the total amount the agencies have obtained through judgments and restitution.
“There have been some landmark settlements in recent weeks for which your agencies and others deserve substantial credit,” Warren said. “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.”