Summary
Lets state, local, and Tribal police use federal money to investigate financial scams, especially those targeting older people and using cryptocurrency.
What problem does this solve?
Financial scams targeting seniors and using new technology are hard for local police to fight. This bill lets them use existing federal grants for special training and tools to investigate these crimes.
Who does this affect?
- State, local, and Tribal law enforcement agencies
- Elderly individuals
- Victims of financial fraud
What does this bill do?
Reference
Text:
Section:
Sec. 3(a)
Header:
Federal grants used for investigating elder financial fraud, pig butchering, and general financial fraud
Expands use of federal grants
Permits state, local, and Tribal police to use certain federal grant funds to investigate elder financial fraud, 'pig butchering' scams, and other financial crimes.
Reference
Text:
Section:
Sec. 7
Header:
Federal law enforcement agencies assisting state, local, and tribal law enforcement and fusion centers
Authorizes federal help with crypto tracing
Clarifies that federal law enforcement agencies can help state, local, and Tribal police use tools to trace blockchain and cryptocurrency transactions.
Reference
Text:
Section:
Sec. 3(a)(1-3)
Header:
Federal grants used for investigating elder financial fraud, pig butchering, and general financial fraud
Funds specific anti-fraud activities
Allows grant money to be spent on hiring experts, training officers in complex financial investigations, and buying software to track fraudulent activity.
Requires reporting on fund usage
Forces police agencies that use these funds for fraud investigations to submit a report within one year detailing how the money was spent and its effect on fraud statistics.
Reference
Text:
Section:
Sec. 4
Header:
Report on general financial fraud, pig butchering, and elder financial fraud
Mandates studies on financial scams
Requires the Treasury Department and other agencies to report to Congress on the state of financial scams in the U.S., including statistics and enforcement actions.
What is the real world impact?
•
Protects seniors and other victims from modern scams
Gives local police the flexibility to use federal money to combat complex financial crimes like 'pig butchering' and scams that trick elderly people out of their savings.
When does this start?
The rules would take effect as soon as the bill is signed into law, but it includes several deadlines for reports.
Law enforcement progress report
Agencies using the grant money for fraud must report on their use of the funds within one year of spending them.
Reference
Text:
Section:
Sec. 4
Header:
Report on general financial fraud, pig butchering, and elder financial fraud
Initial fraud report to congress
The Treasury Secretary must submit a report to Congress on financial fraud efforts within one year of the bill becoming law.
Comprehensive scam report to congress
The Treasury Secretary must submit a detailed report to Congress on the state of scams in the U.S. within two years of the bill becoming law.