It is not clear to me that anything had to be done [about fraud]. Fraud was not invented in the 1990s. ... It is illegal in all 50 states, even Nevada.
He is, of course, tongue in cheek, but not entirely wrong either.
Colorado's criminal code, for example, has at least 59 different sections defining different kinds of fraud offenses against private parties, and 7 sections defining fraud offenses against public parties (and this count excludes definition and procedural sections and the related issues of bribery, although I do include embezzlement offenses). Many of these sections themselves define multiple kinds of fraud. And, Colorado is well known for having one of the most cleanly drafted criminal codes in the nation, although it also criminalizes a few fraud offenses not in the criminal code itself (such as felony tax fraud, Colorado Revised Statutes Section 39-21-118).
There are thousands of different federal fraud crimes, which are far less well organized, and fraud offenses make up a large share of the federal criminal docket.
This doesn't even begin to open up the regulatory and civil laws aimed at preventing fraud. And, yet, fraud persists and it is not always easy to enforce those laws. Given the incredibly diffuse array of ways this is currently dealt with, perhaps the real problem is a lack of a coherent overall strategy. Sometimes one big hammer is more effective than many little ones.
Thanks to How Appealling for the link.