Deputy Attorney General Rod Rosenstein announced a new Justice Department policy that encourages DOJ units and other law enforcement agencies to coordinate when imposing multiple penalties for the same conduct. In a May 9 speech before American Conference Institute's 20th Anniversary New York Conference on the Foreign Corrupt Practices Act, Rosenstein said the new policy, to be incorporated into the US Attorneys' Manual, seeks to discourage the practice of "piling on" – imposing excessive or redundant penalties – in corporate enforcement actions. He said the concern is particularly relevant to highly regulated industries – such as banking – in which "a company may be accountable to multiple regulatory bodies. That creates a risk of repeated punishments that may exceed what is necessary to rectify the harm and deter future violations."