LETITIA Act

The LETITIA Act (S 2680) increases penalties for public officials convicted of bank fraud, falsifying loan/credit applications, or falsifying tax filings. For a first or second offense, public officials face fines up to $1.5 million and prison terms of 1-35 years (up from $1 million and 30 years), while third or subsequent offenses carry fines up to $2 million and prison terms of 5-40 years. The bill defines "public official" broadly to include federal, state, and local government employees or representatives acting in their official capacity. It also requires the Justice Department and Treasury to issue new investigative guidelines within 90 days for prosecuting these offenses involving public officials.