IIB 

117TH CONGRESS 

1ST SESSION H. R. 2959 

IN THE SENATE OF THE UNITED STATES 

MAY 19, 2021 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To establish the Consumer and Investor Fraud Working 

Group to help protect consumers and investors from 

fraud during the COVID–19 pandemic, to assist consumers and investors affected by such fraud, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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HR 2959 RFS

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘COVID–19 Fraud Pre3 vention Act’’. 

4 SEC. 2. CONSUMER AND INVESTOR FRAUD WORKING 

5 GROUP. 

6 (a) ESTABLISHMENT.—Not later than the end of the 

7 30-day period beginning on the date of enactment of this 

8 Act, the Director of the Bureau of Consumer Financial 

9 Protection and the Securities and Exchange Commission 

10 shall, jointly, establish a working group to be known as 

11 the ‘‘Consumer and Investor Fraud Working Group’’ (the 

12 ‘‘Working Group’’). 

13 (b) DUTIES.—The Working Group shall facilitate col14 laboration between the Bureau of Consumer Financial 

15 Protection and the Securities and Exchange Commission 

16 on— 

17 (1) providing resources to consumers and inves18 tors to avoid fraud during the COVID–19 pandemic; 

19 (2) providing resources, including information 

20 on the availability of legal aid resources, to con21 sumers and investors who have been adversely im22 pacted by such fraud; and 

23 (3) such other topics as the Working Group de24 termines appropriate. 

25 (c) COORDINATION WITH OTHER AGENCIES.—In 

26 carrying out the duties described under subsection (b), the 


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HR 2959 RFS

1 Working Group shall coordinate and collaborate with other 

2 Federal and State government agencies, as appropriate. 

3 (d) QUARTERLY REPORT.—The Working Group shall 

4 issue a quarterly report to the Committee on Financial 

5 Services of the House of Representatives and the Com6 mittee on Banking, Housing, and Urban Affairs of the 

7 Senate on the progress of the Working Group and summa8 rizing— 

9 (1) the resources made publicly available to 

10 consumers by the Working Group; 

11 (2) any public enforcement action taken jointly 

12 or individually by any member of the Working 

13 Group; 

14 (3) the number and description of consumer 

15 complaints received by the Bureau of Consumer Fi16 nancial Protection and the Securities and Exchange 

17 Commission regarding fraud related to the COVID– 

18 19 pandemic; and 

19 (4) any other actions of the Working Group. 

20 (e) SUNSET.—This section shall cease to have any 

21 force or effect on and after December 31, 2022. 

22 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 

23 The budgetary effects of this Act, for the purpose of 

24 complying with the Statutory Pay-As-You-Go Act of 2010, 

25 shall be determined by reference to the latest statement 


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HR 2959 RFS

1 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

2 Act, submitted for printing in the Congressional Record 

3 by the Chairman of the House Budget Committee, pro4 vided that such statement has been submitted prior to the 

5 vote on passage. 

Passed the House of Representatives May 18, 2021. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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