COVID–19 Fraud Prevention Act

IIB 116TH CONGRESS 2D SESSION H. R. 6735 IN THE SENATE OF THE UNITED STATES SEPTEMBER 22, 2020 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID–19 pandemic, to assist con- sumers and investors affected by such fraud, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 18:11 Sep 23, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H6735.RFS H6735 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 6735 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘COVID–19 Fraud Pre- 2 vention Act’’. 3 SEC. 2. CONSUMER AND INVESTOR FRAUD WORKING 4 GROUP. 5 (a) ESTABLISHMENT.—Not later than the end of the 6 30-day period beginning on the date of enactment of this 7 Act, the Director of the Bureau of Consumer Financial 8 Protection and the Securities and Exchange Commission 9 shall, jointly, establish a working group to be known as 10 the ‘‘Consumer and Investor Fraud Working Group’’ (the 11 ‘‘Working Group’’). 12 (b) DUTIES.—The Working Group shall facilitate col- 13 laboration between the Bureau of Consumer Financial 14 Protection and the Securities and Exchange Commission 15 on— 16 (1) providing resources to consumers and inves- 17 tors to avoid fraud during the COVID–19 pandemic; 18 (2) providing resources, including information 19 on the availability of legal aid resources, to con- 20 sumers and investors who have been adversely im- 21 pacted by such fraud; and 22 (3) such other topics as the Working Group de- 23 termines appropriate. 24 (c) COORDINATION WITH OTHER AGENCIES.—In 25 carrying out the duties described under subsection (b), the 26 VerDate Sep 11 2014 18:11 Sep 23, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6735.RFS H6735 pamtmann on DSKBC07HB2PROD with BILLS 3 HR 6735 RFS Working Group shall coordinate and collaborate with other 1 Federal and State government agencies, as appropriate. 2 (d) QUARTERLY REPORT.—The Working Group shall 3 issue a quarterly report to the Committee on Financial 4 Services of the House of Representatives and the Com- 5 mittee on Banking, Housing, and Urban Affairs of the 6 Senate on the progress of the Working Group and summa- 7 rizing— 8 (1) the resources made publicly available to 9 consumers by the Working Group; 10 (2) any public enforcement action taken jointly 11 or individually by any member of the Working 12 Group; 13 (3) the number and description of consumer 14 complaints received by the Bureau of Consumer Fi- 15 nancial Protection and the Securities and Exchange 16 Commission regarding fraud related to the COVID– 17 19 pandemic; and 18 (4) any other actions of the Working Group. 19 (e) SUNSET.—This section shall cease to have any 20 force or effect on and after December 31, 2021. 21 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 22 The budgetary effects of this Act, for the purpose of 23 complying with the Statutory Pay-As-You-Go Act of 2010, 24 shall be determined by reference to the latest statement 25 VerDate Sep 11 2014 18:11 Sep 23, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H6735.RFS H6735 pamtmann on DSKBC07HB2PROD with BILLS 4 HR 6735 RFS titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 1 Act, submitted for printing in the Congressional Record 2 by the Chairman of the House Budget Committee, pro- 3 vided that such statement has been submitted prior to the 4 vote on passage. 5 Passed the House of Representatives September 21, 2020. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 18:11 Sep 23, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6735.RFS H6735 pamtmann on DSKBC07HB2PROD with BILLS