Reed Calls For FBI and SEC to Prioritize Fight Against White Collar Crime

FOR IMMEDIATE RELEASE

Congressional candidate Tom Reed is calling for the Federal Bureau of Investigations and the Securities
Exchange Commission to re-direct existing resources to white collar divisions of law enforcement to
enforce existing regulations. This would require revisions of the FBI and SEC priorities to add renewed
emphasis and make enforcement of laws against white collar crime a top priority.

“We cannot allow fraudulent practices which hurt consumer interests to go unpunished,” Reed said,
calling for a “significant stiffening of the penalty provisions of existing regulations and for our elected
officials not bow to special interest groups but rather stand firm with law enforcement when
prosecutions are brought.”

“This is the first and most important reform we need to make with regard to Wall Street,” Reed
commented. “This will do more to protect consumers than any of the so-called „Wall Street reforms‟
coming out of Washington.”

“We need to protect consumers by finding and punishing those who abuse their trust,” Reed said. “We
do not need new government agencies to get involved in every financial transaction that goes on in
business. Congress should approach Wall Street like all issues crafting regulations to address specific
problems rather than imposing blanket regulations on all transactions.”

Reed noted that any regulation of complex transactions such as derivative purchases and exchanges
should focus on full disclosure requirements ensuring all parties are aware of the details of the
transaction and the associated risks, but cautioned that the government should not be involved in every
transaction.

“The government doesn‟t need to get involved in every transaction that finances our purchases, like a
car or small business. Does Washington really believe that the cost of new fees and $50 billion from
banks for a new government agency is not going to be passed down to consumers?” Reed asked. “It
seems Washington is more interested in good public relations than in sound public policy.”

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