Sec. 5. Report on the state of scams in the United States
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/bill/119/s/2544/is/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 2 years after the date of enactment of this Act, the Secretary of the Treasury and the Director of the Financial Crimes Enforcement Network, in consultation with the Attorney General, the Secretary of Homeland Security, and the appropriate Federal banking agencies and Federal functional regulators, shall submit a report to Congress on the state of scams in the United States that— estimates— the number of financial fraud, pig butchering, elder financial fraud, and scams committed against American consumers each year, including— attempted scams, including through social media, online dating services, email, impersonation of financial institutions and nonbank financial institutions; and successful scams, including through social media, online dating services, email, impersonation of financial institutions and nonbank financial institutions; the number of consumers each year that lose money to 1 or more scams; the dollar amount of consumer losses to scams each year; the percentage of scams each year that can be attributed to— overseas actors; and organized crime; the number of attempted scams each year that involve the impersonation of phone numbers associated with financial institutions and nonbank financial institutions; and an estimate of the number of synthetic identities impersonating American consumers each year; provides an overview of the Federal civil and criminal enforcement actions brought against the recipients of the proceeds of financial fraud, pig butchering, elder financial fraud, and scams during the period covered by the report that includes— the number of such enforcement actions; an evaluation of the effectiveness of such enforcement actions; an identification of the types of claims brought against the recipients of the proceeds of financial fraud, pig butchering, elder financial fraud, and scams; an identification of the types of penalties imposed through such enforcement actions; an identification of the types of relief obtained through such enforcement actions; and the number of such enforcement actions that are connected to a Suspicious Activity Report; and identifies amounts made available and amounts expended to address financial fraud, pig butchering, elder financial fraud, and scams during the period covered by the report by— the Bureau of Consumer Financial Protection; the Department of Justice; the Federal Bureau of Investigation; the Federal Communications Commission; the Board of Governors of the Federal Reserve Board; the Federal Trade Commission; the Financial Crimes Enforcement Network; the Securities and Exchange Commission; and the Social Security Administration.
In carrying out the report required under subsection (a), the Secretary of the Treasury shall solicit comments from consumers, social media companies, email providers, telecommunications companies, financial institutions, and nonbank financial institutions.