Fraud Database Bill Clears Hurdle


Legislation aimed at enhancing the fight against financial services fraud passed the U.S. House Financial Services Committee by a voice vote last week.

H.R. 1408 would create a national antifraud database that would be available to state insurance commissioners and other state and federal financial services regulators. The information would include felony convictions, violent misdemeanors, failure to pay taxes or child support, and financial crimes.

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