,,ii #aaith ,,congress #ast ,session ,s4 #bedd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #cj1 #bjbe,mrs4 ,britt 7for herself1 ,mrs4 ,gillibrand1 and ,mr4 ,scott of ,florida7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to permit ,state1 local1 and ,tribal law enforcement agencies and grantees that receive eligible ,federal grant funds to use such funds for investigating elder financial fraud1 pig butchering1 and general financial fraud1 and to clarify that ,federal law enforcement agencies may assist ,state1 local1 and ,tribal law enforcement agencies in the use of tracing tools for blockchain and related technology1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,guarding ,unprotected ,aging ,retirees from ,deception ,act or the ,,guard ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,elder financial fraud ,the term elder financial fraud means the illegal or improper use of the money1 property1 or other resources of an elderly individual or adult with a disability for monetary or personal benefit1 profit1 or gain4 7#b7 ,eligible ,federal grant funds ,the term eligible ,federal grant funds means funds received under any of the following3 7,a7 ,title ,,iv of the ,prioritizing ,resources and ,organization for ,intellectual ,property ,act of #bjjh 7#cd ,u4,s4,c4 #cjajc et seq47 7commonly known as the ,economic1 ,high-,technology1 ,white ,collar1 and ,internet ,crime ,prevention ,national ,training and ,technical ,assistance ,program71 including relating to the use of technology to solve crimes and to facilitate prosecutions 7commonly known as the ,internet of ,things 7,io,t7 ,national ,training and ,technical ,assistance ,program74 7,b7 ,title #bh1 ,code of ,federal ,regulations1 part #bc 7commonly known as ,justice ,information ,sharing ,training and ,technical ,assistance ,program74 7,c7 ,section #adja of the ,violence ,against ,women ,act ,reauthorization ,act of #bjbb 7#cd ,u4,s4,c4 #cjajg7 to a local law enforcement agency for enforcement of cybercrimes against individuals4 7,d7 ,section #agja title ,i of the ,omnibus ,crime ,control and ,safe ,streets ,act of #aifh 7#cd ,u4,s4,c4 #ajcha71 relating to developing and acquiring effective equipment1 technologies1 and interoperable communications that assist in responding to and preventing crime 7commonly known as the ,,cops ,technology and ,equipment ,program74 7#c7 ,general financial fraud ,the term general financial fraud means1 in order to obtain money or other things of value-- 7,a7 intentional misrepresentation of information or identity to deceive an individual2 7,b7 unlawful use of a credit card1 debit card1 or automated teller machine2 or 7,c7 use of electronic means to transmit deceptive information4 7#d7 ,pig butchering ,the term pig butchering means a confidence and investment fraud in which the victim is gradually lured into making increasing monetary contributions1 generally in the form of cryptocurrency1 to a seemingly sound investment before the scammer disappears with the contributed monies4 7#e7 ,scam ,the term scam means a financial crime undertaken through the use of social engineering that uses deceptive inducement to acquire-- 7,a7 authorized access to funds2 or 7,b7 personal or sensitive information that can facilitate the theft of financial assets4 7#f7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 and each territory of the ,united ,states4 #c4 ,federal grants used for investigating elder financial fraud1 pig butchering1 and general financial fraud 7a7 ,in general ,state1 local1 and ,tribal law enforcement agencies and grantees that receive eligible ,federal grant funds may use such funds for investigating elder financial fraud1 pig butchering1 and general financial fraud1 including by-- 7#a7 hiring and retaining analysts1 agents1 experts1 and other personnel2 7#b7 providing training specific to complex financial investigations1 including training on-- 7,a7 coordination and collaboration between ,state1 local1 ,tribal1 and ,federal law enforcement agencies2 7,b7 assisting victims of financial fraud and exploitation2 7,c7 the use of blockchain intelligence tools and related capabilities relating to emerging technologies identified in the ,february #bjbd ,critical and ,emerging ,technology ,list ,update of the ,fast ,track ,action ,subcommittee on ,critical and ,emerging ,technologies of the ,national ,science and ,technology ,council 7the ,critical and ,emerging ,technology ,list72 and 7,d7 unique aspects of fraud investigations1 including transnational financial investigations and emerging technologies identified in the ,critical and ,emerging ,technology ,list2 7#c7 obtaining software and technical tools to conduct financial fraud and exploitation investigations2 7#d7 encouraging improved data collection and reporting2 7#e7 supporting training and tabletop exercises to enhance coordination and communication between financial institutions and ,state1 local1 ,tribal1 and ,federal law enforcement agencies for the purpose of stopping fraud and scams2 and 7#f7 designating a financial sector liaison to serve as a point of contact for financial institutions to share and exchange with ,state1 local1 ,tribal1 and ,federal law enforcement agencies information relevant to the investigation of fraud and scams4 7b7 ,report to grant provider ,each law enforcement agency and grantee that makes use of eligible ,federal grant funds for a purpose specified under subsection 7a7 shall1 not later than #a year after making such use of the funds1 submit to the ,federal agency that provided the eligible ,federal grant funds1 a report containing-- 7#a7 an explanation of the amount of funds so used1 and the specific purpose for which the funds were used2 7#b7 statistics with respect to elder financial fraud1 pig butchering1 and general financial fraud in the jurisdiction of the law enforcement agency1 along with an analysis of how the use of the funds for a purpose specified under subsection 7a7 affected such statistics2 and 7#c7 an assessment of the ability of the law enforcement agency to deter elder financial fraud1 pig butchering1 and general financial fraud4 #d4 ,report on general financial fraud1 pig butchering1 and elder financial fraud ,not later than #a year after the date of enactment of this ,act1 the ,secretary of the ,treasury and the ,director of the ,financial ,crimes ,enforcement ,network in consultation with the ,attorney ,general1 the ,secretary of ,homeland ,security1 and the appropriate ,federal banking agencies and ,federal functional regulators shall1 jointly1 submit to ,congress a report on efforts and recommendations related to general financial fraud1 pig butchering1 elder financial fraud1 and scams4 #e4 ,report on the state of scams in the ,united ,states 7a7 ,in general ,not later than #b years after the date of enactment of this ,act1 the ,secretary of the ,treasury and the ,director of the ,financial ,crimes ,enforcement ,network1 in consultation with the ,attorney ,general1 the ,secretary of ,homeland ,security1 and the appropriate ,federal banking agencies and ,federal functional regulators1 shall submit a report to ,congress on the state of scams in the ,united ,states that-- 7#a7 estimates-- 7,a7 the number of financial fraud1 pig butchering1 elder financial fraud1 and scams committed against ,american consumers each year1 including-- 7i7 attempted scams1 including through social media1 online dating services1 email1 impersonation of financial institutions and nonbank financial institutions2 and 7ii7 successful scams1 including through social media1 online dating services1 email1 impersonation of financial institutions and nonbank financial institutions2 7,b7 the number of consumers each year that lose money to #a or more scams2 7,c7 the dollar amount of consumer losses to scams each year2 7,d7 the percentage of scams each year that can be attributed to-- 7i7 overseas actors2 and 7ii7 organized crime2 7,e7 the number of attempted scams each year that involve the impersonation of phone numbers associated with financial institutions and nonbank financial institutions2 and 7,f7 an estimate of the number of synthetic identities impersonating ,american consumers each year2 7#b7 provides an overview of the ,federal civil and criminal enforcement actions brought against the recipients of the proceeds of financial fraud1 pig butchering1 elder financial fraud1 and scams during the period covered by the report that includes-- 7,a7 the number of such enforcement actions2 7,b7 an evaluation of the effectiveness of such enforcement actions2 7,c7 an identification of the types of claims brought against the recipients of the proceeds of financial fraud1 pig butchering1 elder financial fraud1 and scams2 7,d7 an identification of the types of penalties imposed through such enforcement actions2 7,e7 an identification of the types of relief obtained through such enforcement actions2 and 7,f7 the number of such enforcement actions that are connected to a ,suspicious ,activity ,report2 and 7#c7 identifies amounts made available and amounts expended to address financial fraud1 pig butchering1 elder financial fraud1 and scams during the period covered by the report by-- 7,a7 the ,bureau of ,consumer ,financial ,protection2 7,b7 the ,department of ,justice2 7,c7 the ,federal ,bureau of ,investigation2 7,d7 the ,federal ,communications ,commission2 7,e7 the ,board of ,governors of the ,federal ,reserve ,board2 7,f7 the ,federal ,trade ,commission2 7,g7 the ,financial ,crimes ,enforcement ,network2 7,h7 the ,securities and ,exchange ,commission2 and 7,i7 the ,social ,security ,administration4 7b7 ,solicitation of public comment ,in carrying out the report required under subsection 7a71 the ,secretary of the ,treasury shall solicit comments from consumers1 social media companies1 email providers1 telecommunications companies1 financial institutions1 and nonbank financial institutions4 #f4 ,report to ,congress ,each ,federal agency that provides eligible ,federal grant funds that are used for a purpose specified under section #c7;a7 shall issue an annual report to the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate1 the ,committee on ,financial ,services of the ,house of ,representatives1 the ,committee on the ,judiciary of the ,senate1 and the ,committee on the ,judiciary of the ,house of ,representatives containing the information received from law enforcement agencies under section #c7;b74 #g4 ,federal law enforcement agencies assisting ,state1 local1 and ,tribal law enforcement and fusion centers ,federal law enforcement agencies may assist ,state1 local1 and ,tribal law enforcement agencies and fusion centers in the use of tracing tools for blockchain and related technology tools4