Source: United States Senator John Kennedy (Louisiana)
WASHINGTON – Sen. John Kennedy (R-La.) today introduced the Tracking Bad Actors Act to create a public database of people who have committed financial crimes or have civil liability for financial misdeeds. Sen. Cynthia Lummis (R-Wyo.) is an original cosponsor of the bill.
“Financial fraudsters prey on everyday investors like vultures, and Americans deserve to know who has a track record of breaking securities laws. The Tracking Bad Actors Act would help expose these offenders to protect American families and workers from financial fraud,” said Kennedy.
“People in Wyoming deserve to know if their financial manager or accountant has broken the law. The Tracking Bad Actors Act will give consumers much needed transparency into the financial sector. I’m proud to partner with Senator John Kennedy on this commonsense legislation to protect Wyoming investors from those with bad intentions,” said Lummis.
The Tracking Bad Actors Act would require the federal government to create a public database of bad actors convicted or held criminally or civilly liable for securities violations. This database would allow investors and brokerage firms to guard against people known to have engaged in fraud.
This information would be made available to the public, free of charge. To the extent practical, the bill would require the database to contain all enforcement actions agencies have taken.
The database would be operational within three years of the bill’s becoming law.
Text of the Tracking Bad Actors Act is available here.