Title: COVID-19 Fraud Prevention Act
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 monthly regarding resources available to consumers, public enforcement actions, and related consumer complaints.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6735 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6735

  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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2020

 Mrs. Axne (for herself and Ms. Waters) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  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) Reports.--The Working Group shall issue a monthly report to the 
Congress 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.
    (d) Reports.--The Working Group shall issue a monthly report to the 
Congress on the progress of the Working Group, and the actions taken by 
the Working Group.
    (e) Sunset.--This section shall cease to have any force or effect 
on and after December 31, 2021.
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