President Donald Trump on Wednesday issued an executive order establishing a Task Force on Market Integrity and Consumer Fraud.
In issuing the order, Trump stated that the task force will help “strengthen the efforts of the Department of Justice and federal, state, local, and tribal agencies to investigate and prosecute crimes of fraud committed against the U.S. government or the American people, recover the proceeds of such crimes, and ensure just and effective punishment of those who perpetrate crimes of fraud.”
The executive order requires the attorney general to set up a Task Force on Market Integrity and Consumer Fraud within the Department of Justice.
The task force will also be charged with collaborating with financial regulators and other agencies, including the Securities and Exchange Commission, the Department of Justice, the Consumer Financial Protection Bureau and the Federal Trade Commission.
Acting Associate Attorney General Jesse Panuccio said during a Wednesday media briefing at DOJ that the Trump administration task force will build on the task force set up “in the wake of the financial crisis” under the Obama administration, “which is now a decade passed and [which] focused on specific financial crimes and frauds.”
The new task force, Panuccio said, will continue that work but “is a broader effort looking at other areas of consumer fraud and market integrity, such as elder fraud and the growing problem of cybercrime.”
Deputy Attorney General Rod Rosenstein stated at the briefing that the task force would zero in on cases that involve fraud against the government, the financial markets and consumers — procurement and grant fraud, as well as securities and commodities, digital currency, money laundering, health care and tax frauds.