Establishment of the Financial Fraud Enforcement Task Force

This executive order establishes an interagency Financial Fraud Enforcement Task Force led by the Department of Justice to investigate and prosecute significant financial crimes related to the 2008 financial crisis and economic recovery. It replaces the earlier Corporate Fraud Task Force and brings together over 20 federal agencies plus state and local law enforcement partners.

Federal Register Open PDF 74 FR 60123

Impact dates

Dec 17, 2009
First meeting of the Task Force

Key directives

Establish interagency Financial Fraud Enforcement Task Force led by DOJ
Task Force chaired by Attorney General with 20+ specified agencies
Attorney General shall convene first meeting within 30 days of order
Task Force may establish Steering Committee chaired by Deputy Attorney General
Task Force shall conduct outreach with financial institutions and other entities
DOJ shall provide administrative support and funding subject to appropriations
Terminate and replace Corporate Fraud Task Force (EO 13271)
Task Force terminates when directed by President or with presidential approval by Attorney General

Who is ordered

Timeline

Immediate

Task Force establishment
termination of Corporate Fraud Task Force (EO 13271)

Near term (90d)

First Task Force meeting
potential formation of Steering Committee and subcommittees

Long term

Ongoing coordination of financial fraud investigations and prosecutions
Outreach to private sector and government entities

Risks & tensions

No dedicated funding mechanism; implementation 'subject to availability of appropriations' may limit effectiveness
Vague 'significant' threshold for cases leaves discretion entirely with Attorney General
Large membership (20+ agencies) may create coordination challenges
Termination clause gives open-ended lifespan, creating potential for institutional drift