The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Missouri (Mr. Smith) and the gentleman from New York (Mr. Suozzi) each
will control 20 minutes.
  The Chair recognizes the gentleman from Missouri.

                             General Leave

  Mr. SMITH of Missouri. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days to revise and extend their remarks
and submit extraneous material on the bill under consideration.
  The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Missouri?
  There was no objection.
  Mr. SMITH of Missouri. Mr. Speaker, I yield myself such time as I may
consume.
  Mr. Speaker, I rise in support of the Recover COVID Unemployment
Fraud in Banks Act led by my Ways and Means colleagues Representative
Beth Van Duyne and Representative  Tom Suozzi.
  As the lead sponsor of this legislation, Representative Van Duyne has
been shining a spotlight on the fraud epidemic, even from her earliest
days serving on the Ways and Means Committee.
  Unemployment insurance benefits are a target-rich environment for
fraudsters.
  According to the Government Accountability Office, between $100
billion to $135 billion in COVID-era unemployment benefits are
estimated to have been taken by fraudsters using eligibility loopholes
and stolen identities.
  Of that money, a Department of Labor Inspector General investigation
found that nearly $1 billion of fraudulent COVID-era unemployment
benefits is currently frozen and being held in financial institutions
across the country. At one financial institution, the highest balance
on a single card is $76,000. At a second financial institution, it is
$56,000.
  The statute of limitations for prosecuting COVID-era unemployment
insurance fraud has already begun to expire, limiting the amount of
money law enforcement can return or the number of criminals that they
can bring to justice. Time is of the essence to recover the money
stolen and rightfully owed to taxpayers.
  This bipartisan bill establishes a new Federal task force to work
with States to return the fraudulent unemployment benefits sitting in
banks to American taxpayers.
  The task force will develop model processes and guidance necessary
for States to reclaim funds in a cost-efficient way, issue guidance to
financial institutions on the legal path for returning funds, and
establish due process protections for claimants whose identity was
stolen as part of the crime.
  Additionally, the bill doubles the statute of limitations for COVID-
era unemployment insurance fraud prosecution from 5 to 10 years. As of
last year, the Department of Labor reported more than 150,000 open
complaints, and the Department of Justice had more than 1,648 open
investigations regarding pandemic unemployment fraud. Prosecutors need
more time to hold criminals accountable.
  Every day Congress waits to pass this bill is another day that
another fraudster will get away with stealing money that rightfully
belongs to taxpayers and individuals in need.
  The Recover COVID Unemployment Fraud in Banks Act passed 41-0 out of
the Ways and Means Committee. This bill has also received the
endorsement from the National Association of State Workforce Agencies,
the Taxpayers Protection Alliance, and the Strategic Services on
Unemployment and Workers' Compensation.
  Mr. Speaker, I urge my colleagues to provide a similar level of
support and advance this to the Senate and President Trump's desk.
  Mr. Speaker, I reserve the balance of my time.
  Mr. SUOZZI. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 8873, the Recover COVID
Unemployment Fraud in Banks Act.
  I thank Chairman Smith, and I want to especially thank my colleague
Representative Van Duyne for sponsoring this bipartisan, commonsense
bill that will help root out fraud, protect vulnerable Americans, and
help return stolen funds to the States who were robbed.
  We have to remember that COVID was a really terrifying period for our
country. Everyone was vulnerable, and hardworking Americans lost their
jobs, homes, and loved ones overnight.
  Many struggling families were forced to rely on unemployment
assistance to make ends meet. Twenty-two million workers lost their
jobs, and about a quarter of all U.S. workers received unemployment
benefits.
  As a result, States issued billions in unemployment benefits, some of
it on prepaid debit cards through contracts with banks. These benefits
were meant to help families afford their basic needs during the
lockdown. These benefits kept more than 5 million people out of poverty
as they faced the threat of mortgage defaults, utility shutoffs, and
hunger.
  Unfortunately, while people were isolated and overwhelmed and
desperate for reliable information, criminals and fraudsters exploited
those vulnerabilities and attacked unsuspecting Americans. In fact,
domestic and international cybercrime rings weaponized stolen
identities. That is, they stole people's identities. They used
loopholes to actually apply for unemployment insurance using the fake
identities that they had stolen, and they applied for this Federal
pandemic aid.
  Right now, as I speak to you, some of the stolen money is still
sitting untouched in debit cards. Even worse, investigators estimate
that the majority of fraudulent debit cards are as a result of identity
theft, and many of the victims have no idea that they were even
targeted. These are working families and senior citizens.
  Cybercriminals have figured out how to take complete advantage of our
system. Most importantly, they wait to withdraw the funds from these
debit cards until the statute of limitations expires on each case and,
therefore, avoid the legal consequences for stealing.
  According to the Financial Crimes Enforcement Network, FinCEN, in
2021,