This article examines the federal False Statements Act, 18 U.S.C. § 1001(a)(2), from the standpoints of judicial interpretation, the law's history, legislative history and congressional intent, public policy, and criminal law theory. It concludes that the dominant judicial interpretations do not accord with congressional intent to create a limited and targeted law. The statute as interpreted is extraordinarily broad such that it should be – but has not been and probably won't be – declared unconstitutionally vague. Whether the law is unconstitutional or not, as interpreted it does not support wise public policy nor does it accord with dominant theories of criminal law. This article suggests solutions that might repair the defects in the law.