OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Fraud and Scam Reduction Act

Floor Speech

Date: April 14, 2021
Location: Washington, DC
Issues: Finance and Banking Criminal Justice

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Mr. PALLONE. 1215.

Mr. Speaker, I rise to speak in support of H.R. 1215, the Fraud and Scam Reduction Act. This bipartisan bill was introduced by Representatives Blunt Rochester and Walberg with strong bipartisan support of 16 other Members. It also incorporates a bill originally introduced by Representatives Deutch, Buchanan, and Welch.

Reducing scams and fraud is an issue of utmost importance in every community and especially so during these uncertain and unprecedented times. Right now, we are seeing the best of humanity, but unscrupulous scammers and fraudsters still abound, seeking to capitalize on the confusion and fear that is out there.

Seniors are especially vulnerable. According to the most recent report from the Federal Trade Commission, older adults reported nearly $400 million in losses from fraud in 2018. It is rare to recover these losses. We all need to work together to protect senior citizens from scams before they fall victim and suffer monetary losses.

Mr. Speaker, this bill establishes a new senior scams prevention advisory group composed of relevant government agencies and industry representatives to collect and implement best practices that stop scammers before they can cause harm. It will also establish new programs to prevent fraud that targets seniors. The legislation will also improve educational materials on senior scams and make sure that they are publicly available.

This legislation also establishes an office at the FTC dedicated to preventing fraud targeting seniors and monitoring the market for such fraud. This office will also assist the FTC in monitoring the market for mail, television, internet, and telemarketing fraud targeting seniors. The office will also help with consumer education on fraud targeting seniors.

The bill will help reinforce the efforts of the FTC to prevent fraud and mitigate the massive losses from fraud targeting seniors.

I urge my colleagues to support this important measure, and I reserve the balance of my time.

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Mr. PALLONE. Mr. Speaker, I also urge support for the bill, and I yield back the balance of my time.

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