U.S. House passes multiple bills to combat financial fraud

fraud enforcement GUARD Act tax relief elder financial fraud blockchain tracing

The U.S. House of Representatives has passed several pieces of legislation aimed at combating financial fraud and providing relief to victims.

Under the Tax Relief for Fraud Victims Act (H.R. 9500), which passed with a 408-17 vote, victims of financial fraud would receive tax relief to prevent additional burdens on stolen funds and certain retirement account distributions. The Financial Services Institute has endorsed the bill, urging Senate action.

Additionally, the House approved the bipartisan GUARD Act (Guarding Unprotected Aging Retirees from Deception) by a 414-7 vote. This measure seeks to provide state, local, and tribal law enforcement with expanded federal grant funding and blockchain-tracing technology to investigate sophisticated scams, such as cryptocurrency-based ‘pig butchering’ schemes, targeting seniors.

In separate legislative actions, the House passed a bill to codify the National Fraud Enforcement Division within the Department of Justice. The House also passed legislation requiring states to provide the Attorney General with information necessary to investigate potential fraud within federal programs, such as Medicaid and SNAP.

Entities

Department of Justice · Financial Services Institute · Josh Gottheimer · National Fraud Enforcement Division · U.S. House of Representatives

Claims

What the coverage asserts, and how many sources carry each claim.

[○ 1 SOURCE] The House passed the Tax Relief for Fraud Victims Act (H.R. 9500) with a vote of 408-17. www.finopotamus.com
[○ 1 SOURCE] The House passed legislation to codify the National Fraud Enforcement Division within the Department of Justice. wltreport.com
[○ 1 SOURCE] The House passed a bill requiring states to provide information requested by the Attorney General regarding investigations into federal program fraud. wltreport.com
[○ 1 SOURCE] The GUARD Act would expand the use of existing federal grant funding for state, local, and tribal law enforcement to investigate financial fraud. retailwit.com
[○ 1 SOURCE] The House passed the bipartisan GUARD Act (Guarding Unprotected Aging Retirees from Deception) by a vote of 414-7. retailwit.com
[○ 1 SOURCE] The GUARD Act authorizes federal agencies to assist local authorities in deploying blockchain-tracing technology. retailwit.com

Sources

FSI Applauds House Passage of Tax Relief for Fraud Victims Act [www.finopotamus.com]

13 days ago

House Passes Bill to Give Local Police More Tools Against Elder Financial Fraud [retailwit.com]

12 days ago

BREAKING: House Passes Two MAJOR Bills Strengthening Federal Fraud Enforcement [wltreport.com]

13 days ago