ABSTRACT
This chapter assesses the response of the United States of America (US) to financial crime, a key component of the financial crisis of 2008, which was considered to be 'the worst financial meltdown since the Great Depression'. It begins with the issues faced by President Bush in the closing months of his administration, examines the response of the new President Obama and then considers how the key federal authorities, the Department of Justice (DoJ) and the Securities and Exchange Commission (SEC), undertook their roles to supervise, regulate and protect consumers and individuals from financial abuse. President Bush's response to the economic crisis was contains: the Economic Stimulus Act 2008; the Emergency Economic Stabilization Act 2008; and the Housing and Economic Recovery Act 2008. The Fraud Enforcement and Recovery Act 2009 (FERA) was President Obama's first legislation 'ostensibly combating the type of chronic misconduct which may have helped foster economic instability rather than merely combating the acute symptoms of such instability'.
