Task Force Formed To Prevent Financial Meltdowns

A new federal task force whose mission is to prevent financial meltdowns was launched last week.

 WASHINGTON, D.C. — A new federal task force whose mission is to prevent financial meltdowns was launched last week.

The Financial Fraud Enforcement Task Force takes the place of a similar entity that formed after the Enron scandal in 2002.

Comprised of 20 federal agencies, the force will investigate and prosecute frauds in the mortgage, securities and corporate sectors.

The Justice and Treasury departments will lead the effort that includes the FBI, the Federal Trade Commission, and the US Postal Inspection Service.

Attorney General Eric Holder said that the group will be “relentless” in its investigations and sure at bringing charges.

Said Treasury Secretary Timothy Geithner, “Doing so will help to stop emerging trends in financial fraud before they’re able to cause extensive, system-wide damage to our economy.”