(1)

In the United States, citizens elect civic and political leaders to represent their interests and act on their behalf.

(2)

In return for being given this sacred trust, public officials are expected to fully adhere to the highest ethical and moral standards, and must discharge their duties faithfully, honestly, and impartially, free from any personal considerations or gain.

(3)

Public service is a public trust, and the Government only functions when there is trust between the electorate and public officials.

(4)

When public officials abuse the faith that citizens place in them by committing crimes of dishonesty or moral turpitude, they betray both their office and the public, and deserve heightened punishment.

(5)

Fraud is, at its core, a crime of dishonesty.

(6)

Mortgage, bank, credit, and tax frauds require deception and lies, and harm the victim financial institutions, investors, and the broader public.

(7)

Therefore, public officials who commit these crimes deserve punishments above and beyond what a normal citizen should receive.

(8)

Such punishment must include mandatory minimum sentences of imprisonment for any public official to ensure that they cannot abuse their positions of influence to cut sweetheart or backroom deals that the average citizen would be unable to make.

(9)

If a public official commits multiple frauds, demonstrating a pattern and practice of dishonest, unethical, and illegal behavior, justice demands that the public official should face even harsher mandatory penalties.

(10)

No person is above the law, and public officials who commit fraud must be held to account. Integrity matters.

(1)

in the matter preceding paragraph (1), by striking Whoever knowingly executes, or attempts to execute, and inserting the following:

(a) Offense

It shall be unlawful to knowingly execute, or attempt to execute,;

(2)

in subsection (a)(2), as so designated by paragraph (1), by striking the semicolon at the end and inserting a period;

(3)

by striking shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.; and

(4)

by adding at the end the following:

(b) Penalty

(1) In general

Except as provided in paragraph (2), a person convicted of a violation of subsection (a) shall be fined not more than $1,000,000, imprisoned not more than 30 years, or both.

(2) Public official

(A) Definition

In this paragraph, the term public official means an officer, employee, elected or appointed representative of, or an individual acting for or on behalf of, the United States, a State, or a subdivision of a State, or any department, agency, or branch of government, in any official function, under or by the authority of any such department, agency, or branch of government.

(B) Enhanced penalties

In the case of an individual who is a public official at the time of an offense described in subsection (a)—

(i)

if the offense is the first or second such offense, the individual shall be fined not more than $1,500,000 and imprisoned not less than 1 year and not more than 35 years; and

(ii)

if the offense is the third or subsequent such offense, the individual shall be fined not more than $2,000,000 and imprisoned not less than 5 years and not more than 40 years.

(1)

by striking Whoever knowingly and inserting:

(a) Offense

Whoever knowingly;

(2)

by striking shall and all that follows, and inserting shall be punished as provided in subsection (b).; and

(3)

by adding at the end the following:

(b) Penalty

(1) In general

Except as provided in paragraph (2), a person convicted of a violation of subsection (a) shall be fined not more than $1,000,000, imprisoned not more than 30 years, or both.

(2) Public officials

In the case of an individual who is a public official at the time of an offense described in subsection (a)—

(A)

if the offense is the first or second such offense, the individual shall be fined not more than $1,500,000 and imprisoned not less than 1 year and not more than 35 years; and

(B)

if the offense is the third or subsequent such offense, the individual shall be fined not more than $2,000,000 and imprisoned not less than 5 years and not more than 40 years.

(c) Definitions

In this section:

(1) Public official

The term public official means an officer, employee, elected or appointed representative of, or an individual acting for or on behalf of, the United States, a State, or a subdivision of a State, or any department, agency, or branch of government, in any official function, under or by the authority of any such department, agency, or branch of government.

(2) State-chartered credit union

The term State-chartered credit union includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States.

(1)

by striking Any person and inserting the following:

(a) In general

Any person, and

(2)

by adding at the end the following new subsection:

(b) Enhanced penalty for public officials

(1) In general

In the case of an individual who is a public official at the time of an offense described in subsection (a)—

(A)

if the offense is the first or second such offense, subsection (a) shall be applied—

(i)

by substituting $150,000 for $100,000, and

(ii)

by substituting not less than 6 months and not more than 5 years for not more than 3 years, and

(B)

if the offense is the third or subsequent such offence, subsection (a) shall be applied—

(i)

by substituting $200,000 for $100,000, and

(ii)

by substituting not less than 2 years and not more than 10 years for not more than 3 years.

(2) Public official

For purposes of this subsection, the term public official means an officer, employee, elected or appointed representative of, or an individual acting for or on behalf of, the United States, a State, or a subdivision of a State, or any department, agency, or branch of government, in any official function, under or by the authority of any such department, agency, or branch of government.

(a) Directive to Department of Justice Law Enforcement Officials and Task Forces

(b) Directive to Department of Treasury Officials