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October 27, 2017

“What Could Raise Hurricane Irma’s Costs? Letting Contractors Handle Claims”

In an address at the U.S. Chamber of Commerce’s Institute for Legal Reform’s 2017 Legal Reform Summit Deputy Attorney General Rod Rosenstein said the Department of Justice is reviewing the role of the Financial Fraud Enforcement Task Force, Reuters reports.

The task force was launched in November 2009 in the wake of the 2007-2009 financial crisis to investigate potential fraud in housing loans. Since the five-year statute of limitations on those cases has passed, Rosenstein said DOJ will “evaluate whether it continues to meet current needs.”

Rosenstein said this is part of a broader review of DOJ priorities aimed “on promoting individual accountability and corporate cooperation.” 

In a related story, the Wall Street Journal reports that the U.S. Securities and Exchange Commission (SEC) indicated a shift away from the prosecutorial approach to enforcement that was implemented after the crisis. This would include dropping the “broken windows” strategy of pursing cases over the smallest offenses and also reversing the policy of making companies admit to wrongdoing as a condition of settlement.

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