H.R. 2978, known as the GUARD Act (Guarding Unprotected Aging Retirees from Deception Act), overwhelmingly passed the House of Representatives in a 414-7 vote. NAIFA strongly supports the legislation, introduced by Representatives Zach Nunn (R-IA) and Josh Gottheimer (D-NJ), which would combat elder financial fraud, scams, and cryptocurrency-based confidence schemes.
The bill further 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. NAIFA is now advocating for the Senate to quickly pass a companion bill that was voted out of the Senate Judiciary Committee unanimously earlier this year.
The House vote came on the same day that a group of financial professionals from Ash Brokerage participated in a NAIFA-led day on the Hill. The grassroots advocates specialize in retirement planning and spoke with their lawmakers and key staff about the role of financial professionals and the importance of legislative decisions in financial planning.