I 
119TH CONGRESS 
1ST SESSION H. R. 2978 
To permit State, local, and Tribal law enforcement agencies that receive 
eligible Federal grant funds to use such funds for investigating elder 
financial fraud, pig butchering, and general financial fraud, and to clarify 
that Federal law enforcement agencies may assist State, local, and Tribal 
law enforcement agencies in the use of tracing tools for blockchain 
and related technology, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 21, 2025 
Mr. NUNN of Iowa (for himself, Mr. GOTTHEIMER, and Mr. FITZGERALD) in-
troduced the following bill; which was referred to the Committee on the 
Judiciary, and in addition to the Committee on Financial Services, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To permit State, local, and Tribal law enforcement agencies 
that receive eligible Federal grant funds to use such 
funds for investigating elder financial fraud, pig butch-
ering, and general financial fraud, and to clarify that 
Federal law enforcement agencies may assist State, local, 
and Tribal law enforcement agencies in the use of tracing 
tools for blockchain and related technology, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Guarding Unprotected 
Aging Retirees from Deception Act’’ or the ‘‘GUARD 
Act’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) ELDER
FINANCIAL
FRAUD.—The term 
‘‘elder financial fraud’’ means the illegal or improper 
use of an elderly or adult with a disability’s money, 
property, or other resources for monetary or per-
sonal benefit, profit, or gain. 
(2) ELIGIBLE FEDERAL GRANT FUNDS.—The 
term ‘‘eligible Federal grant funds’’ means funds re-
ceived under the following: 
(A) The Department of Justice Economic, 
High-Technology, White Collar, and Internet 
Crime Prevention National Training and Tech-
nical Assistance Program. 
(B) The Department of Justice Informa-
tion Sharing Training and Technical Assistance 
Program. 
(C) The Department of Justice Internet of 
Things National Training and Technical Assist-
ance Program. 
(D) Section 1401 of the Violence Against 
Women Act Reauthorization Act of 2022 (34 
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U.S.C. 30107; relating to Local Law Enforce-
ment Grants for Enforcement of Cybercrimes 
Against Individuals). 
(E) The Department of Justice COPS 
Technology and Equipment Program. 
(3) GENERAL
FINANCIAL
FRAUD.—The term 
‘‘general financial fraud’’ means the intentional mis-
representation of information or identity to deceive 
others, the unlawful use of a credit card, debit card, 
or automated teller machine or the use of electronic 
means to transmit deceptive information, in order to 
obtain money or other things of value. 
(4) PIG BUTCHERING.—The term ‘‘pig butch-
ering’’ means a confidence and investment fraud in 
which the victim is gradually lured into making in-
creasing monetary contributions, generally in the 
form of cryptocurrency, to a seemingly sound invest-
ment before the scammer disappears with the con-
tributed monies. 
(5) SCAM.—The term ‘‘scam’’ means a financial 
crime undertaken through the use of social engineer-
ing that uses deceptive inducement to acquire— 
(A) authorized access to funds; or 
(B) personal or sensitive information that 
can facilitate the theft of financial assets. 
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(6) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, and 
each territory of the United States. 
SEC. 3. FEDERAL GRANTS USED FOR INVESTIGATING 
ELDER FINANCIAL FRAUD, PIG BUTCHERING, 
AND GENERAL FINANCIAL FRAUD. 
(a) IN GENERAL.—State, local, and Tribal law en-
forcement agencies that receive eligible Federal grant 
funds may use such funds for investigating elder financial 
fraud, pig butchering, and general financial fraud, includ-
ing by— 
(1) hiring and retaining analysts, agents, ex-
perts, and other personnel; 
(2) providing training specific to complex finan-
cial investigations, including training on— 
(A) coordination and collaboration between 
State, local, Tribal, and Federal law enforce-
ment agencies; 
(B) assisting victims of financial fraud and 
exploitation; 
(C) the use of blockchain intelligence tools 
and related capabilities related to emerging 
technologies identified in the February 2024 
‘‘Critical and Emerging Technology List Up-
date’’ of the Fast Track Action Subcommittee 
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on Critical and Emerging Technologies of the 
National Science and Technology Council (the 
‘‘Critical and Emerging Technology List’’); and 
(D) unique aspects of fraud investigations, 
including transnational financial investigations 
and emerging technologies identified in the 
Critical and Emerging Technology List; 
(3) obtaining software and technical tools to 
conduct financial fraud and exploitation investiga-
tions; 
(4) encouraging improved data collection and 
reporting; 
(5) supporting training and tabletop exercises 
to enhance coordination and communication between 
financial institutions and State, local, Tribal and 
Federal law enforcement agencies for the purpose of 
stopping fraud and scams; and 
(6) designating a financial sector liaison to 
serve as a point of contact for financial institutions 
to share and exchange with State, local, Tribal and 
Federal law enforcement agencies information rel-
evant to the investigation of fraud and scams. 
(b) REPORT TO GRANT PROVIDER.—Each law en-
forcement agency that makes use of eligible Federal grant 
funds for a purpose specified under subsection (a) shall, 
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not later than 1 year after making such use of the funds, 
issue a report to the Federal agency that provided the eli-
gible Federal grant funds, containing— 
(1) an explanation of the amount of funds so 
used, and the specific purpose for which the funds 
were used; 
(2) statistics with respect to elder financial 
fraud, pig butchering, and general financial fraud in 
the jurisdiction of the law enforcement agency, along 
with an analysis of how the use of the funds for a 
purpose specified under subsection (a) affected such 
statistics; and 
(3) an assessment of the ability of the law en-
forcement agency to deter elder financial fraud, pig 
butchering, and general financial fraud. 
SEC. 4. REPORT ON GENERAL FINANCIAL FRAUD, PIG 
BUTCHERING, 
AND 
ELDER 
FINANCIAL 
FRAUD. 
No later than a year after the date of the enactment 
of this Act, the Secretary of the Treasury and the Director 
of the Financial Crimes Enforcement Network in con-
sultation with the Attorney General, the Secretary of 
Homeland Security, and the appropriate Federal banking 
agencies and Federal functional regulators shall, jointly, 
submit to Congress a report on efforts and recommenda-
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tions related to general financial fraud, pig butchering, 
elder financial fraud, and scams. 
SEC. 5. REPORT ON THE STATE OF SCAMS IN THE UNITED 
STATES. 
(a) IN GENERAL.—Not later than 2 years after the 
date of the enactment of this Act, the Secretary of the 
Treasury and the Director of the Financial Crimes En-
forcement Network in consultation with the Attorney Gen-
eral, the Secretary of Homeland Security, and the appro-
priate Federal banking agencies and Federal functional 
regulators shall submit a report to the Congress on the 
state of scams in the United States that— 
(1) estimates— 
(A) the number of financial fraud, pig 
butchering, elder financial fraud, and scams 
committed against American consumers each 
year, including— 
(i) 
attempted 
scams, 
including 
through social media, online dating serv-
ices, email, impersonation of financial in-
stitutions and non-bank financial institu-
tions; 
(ii) 
successful 
scams, 
including 
through social media, online dating serv-
ices, email, impersonation of financial in-
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stitutions and non-bank financial institu-
tions; 
(B) the number of consumers each year 
that lose money to one or more scams; 
(C) the dollar amount of consumer losses 
to scams each year; 
(D) the percentage of scams each year that 
can be attributed to— 
(i) overseas actors; and 
(ii) organized crime; 
(E) the number of attempted scams each 
year that involve the impersonation of phone 
numbers associated with financial institutions 
and non-bank financial institutions; 
(F) an estimate of the number of synthetic 
identities impersonating American consumers 
each year; 
(2) provides an overview of the Federal civil 
and criminal enforcement actions brought against 
the recipients of the proceeds of financial fraud, pig 
butchering, elder financial fraud, and scams in the 
period covered by the report that includes— 
(A) the number of such enforcement ac-
tions; 
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(B) an evaluation of the effectiveness of 
such enforcement actions; 
(C) an identification of the types of claims 
brought against the recipients the recipients of 
the proceeds of financial fraud, pig butchering, 
elder financial fraud, and scams; 
(D) an identification of the types of pen-
alties imposed through such enforcement ac-
tions; 
(E) an identification of the types of relief 
obtained through such enforcement actions; and 
(F) the number of such enforcement ac-
tions that are connected to a Suspicious Activ-
ity Report; and 
(3) identifies amounts made available and 
amounts expended to address financial fraud, pig 
butchering, elder financial fraud, and scams during 
the period covered by the report by— 
(A) the Bureau of Consumer Financial 
Protection; 
(B) the Department of Justice; 
(C) the Federal Bureau of Investigation; 
(D) the Federal Communications Commis-
sion; 
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(E) the Board of Governors of the Federal 
Reserve Board; 
(F) the Federal Trade Commission; 
(G) the Financial Crimes Enforcement 
Network; 
(H) the Securities and Exchange Commis-
sion; and 
(I) the Social Security Administration. 
(b) SOLICITATION OF PUBLIC COMMENT.—In car-
rying out the report required under subsection (a), the 
Secretary of the Treasury shall solicit comments from con-
sumers, social media companies, email providers, tele-
communications companies, financial institutions, non- 
bank financial institutions. 
SEC. 6. REPORT TO CONGRESS. 
Each Federal agency that provides eligible Federal 
grant funds that are used for a purpose specified under 
section 3(a) shall issue an annual report to the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate containing the information received from law 
enforcement agencies under section 3(b). 
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SEC. 7. FEDERAL LAW ENFORCEMENT AGENCIES ASSIST-
ING STATE, LOCAL, AND TRIBAL LAW EN-
FORCEMENT AND FUSION CENTERS. 
Federal law enforcement agencies may assist State, 
local, and Tribal law enforcement agencies and fusion cen-
ters in the use of tracing tools for blockchain and related 
technology tools. 
Æ 
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