Senator John Cornyn of Texas plans to introduce new legislation targeting financial crimes committed by public officials. The bill specifically focuses on public officials committing mortgage fraud, bank fraud, or tax fraud while in office.
Cornyn’s bill, titled the LETITIA Act, seeks to increase penalties for such crimes. It arrives shortly after allegations of mortgage fraud involving high-ranking officials. Notably, the bill is named after New York Attorney General Letitia James. The Justice Department has launched an investigation into James this year. She previously won a civil case against Donald Trump. However, she now faces scrutiny for allegedly falsifying property documents.
Federal Housing Finance Director Bill Pulte raised these concerns in a letter. He claimed James misrepresented key property details on official records. This includes listing a Virginia property as her primary residence and misreporting the size of a Brooklyn building. Cornyn emphasized the importance of accountability. He stated the legislation would allow Trump and others to hold corrupt officials responsible. He also said he is proud to lead fellow Republicans in pushing this effort forward.
However, Letitia James is not the only public figure under fire. Senator Adam Schiff of California also faces similar allegations. In a separate letter, Pulte accused Schiff of falsifying mortgage records for personal financial gain. Schiff’s spokesperson, Marisol Samayoa, strongly denied these claims. She said the accusations are politically motivated and factually incorrect. She explained that Schiff disclosed his living arrangements properly and only claimed one legal tax exemption.
The proposed bill has six Republican co-sponsors in the Senate. It aims to raise maximum sentences and fines for public officials committing mortgage fraud. Supporters argue that this step is necessary to restore trust in elected leaders. The legislation also covers tax fraud and bank fraud tied to official misconduct. Cornyn insists public service should never be a shield for criminal activity. As the bill moves forward, public officials committing mortgage fraud may face much steeper consequences if found guilty.
For more political updates, visit DC Brief.
