AUSTIN – U.S. Senators John Cornyn (R-TX), Deb Fischer (R-NE), Steve Daines (R-MT), John Kennedy (R-LA), Roger Wicker (R-MS), Ted Budd (R-NC), and Pete Ricketts (R-NE) introduced the Law Enforcement Tools to Interdict Troubling Investments in Abodes (LETITIA) Act, which would empower the Trump administration to hold public officials who commit acts of federal bank fraud, tax fraud, or loan or mortgage fraud accountable for using their position of public trust to enrich themselves:

“The American people should be able to trust their elected officials to follow the letter of the law, not take advantage of their positions for personal gain,” said Sen. Cornyn. “This legislation would empower President Trump to hold crooked politicians like New York’s Letitia James accountable for defrauding their constituents, violating their oath of office, and breaking the law, and I’m proud to lead my Republican colleagues in introducing it.”

“No one is above the law, especially those who are supposed to hold the people’s trust,” said Sen. Fischer. “We should never turn a blind eye when public officials commit fraud or criminal acts. That’s why I’m proud to join Senator Cornyn in introducing this commonsense legislation to ensure public officials are held fully accountable for their actions.” 

“Serving in public office is a privilege- the American people and the good of our country should always be first and foremost in our public servants’ minds, not personal gain,” said Sen. Daines. “This bill will increase penalties for public officials who commit fraud and help ensure they serve with integrity and honesty, and I’ll fight with my colleagues to get it across the finish line.”

Background:

The Law Enforcement Tools to Interdict Troubling Investments in Abodes (LETITIA) Act would:

• Increase federal statutory maximum sentences and fines for public officials who abuse their offices and violate the public trust to commit bank fraud, loan or mortgage fraud, or tax fraud;
• Create new mandatory minimum sentences – one year for bank fraud, one year for loan or mortgage fraud, and six months for tax fraud – to ensure corrupt public officials serve prison time;
• And, for public officials who engage in a continuing course of criminal conduct by committing three or more of these offenses, increase the mandatory minimum sentences to five years for bank or loan fraud, and two years for tax fraud.

The U.S. Department of Justice launched a criminal investigation into New York Attorney General Letitia James following a referral from the Federal Housing Finance Agency earlier this year alleging mortgage application fraud involving her properties in New York and Virginia.