Congresswoman Heather Wilson, First Congressional District of New Mexico
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| Wilson Votes for Tougher Corporate Accountability |
July 16, 2002 |
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| Washington, DC - Congresswoman Heather Wilson voted to toughen penalties for corporate leaders who cooked the books aided by accountants who have dishonored their profession. H.R. 5118, the Corporate Fraud Accountability Act, will increase penalties for activities like mail and wire fraud and provides additional tools for prosecutors to crack down on corporate criminals. The bill overwhelmingly passed the House by a vote of 391 to 28.
“Honesty and integrity are essential for business to succeed and our economy to thrive,” said Wilson. “Corporate CEOs and accountants must obey the law, and when they don’t, they need to be prosecuted and sent to jail.”
The bill strengthens laws that criminalize obstruction of justice, such as document shredding, closes loopholes that currently allow corporate officers to use bankruptcy laws to discharge liabilities and requires top corporate executives to certify that financial statements of the company fairly and accurately represent the financial condition of the company.
Earlier this year, the U.S. House of Representatives passed the Pension Security Act, which was designed to enhance retirement security and insist on greater corporate accountability. Today’s vote increases the criminal penalties for those who file statements with the Securities Exchange Commission to a maximum penalty of $5 million and 20 years in prison.
Among the provisions included in the bill today are:
up to 20 years of jail time for corporate crooks defrauding the public, including document shredding and obstruction of justice
criminal penalties for retaliation against whistleblowers
creates new "Securities Fraud" crime -- fine or imprisonment up to 25 years those who seek to defraud investors
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