Covid-19 Fraud Prevention Act

Floor Speech

Mr. Speaker, I thank the gentlewoman from Iowa for introducing this bill.

At the beginning of the pandemic I was concerned about COVID-19- related fraudulent schemes, particularly those targeting seniors who have been disproportionately impacted by the virus.

The Federal regulators tasked with weeding out fraud and providing resources for consumers impacted by scams--the CFPB, SEC, and FTC--have been particularly supportive of consumers during this time.

To further support this coordinated effort, H.R. 6735 establishes the Consumer and Investor Fraud Working Group, which will include representatives from the CFPB and SEC, among others.

The working group will work to provide resources to consumers and investors to avoid fraud during the COVID-19 pandemic and to those who have been impacted by these types of scams.

In addition, the working group is required to produce a quarterly report to the House Financial Services Committee and Senate Committee on Banking, Housing, and Urban Affairs so that Congress can monitor its actions and resources made available to the public.

Finally, the bill will ensure robust government coordination to protect consumers and investors from fraudsters looking to take advantage of the crisis.

Mr. Speaker, I urge my colleagues to support this bill, and I yield back the balance of my time.

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