U.S. Senator John Cornyn (R) has outlined the goals of his newly introduced LETITIA Act in a recent op-ed published in the Washington Examiner. The bill seeks to target public officials who commit financial fraud, including mortgage, tax, and bank fraud.
Officially named the Law Enforcement Tools to Interdict Troubling Investments in Abodes (LETITIA) Act, the legislation aims to establish enhanced criminal penalties for elected or appointed officials convicted of white-collar crimes. The act would impose mandatory minimum prison sentences and increased fines, with penalties increasing for repeat offenders.
Cornyn emphasized the need for accountability, especially amid rising housing costs that make homeownership increasingly difficult for ordinary Americans.
He condemned the public officials who exploit their positions for personal financial gain by committing mortgage fraud, such as falsely claiming multiple properties as primary residences to receive favorable loan terms.
The Senator cited multiple ongoing investigations into public officials, including New York Attorney General Letitia James and Senator Adam Schiff (D-CA), as examples of conduct his bill seeks to address.
Cornyn argues that public trust is eroded when elected leaders violate the law and that stricter consequences are warranted for officials who abuse that trust.
"No citizen is above the law," he argues, "and those who hold public office have an even more serious obligation to follow our nation's laws."
The LETITIA Act aims to send a clear message that financial fraud by public officials will not be tolerated.
