GUARD Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The GUARD Act allows state, local, and Tribal law enforcement agencies to use Federal grant funds to investigate elder financial fraud, pig butchering, and general financial fraud. It clarifies that Federal law enforcement can assist these agencies with tracing tools for blockchain technology. The bill also directs federal agencies to produce reports on the scope and impact of these types of fraud, including estimates of losses and enforcement actions, and to assess the state of scams across the United States.
Key provisions
- State and local law enforcement can use eligible Federal grant funds to investigate elder financial fraud, pig butchering, and general financial fraud.
- Federal law enforcement agencies can assist state, local, and Tribal agencies with blockchain tracing tools.
- The bill defines key terms like ‘elder financial fraud,’ ‘pig butchering,’ and ‘general financial fraud.’
- Law enforcement agencies must report to grant providers on how they’re using funds.
- Federal agencies will submit a report to Congress on efforts and recommendations related to financial fraud.
- The Treasury Secretary and FinCEN will produce a report on the state of scams in the US, including estimated losses and types of scams.
- Federal agencies must share information with law enforcement agencies to combat fraud.
- Fusion centers can receive assistance from Federal law enforcement agencies.
Who is affected
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