Enhanced penalties for public officials who commit bank fraud

Section 1344 of title 18, United States Code, is amended— (1) in the matter preceding paragraph (1), by striking Whoever knowingly executes, or attempts to execute, and inserting the following: (a) Offense It shall be unlawful to knowingly execute, or attempt to execute,; (2) in subsection (a)(2), as so designated by paragraph (1), by striking the semicolon at the end and inserting a period; (3) by striking shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.; and (4) by adding at the end the following: (b) Penalty (1) In general Except as provided in paragraph (2), a person convicted of a violation of subsection (a) shall be fined not more than $1,000,000, imprisoned not more than 30 years, or both. (2) Public official (A) Definition In this paragraph, the term public official means an officer, employee, elected or appointed representative of, or an individual acting for or on behalf of, the United States, a State, or a subdivision of a State, or any department, agency, or branch of government, in any official function, under or by the authority of any such department, agency, or branch of government. (B) Enhanced penalties In the case of an individual who is a public official at the time of an offense described in subsection (a)— (i) if the offense is the first or second such offense, the individual shall be fined not more than $1,500,000 and imprisoned not less than 1 year and not more than 35 years; and (ii) if the offense is the third or subsequent such offense, the individual shall be fined not more than $2,000,000 and imprisoned not less than 5 years and not more than 40 years..