ELIZABETH WARREN

UNITED STATES SENATE WASHINGTON. DC 2051(}.2105 p 202 224 4543

MASSACHUSETIS COMMI THS

BANKING, HOUSING, AND URBAN AFFAIRS HEALTH. EDUCATION, LABOR AND PENSIONS

llnitcd ~rates ~cnatc

SPECIAL COMMITIEE ON AGING

2400 JFK FEDERAL BUILDING 15 NEW SUDBURY STREET BOSTON MA 02203 p 617 56!;-3170

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October 23, 2013

www warren senato gov

The Honorable Ben Bernanke Chairman Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, NW Washlngton, D.C. 20551 The Honorable Mary Jo White Chair U.S. Securities & Exchange Commission 100 F Street, NE Washington, D.C. 20549 The Honorable Thomas J. Curry Comptroller of the Currency Office of the Comptroller of the Currency 250 E Street, SW Washington, D. C. 20219 Dear Chairman Bemanke, Chair White, and Comptroller Curry: As you know, last month marked the fifth anniversary of the 2008 financial crisis. The crisis took an enormous toll on this country's economy. According to a recent analysis by the Federal Reserve Bank of Dallas, the crisis cost the United States up to $14 trillion in lost economic productivity. 1 While we must continue working to create jobs and accelerate our economic recovery, we also must look back to ensure that those who engaged in illegal activity during the crisis and its aftermath are held accountable. For that reason, I am writing to highlight the stellar enforcement record of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and to request information about the enforcement records of your agencies. SIGTARP began its work in December 2008. Along with the Congressional Oversight Panel that I chaired from 2008-2010 and the Government Accountability Office, SIGTARP was given authority under the Emergency Economic Stabilization Act of 2008 to oversee the bailouts of the financial industry. Specifically, SIGT ARP has the authority to conduct, supervise, and 1

Tyler Atkinson, David Luttrell & Harvey Rosenblum, How Bad Was ft ? The Costs and Consequences ofthe 200709 Financial Crisis, Federal Reserve Bank of Dallas Staff Paper (July 2013), at 2, available at http://dallasfed.org/assets/documents/research/staff/staffl 30 I .pdf.

coordinate audits and investigations of any actions taken under the Troubled Asset Relief Program (TARP). As the following chart demonstrates, between 2009 and 2012, both SIGTARP's enforcement budget a11d enforcen1ent staff were only a sn1all fraction of the size of the budgets and staffs at your agencies: 2

A2cncv SIGTARP

Federal Reserve

SEC

occ

Enforcement Budt!ct 2009: 2010: 2011: 2012: 2009: 2010: 2011: 2012: 2009: 2010: 2011: 2012: 2009: 2010: 2011: 2012:

$48 111illion $34 1nillion $39 inillion $40 1nillion $784 million $869 inillion $991 million $1.1 billion $324 1nitlion $362 ini!lion $415 million $417 ini!lion $775 n1i!lion $792 1nillion $877 1nillion $1.2 bi!lion

Enforcement Staff 2009: 90 2010: 135 2011: 155 2012: 164 2009: 3,146 2010: 3,279 2011: 3,686 2012: 4,071 2009: 1,179 2010: 1,173 2011:1,236 2012: 1,219 2009: 3,104 2010: 3,101 2011: 3,717 2012: 3,823

Despite SIGTARP's relatively small resottrces and its narrow jurisdiction, it has: •

brought c1iminal charges against 144 individuals, including 92 senior officers (CEOs, owners, fou11ders, or senior executives);



obtained criminal convictions of 107 defendants;



secured prison se11te11ccs for 5 l defendants;



initiated civil cases and other actions against 58 individuals, including 44 senior officers;



temporarily suspended or perma11ently banned 37 individuals fro1n working in the banking or financial i11dustry, worki11g as a federal govern1nent contractor, or working as a licensed attorney; and



obtained orders of restitution and civil judgments totaling $4.3 billion.

I am \vritil1g to request information about your agency's enforcement record betwee11 2009 and 2012. Specifically, I am asking for:

2

All data taken from Congressional Research Service analysis perforn1ed at the request of Sen. Warren's office, Aug. 29, 2013.

1. The number of individuals your agency has charged criminally, including the number

of senior officials you have charged; 2. The number of criminal convictions your agency has obtained; 3. The number of prison sentences your agency has secured; 4. The number of individuals your agency has charged civilly, including the number of senior officers you have charged; 5. The number of individuals your agency has suspended or permanently banned from working in the financial industry or elsewhere; and 6. The total amount of funds your agency has obtained through civil j udgment or orders of restitution. There have been some landmark settlements in recent weeks for which your agencies and others deserve substantial credit. However, a great deal of work remains to be done to hold institutions and individuals accountable for breaking the rules and to protect consumers and taxpayers from future violations. Strong enforcement is an important deterrent, and I believe transparency is critical. I would appreciate a response by November 22, 20 13. If you have any questions, please do not hesitate to contact my office.

Elizabeth Warren

llnitcd ~rates ~cnatc - Elizabeth Warren

Oct 23, 2013 - economic recovery, we also must look back to ensure that those who ... about the enforcement records of your agencies. ... 2 All data taken from Congressional Research Service analysis ... do not hesitate to contact my office.

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