“The Tracking Bad Actors Act would help expose these offenders to protect American families and workers against financial fraud.”
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 investors like vultures. The Tracking Bad Actors Act would help expose these offenders to protect American families and workers against financial fraud,” said Kennedy.
“The world of finance is too opaque, and the Tracking Bad Actors Act would allow people in Wyoming and elsewhere to easily search a database to determine if their accountant or financial manager has broken federal financial laws. I’m proud to work with Senator John Kennedy to help consumers and bring greater transparency to our national financial sector,” 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 becoming law.
Text of the Tracking Bad Actors Act is available here.