FIRST ON FOX: 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. Cornyns bill comes on the heels of two such instances where top officials and lawmakers were hit with allegations of mortgage fraud.FEDERAL HOUSING OFFICIAL SUBMITTED SCHIFF CRIMINAL REFERRAL TO DOJ OVER MORTGAGE DOCUMENTSIndeed, Cornyns 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.DEPARTMENT OF JUSTICE OPENS CRIMINAL INVESTIGATION INTO NY AG LETITIA JAMESFederal 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 fathers spouse."This legislation would empower President Trump to hold crooked politicians like New Yorks Letitia James accountable for defrauding their constituents, violating their oath of office, and breaking the law, and Im proud to lead my Republican colleagues in introducing it," Cornyn said in a statement.TAXPAYERS COULD BE FORCED TO FUND TRUMP FOE LETITIA JAMES LEGAL DEFENSE IF DEM BUDGET ITEM PASSESCornyns 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.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.CLICK HERE TO GET THE FOX NEWS APPIt 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.Fox News Digital reached out to James and Schiff for comment but did not immediately hear back.