H.R. 2978, known as the GUARD Act (Guarding Unprotected Aging Retirees from Deception Act), is a bipartisan bill introduced in the 119th Congress by Representatives Zach Nunn (R-IA) and Josh Gottheimer (D-NJ) to combat elder financial fraud, scams, and cryptocurrency-based confidence schemes.
The House bill is led by Reps Zach Nunn (R-IA) and Josh Gottheimer (D-NJ) and was voted unanimously out of the U.S. House Committee on Financial Services earlier this year. In the Senate, the companion bill is led by Senators Britt (R-AL), Gillibrand (D-NY), and Scott (R-FL), and was voted out of the Senate Judiciary Committee unanimously earlier this year.
The bill also strengthens coordination between financial institutions and law enforcement, supports the use of blockchain tracing and emerging technology tools, and requires federal agencies to produce more comprehensive reporting on the scale and drivers of scams and fraud in the U.S.
Prospects: H.R. 2978 serves as a further potential legislative cog to improve the financial security of elder Americans. NAIFA has a long history of championing an increase in the protective net that is so vital towards financial protection. If the House vote is successful as expected, the bill will then move to the Senate to be "hotlined" (passed unanimously by voice vote) in the Senate. The potential for passage of the bill is good, though not certain.
NAIFA Staff Contact: Mike Hedge – Senior Director – Government Relations, at mhedge@naifa.org