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NCJRS Abstract

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NCJ Number: 97997 Find in a Library
Title: Financial Bribery and Fraud - Hearing Before the House Subcommittee on Criminal Justice on HR 5405, April 26, 1984
Corporate Author: US Congress
House Subcommittee on Criminal Justice
United States of America
Date Published: 1984
Page Count: 20
Sponsoring Agency: National Institute of Justice/
Rockville, MD 20849
NCJRS Photocopy Services
Rockville, MD 20849-6000
US Congress
Washington, DC 20515
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
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United States of America

NCJRS Photocopy Services
Box 6000
Rockville, MD 20849-6000
United States of America
Document: PDF
Type: Legislative Hearing/Committee Report
Language: English
Country: United States of America
Annotation: This 1984 hearing before a U.S. House of Representatives subcommittee heard testimony from one speaker about H.R. 5405, a bill designed to close some gaps in Federal criminal laws relating to financial bribery and fraud in banking operations.
Abstract: The bill would amend current law with regard to bribery and would create a new crime of financial fraud. It would proscribe all payments intended to influence an officer or employee of a financial institution in making a discretionary decision or to induce such a person to violate a duty. Thus, it does not prohibit the receipt of a gift given to encourage an officer or employee to fulfill legal or fiduciary duties. The Federal Code would also be amended to prohibit payments made to an officer or employee of a financial institution as a reward for violating a duty or taking discretionary action in a particular manner. The section would require that such payments be in money or its equivalent or else have a value greater than $100. The bill would include all institutions in which the Federal Government has a significant interest. A new section of the Federal Code would prohibit fraud to obtain money or inflict a financial loss on a financial institution. The Deputy Assistant Attorney General, Criminal Division of the Justice Department, praised the goal of the legislation while recommending several changes as well as a new section. Recommended changes included punishing bribery and graft equally, broadening the fraud law, and adding another section dealing with the receipt of stolen bank property. The witness's prepared testimony and the text of the bill are included.
Index Term(s): Bank internal security; Bribery; Commercial fraud; Crime specific law reform; Federal Code; Graft; US House of Representatives
Note: Serial number 158.
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