The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Politics

Cornyn takes swing at James, Schiff with new LETITIA Act targeting ‘crooked politicians’

by admin August 5, 2025
August 5, 2025
Cornyn takes swing at James, Schiff with new LETITIA Act targeting ‘crooked politicians’

A Senate Republican wants to crack down on public officials who use their position to grow their wealth.

Sen. John Cornyn, R-Texas, is set to introduce legislation that would create stiffer penalties for public officials who commit federal bank fraud, tax fraud, or loan or mortgage fraud. Cornyn’s bill comes on the heels of two such instances where top officials and lawmakers were hit with allegations of mortgage fraud.

Indeed, Cornyn’s Law Enforcement Tools to Interdict Troubling Investments in Abodes (LETITIA) Act is named for New York Attorney General Letitia James.

The Justice Department earlier this year opened an investigation into James, who successfully won a civil case last year against President Donald Trump and his Trump Organization over allegations of faulty business practices, for alleged mortgage fraud.

Federal Housing Finance Director Bill Pulte alleged in a letter that James could have engaged in mortgage fraud by making false or misleading statements on property records, like a loan application that said her property in Virginia is her primary residence, a building record stating her multifamily Brooklyn property incorrectly has five residences instead of four, and a mortgage application that falsely stated James was her father’s spouse.

‘This legislation would empower President Trump to hold crooked politicians like New York’s Letitia James accountable for defrauding their constituents, violating their oath of office, and breaking the law, and I’m proud to lead my Republican colleagues in introducing it,’ Cornyn said in a statement.

Fox News Digital reached out to James for comment but did not immediately hear back.

Cornyn’s bill also comes after his colleague Sen. Adam Schiff, D-Calif., was similarly hit with allegations of mortgage fraud.

In another letter to the Justice Department, Pulte charged that Schiff falsified bank documents and property records by listing homes in Maryland and California as his primary residence out of an effort to allegedly get more favorable loans.

Marisol Samayoa, a spokesperson for Schiff, said in a statement to Fox News Digital that both Trump and Pulte’s ‘false allegations are a transparent attempt to punish a perceived political foe who is committed to holding Trump to account.’

‘The facts here are simple: Senator Schiff and his wife accurately represented to their lenders that they would occupy and use the Maryland house they purchased in 2003 as a ‘principal residence,’ rather than a vacation home or an investment property,’ she said. ‘He also disclosed to his lenders – repeatedly – that he maintained another home in his district in California, where he lived when not in Washington, and which was also a principal residence, not a vacation home or an investment property.’ 

‘This was done in consultation with relevant House counsel. As was proper, he claimed only a single homestead tax exemption (from California) worth approximately $70 in annual savings,’ she continued.

The bill, which is so far co-sponsored by six Senate Republicans, would increase federal statutory maximum sentences and fines for public officials who abuse their offices and violate the public trust to commit bank fraud, loan or mortgage fraud, or tax fraud.

It would create new mandatory minimum sentences, including one year for bank fraud, one year for loan or mortgage fraud, and six months for tax fraud. And if a public official engages in a repeated pattern of offenses, minimum sentences increase to five years for bank or loan fraud and two years for tax fraud.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
DOJ launching grand jury investigation into Russiagate conspiracy allegations: sources
next post
GOP memo preps House Republicans to tout Trump’s ‘big, beautiful bill’ as Dems go on offense

Related Posts

Trump cautioned Putin he would ‘bomb the s—‘...

July 10, 2025

Funeral held for Shiri Bibas and her sons...

February 26, 2025

Mike Pence lands new gig after failed 2024...

April 13, 2024

Israeli ambassador slams UN’s ‘mafia-like’ tactics against US-backed...

May 29, 2025

Senate GOP campaign chair ‘concerned’ over fundraising disparity...

September 6, 2024

Putin threatens war with NATO as Russian military...

September 14, 2024

Biden campaign launches $30 million ad buy following...

March 9, 2024

New York Democrat rips ‘far left’ for Trump...

November 7, 2024

China sentences journalist for espionage after he was...

December 1, 2024

Key Republican calls for emergency funding to Israel...

June 18, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Amazon lays off over 100 employees in Wondery unit as part of audio business restructuring

      August 6, 2025
    • U.S. farm agency allows six more states to bar some items from food aid

      August 6, 2025
    • Murdoch to provide Trump health updates in deal to delay Epstein case deposition

      August 6, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 6, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 6, 2025
    • Supreme Court orders new arguments in pivotal elections case

      August 6, 2025

    Categories

    • Business (1,323)
    • Politics (4,177)
    • Stocks (1,569)
    • Uncategorized (45)
    • World News (1,316)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved