DOJ's Effort to Stop 'Piling On' Banks a Good First Step

The Department of Justice finally wants to eliminate “piling on” by enforcement agencies.

In a speech on May 9, Deputy Attorney General Rod Rosenstein called out his own agency — and referenced the Securities and Exchange Commission, the Federal Reserve Board, the Comptroller of the Currency and the Federal Deposit Insurance Corp. — in announcing DOJ’s intention to encourage coordination among enforcement agencies to discourage “unfair duplicative penalties” caused by the “disproportionate enforcement of laws by multiple authorities.”

That is about as nicely as he could have possibly described the wasteful duplication of resources that often arises when multiple federal and state authorities race after the same business behavior.

Read "DOJ's Effort to Stop 'Piling On' Banks a Good First Step."