Enhanced penalties for public officials who falsify loan and credit applications

Section 1014 of title 18, United States Code, is amended— (1) by striking Whoever knowingly and inserting: (a) Offense Whoever knowingly; (2) by striking shall and all that follows, and inserting shall be punished as provided in subsection (b).; and (3) 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 officials In the case of an individual who is a public official at the time of an offense described in subsection (a)— (A) 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 (B) 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. (c) Definitions In this section: (1) Public official 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. (2) State-chartered credit union The term State-chartered credit union includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States..