H.R. 7312: No More SCAMS Act

The bill, known as the No More SCAMS Act, aims to address and combat fraud involving federal funds. Here is a summary of its key components:

Establishment of a Task Force

• The President is required to establish a Federal Fraud Interagency Task Force within 90 days of the bill's enactment.
• This Task Force will investigate fraud involving federal dollars, enhance coordination between different agencies to tackle fraud, and help recover misused funds.

Leadership and Membership

• The President must appoint a Director for the Task Force within 180 days of the bill's enactment. The Director will serve a four-year term and should possess at least 10 years of experience in fraud investigation or federal law enforcement.
• Members of the Task Force will be appointed from various federal agencies and must be experts in areas such as federal financial management, grants administration, auditing, forensic accounting, and fraud risk management.

Task Force Duties

The Task Force will have several responsibilities, including:

• Investigating allegations of fraud involving federal funds.
• Coordinating with state and local law enforcement agencies on fraud investigations.
• Developing best practices for federal agencies to prevent and identify fraud, which may include training programs.
• Facilitating cooperation among agencies through data and resource sharing to streamline investigations.
• Utilizing existing federal initiatives and resources to combat fraud effectively.

Reporting and Oversight

• Within one year of the bill's enactment, the Director must submit an annual report to the President and relevant congressional committees. This report will detail the number of investigations initiated, cases referred for prosecution, funds recovered, and analyses of fraud trends.
• The Government Accountability Office (GAO) will conduct an annual audit of the Task Force’s operations and spending.

Definition of Key Terms

• "Fraud" is defined as the intentional distortion of the truth to induce someone to part with something of value.
• "Covered agency" includes various federal departments such as the Department of State, Department of Defense, Department of Health and Human Services, and others involved in federal financial management.

Relevant Companies

None found