LETITIA Act

The LETITIA Act (Law Enforcement Tools to Interdict Troubling Investments in Abodes Act) would raise penalties for certain financial fraud offenses when they are committed by elected or appointed public officials. Specifically, it targets bank fraud, falsifying loan or credit applications, and falsifying tax filings, adding tiered, stiffer penalties for public officials compared to the same crimes by non-officials. The bill also requires the Department of Justice and the Department of the Treasury to issue enforcement directives within 90 days that explain how these updates affect investigations and prosecutions, and how to coordinate across agencies. The provisions apply to convictions after the date of enactment.