Green Party finance spokesman Senator Dan Boyle plans to introduce a private member's Bill defining the crime of financial treason.
He said that "while much public anger has a political focus, and much of this is justified, the inability to bring to justice those whose self interest and greed so undermined our national wellbeing, is something that must end - and end soon".
Labour finance spokeswoman Joan Burton said the "overhaul of legislation dealing with white collar crime is absolutely urgent and if this is a measure being brough forward by the Government it's long overdue".
But she warned that "if this is just gesture politics and a solo run by the Greens it will be treated with derision as more playing about by Government as opposed to real reform".
In a statement, the Green party chairman said "among the many reasons why there has been no action taken against known individuals working in Irish financial institutions - whose greed and recklessness have brought us to where we are - is that properly defined legislation seems to be lacking in defining this kind of white collar crime and fraud".
"I believe that there should be an offence of financial treason, carrying a mandatory sentence and huge fines, that would be applicable to defined individuals working in financial institutions licensed by the Irish State. There would be convictions on foot of any decision made knowingly by such individuals that result in reputational damage for the country, an unacceptable economic cost, or a loss of economic sovereignty."
Ms Burton said that "when there is a change of Government one of the major items and first priorities will be the production of new legislation to deal with corporate, white collar and banking crime".
However, the Labour deputy leader said that her party had previously received legal advice that it may require constitutional issues to be addressed. This would require a referendum "but I think Irish people would accept a referendum that provided for a cleaning up of white collar crime".
She said there should be immediate legislation bringing an "absolute limitation on corporate donations". It was part of the programme for government for the past three years "but nothing has been done".
