COVID-19 Fraud Prevention Act
Bill: H.R.2959 | Sponsor: Rep. Axne, Cynthia (D-IA)
Policy area: Finance and Financial Sector

Summary:
COVID-19 Fraud Prevention Act
This bill establishes the Consumer and Investor Fraud Working Group to prevent fraud during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The working group must report quarterly regarding resources available to consumers, public enforcement actions, and related consumer complaints.

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``COVID-19 Fraud Prevention Act''.

SEC. 2. CONSUMER AND INVESTOR FRAUD WORKING GROUP.

    (a) Establishment.--Not later than the end of the 30-day period 
beginning on the date of enactment of this Act, the Director of the 
Bureau of Consumer Financial Protection and the Securities and Exchange 
Commission shall, jointly, establish a working group to be known as the 
``Consumer and Investor Fraud Working Group'' (the ``Working Group'').
    (b) Duties.--The Working Group shall facilitate collaboration 
between the Bureau of Consumer Financial Protection and the Securities 
and Exchange Commission on--
            (1) providing resources to consumers and investors to avoid 
        fraud during the COVID-19 pandemic;
            (2) providing resources, including information on the 
        availability of legal aid resources, to consumers and investors 
        who have been adversely impacted by such fraud; and
            (3) such other topics as the Working Group determines 
        appropriate.
    (c) Coordination With Other Agencies.--In carrying out the duties 
described under subsection (b), the Working Group shall coordinate and 
collaborate with other Federal and State government agencies, as 
appropriate.
    (d) Quarterly Report.--The Working Group shall issue a quarterly 
report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate on the progress of the Working Group and 
summarizing--
            (1) the resources made publicly available to consumers by 
        the Working Group;
            (2) any public enforcement action taken jointly or 
        individually by any member of the Working Group;
            (3) the number and description of consumer complaints 
        received by the Bureau of Consumer Financial Protection and the 
        Securities and Exchange Commission regarding fraud related to 
        the COVID-19 pandemic; and
            (4) any other actions of the Working Group.
    (e) Sunset.--This section shall cease to have any force or effect 
on and after December 31, 2022.

SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.

    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

            Passed the House of Representatives May 18, 2021.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.