Task Force to End Financial Abuse Act of 2024

Bill: 118-hr-9966
Sponsor: full_name: Rep. Gottheimer, Josh [D-NJ-5]
Introduced: 2024-10-11
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-10-11
text: Referred to the House Committee on Financial Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9966 IN THE HOUSE OF REPRESENTATIVES October 11, 2024 Mr. Gottheimer (for himself, Mrs. Houchin , Ms. Pettersen , Mrs. Wagner , Ms. Williams of Georgia , and Mr. Lawler ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To direct the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection to establish the Interagency Task Force on Coerced Debt, and for other purposes.

1. Short title This Act may be cited as the Task Force to End Financial Abuse Act of 2024 . 2. Findings The Congress finds the following: (1) Economic abuse is a serious issue impacting vulnerable populations. (2) Economic abuse occurs in 99 percent of abusive relationships and is the number 1 reason victims of abuse stay in or return to abusive relationships. (3) Coerced debt is a form of economic abuse and an avenue for abusers to limit the economic independence of an individual. (4) Coerced debt occurs when an abuser utilizes coercive control or identity theft to incur debt in the name of an individual. (5) Coerced debt can occur via threat, force, or fraud in the context of ongoing domestic abuse, which can be physical, emotional, or financial. (6) Coerced debt can subject a survivor to destroyed credit, substantial payment expectations, debt collection, and even bankruptcy. (7) Addressing coerced debt requires a coordinated approach across Federal, State, and local agencies to ensure comprehensive support and protection for survivors. (8) There is a need for an interagency task force to develop and implement strategies to address coerced debt and its impact on survivors. 3. Interagency Task Force on Coerced Debt (a) Establishment Not later than 90 days after the date of the enactment of this section, the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection shall establish a task force to be known as the Interagency Task Force on Coerced Debt (in this section referred to as the Task Force ). (b) Composition of the task force (1) Co-Chairs The Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, or designees, shall serve as co-chairs of the Task Force. (2) Members The Task Force shall be composed of— (A) the Secretary of Health and Human Services, or a designee; (B) the Director of the Office of Family Violence Prevention and Services, or a designee; (C) the Director of the Office on Women’s Health, or a designee; (D) the Secretary of Housing and Urban Development, or a designee; (E) the Attorney General, or a designee; (F) the Director of the Office on Violence Against Women, or a designee; (G) the Chairperson of the Federal Trade Commission, or a designee; and (H) representatives, appointed by the President, from— (i) a national domestic violence advocacy organization; (ii) a financial institution; (iii) a credit reporting agency; and (iv) a nonprofit organization that provides financial literacy and credit counseling services. (c) Duties The Task Force shall— (1) define the term coerced debt ; (2) identify the scope and impact of coerced debt on domestic violence survivors, including the prevalence of coerced debt and the financial, legal, and social consequences of coerced debt for domestic violence survivors; (3) facilitate interagency collaboration and information sharing to ensure a coordinated response to coerced debt, including training for law enforcement, social service providers, and financial institutions with respect to identifying and addressing coerced debt; (4) engage with stakeholders, including domestic violence survivors, advocacy organizations, and financial institutions to inform the development of policies and practices to address coerced debt; and (5) provide recommendations for legislative and regulatory changes to address coerced debt, including Federal legislative proposals to protect domestic violence survivors from coerced debt. (d) Report Not later than 1 year after the date on which all the members of the Task Force have been appointed, the Task Force shall publish on a public website and submit to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on the Judiciary of the House of Representatives, the Committee on the Judiciary of the Senate, and any other committee of the Congress that the Task Force determines appropriate a report that contains the findings and recommendations required under subsection (c). (e) Sunset The Task Force shall terminate on the date that is 60 days after the date of the submission to the Congress of the report required under subsection (d).