Summary: H.R.5872 — 98th Congress (1983-1984)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (07/30/1984)

(Measure passed House, amended)

Financial Bribery and Fraud Amendments Act of 1984 - Amends the Federal criminal code with regard to bribery. Provides that any person who knowingly offers or gives anything of value to a director, employee, agent, or attorney of a national credit institution with the intent to influence official action or to induce a violation of a legal or fiduciary duty shall be fined not more than $250,000 or imprisoned for not more than five years or both ($1,000,000 if the offender is an entity other than an individual), if the value of the thing offered is greater than $250. Provides for a fine of not more than $100,000 or imprisonment for not more than one year or both ($250,000 if the offender is an entity other than an individual) in all other cases.

Prohibits any person from soliciting, accepting, or agreeing to accept anything of value for the above purposes. Applies the same penalties to such offenses.

Modifies current law regarding graft in financial operations to set forth penalties for anyone who knowingly offers or gives anything of pecuniary value to any person with the intent to reward such person for an official duty taken, or any legal or fiduciary duty violated by such person as a director, employee, agent, or attorney for a national credit institution. Prohibits any such person from soliciting or accepting such a payment. Provides for a fine of not more than $250,000 or imprisonment for not more than three years or both ($1,000,000 if the offender is an entity other than an individual) if the value of the thing offered is greater than $250. Provides for a fine of $100,000 or imprisonment for not more than six months or both ($250,000 if the offender is other than an individual) in all other cases.

Establishes a new offense of financial fraud. Makes it a Federal offense to devise or intend to devise a scheme to defraud a national credit institution or obtain property from such institution by false or fraudulent pretenses, representations, or promises. Provides for a fine of not more than $250,000 or imprisonment for not more than five years. Sets a fine of not more than $1,000,000 for an offender other than an individual.

Defines "national credit institution" to include federally-insured banks, credit unions, Federal home loan banks, savings banks, savings and loan associations, small business investment companies, bank holding companies, and savings and loan holding companies.