H.R. 2978: Guarding Unprotected Aging Retirees from Deception Act
This bill, known as the Guarding Unprotected Aging Retirees from Deception Act (GUARD Act), aims to strengthen efforts against financial fraud targeting vulnerable groups, particularly the elderly. Here’s a breakdown of its key provisions:
Purpose of the Bill
The bill allows State, local, and Tribal law enforcement agencies that receive certain Federal grant funds to use those funds specifically to investigate various types of financial fraud. The types of fraud covered include:
- Elder financial fraud: The illegal or improper use of an elderly or disabled person's financial resources.
- General financial fraud: Deceptive practices or misrepresentation intended to unlawfully obtain money or other valuables.
- Pig butchering: An investment scam that lures victims into making increasing investments before fleeing with their money.
Use of Federal Grant Funds
Under the bill, eligible Federal grant funds can be used for:
- Hiring and retaining personnel such as analysts or investigators.
- Providing training on complex financial investigations and collaboration between different levels of law enforcement.
- Acquiring necessary software and tools for financial investigations.
- Encouraging better data collection and reporting systems.
- Training for financial institutions to improve coordination with law enforcement.
Reporting Requirements
Law enforcement agencies utilizing these funds must submit a report to the Federal agency that provided the grants within a year. This report should detail:
- The amount spent and purposes of the expenditures.
- Statistics and analysis regarding the occurrence of financial fraud in their jurisdictions.
- An assessment of their ability to deter such fraud.
Additionally, the bill mandates that within one year of its enactment, a comprehensive report will be prepared by the Secretary of the Treasury and others on the state of general financial fraud and related crimes.
Federal Assistance
The bill also clarifies that Federal law enforcement agencies can assist local and Tribal law enforcement in utilizing blockchain tracing tools and technologies relevant to investigating these fraud cases.
Future Reports and Evaluations
It requires two main additional reports:
- One report, due within two years of enactment, will assess the overall state of scams in the U.S., estimating the frequency and financial impact of financial frauds.
- The second report focuses on the effectiveness of enforcement actions against entities involved in these frauds, which will include case statistics and evaluation of penalties and outcomes.
Public Engagement
The bill emphasizes the importance of public input by requiring the Secretary of the Treasury to solicit comments from various stakeholders such as consumers, businesses, and financial institutions to inform the understanding and reporting on scams.
Relevant Companies
None found
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
55 bill sponsors
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TrackZachary Nunn
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TrackGabe Amo
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TrackAndy Barr
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TrackJulia Brownley
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TrackKen Calvert
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TrackSean Casten
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TrackAngie Craig
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TrackMonica De La Cruz
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TrackTroy Downing
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TrackGabe Evans
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TrackJulie Fedorchak
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TrackScott Fitzgerald
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TrackLaura Gillen
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TrackMaggie Goodlander
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TrackJosh Gottheimer
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TrackGlenn Grothman
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TrackBrett Guthrie
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TrackJosh Harder
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TrackJahana Hayes
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TrackAshley Hinson
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TrackGlenn Ivey
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TrackJulie Johnson
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TrackTimothy M. Kennedy
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TrackJennifer Kiggans
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TrackYoung Kim
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TrackGeorge Latimer
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TrackMichael Lawler
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TrackSusie Lee
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TrackTracey Mann
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TrackJohn Mannion
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TrackSarah McBride
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TrackDaniel Meuser
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TrackDave Min
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TrackTim Moore
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TrackBarry Moore
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TrackTroy E. Nehls
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TrackBurgess Owens
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TrackGary J. Palmer
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TrackAugust Pfluger
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TrackMaria Elvira Salazar
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TrackDerek Schmidt
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TrackJefferson Shreve
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TrackAdam Smith
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TrackEric Sorensen
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TrackMarlin A. Stutzman
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TrackSuhas Subramanyam
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TrackThomas R. Suozzi
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TrackThomas P. Tiffany
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TrackDerek Tran
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TrackDavid G. Valadao
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TrackJefferson Van Drew
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TrackGabe Vasquez
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TrackGeorge Whitesides
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TrackRoger Williams
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TrackRobert J. Wittman
Co-Sponsor
Actions
9 actions
| Date | Action |
|---|---|
| Sep. 14, 2026 | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. |
| Sep. 14, 2026 | Considered under suspension of the rules. |
| Sep. 14, 2026 | DEBATE - The House proceeded with forty minutes of debate on H.R. 2978. |
| Sep. 14, 2026 | Ms. De La Cruz moved to suspend the rules and pass the bill, as amended. |
| Jun. 24, 2026 | Reported (Amended) by the Committee on Financial Services. H. Rept. 119-709, Part I. |
| May. 13, 2026 | Committee Consideration and Mark-up Session Held |
| May. 13, 2026 | Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 0. |
| Apr. 21, 2025 | Introduced in House |
| Apr. 21, 2025 | Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
Corporate Lobbying
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