PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on the Judiciary.
Congressional Research Service
Version 00 · Introduced in House · Jul 15, 2002
Corporate Fraud Accountability Act of 2002 - Amends Federal criminal law to establish a monetary penalty and imprisonment for: (1) knowing perpetration of securities fraud; and (2) tampering with a record or otherwise impeding an official proceeding.Requests the United States Sentencing Commission to: (1) promptly review sentencing guidelines applicable to securities and accounting fraud; and (2) expeditiously consider promulgation of new sentencing guidelines to provide an enhancement for officers of directors of publicly traded corporations who commit fraud and related offenses. Sets a deadline for such guidelines.Amends Federal bankruptcy law to declare nondischargeable in bankruptcy debts that have been incurred in violation of Federal or State securities fraud laws.Amends Federal criminal law to require senior corporate officers to certify in writing that financial statements fairly and accurately represent the operations and financial condition of the issuer. Establishes criminal penalties for violations of this requirement.Subjects to criminal penalties any attempt or conspiracy to commit any offense against the United States.Amends the Securities Exchange Act of 1934 to: (1) increase criminal penalties for violations; and (2) authorize the Securities and Exchange Commission (SEC) to seek a temporary injunction to freeze extraordinary payments earmarked for designated persons or corporate staff under investigation for possible violations of Federal securities laws.Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to authorize the SEC to prohibit violators of certain prohibitions against manipulative or deceptive devices or certain reporting requirements from serving as officers or directors of a publicly traded corporation.Amends Federal criminal law to establish criminal penalties for intentional retaliation against any person who has provided information to a law enforcement officer regarding the commission of a Federal offense.
People & committees
Rep. Sensenbrenner, F. James, Jr. [R-WI-9] · R–WI
Legislative record
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Read twice and referred to the Committee on the Judiciary.
Received in the Senate.
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 391 - 28 (Roll no. 299). (text: CR H4683-4684)
House roll call 299 · Individual votesMotion to reconsider laid on the table Agreed to without objection.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 391 - 28 (Roll no. 299).(text: CR H4683-4684)
House roll call 299 · Individual votesDEBATE - The House proceeded with forty minutes of debate on H.R. 5118.
Considered under suspension of the rules. (consideration: CR H4683-4694)
Mr. Sensenbrenner moved to suspend the rules and pass the bill, as amended.
Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 10, 2026. Consult Congress.gov for the current record.
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Analyze H.R.5118 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.5118 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.5118 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.5118 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.