Fruit of the poisonous tree
Congressman Ben McAdams and Rep. Bill Huizenga (R-MI) collaborated on a bill that seeks to better protect victims of investment fraud by giving the SEC more time to recover stolen money. In this episode, Rep. McAdams discusses why he and Huizenga decided to join together to change the law and how a 2017 Supreme Court decision meant victims lost out on billions of dollars that the SEC wasn’t allowed to recover. He discusses why it has bipartisan support and how the looming impeachment inquiry might impact this and other bills that Congress hopes to pass in the next few months.
“U.S. capital markets are the envy of the world,” McAdams said in a press release. “They promote job growth and economic opportunity. But they only work to the extent that investors have faith that bad actors cannot profit off wrongdoing. This legislation extends the time for the Securities and Exchange Commission to get back money from white collar criminals who prey on innocent investors and steal millions to enrich themselves. Those who commit fraud should not profit from their crimes and this bill helps ensure that victims recover what was stolen from them.”
Huizenga added, “The latest report from the SEC found that more than $900 million in money swindled from investors through fraudulent activity is unable to be recovered because of a 2017 Supreme Court decision. White collar criminals must be held accountable for their behavior and the SEC must have the necessary tools to recover the losses suffered by Main Street investors. H.R. 4344 helps solve this problem by striking a delicate balance that allows the SEC more time to recover the money that was scammed from hardworking Americans. I am glad to see this bipartisan bill pass committee with strong support.”