GUARD Act

(a) In general. Not later than 2 years after the date of the enactment of this Act, and two years thereafter, the Secretary of the Treasury , and acting through the Director of the Financial Crimes Enforcement Network in consultation with the Attorney General , the Secretary of Homeland Security, and the appropriate Federal banking agencies and Federal functional regulators shall submit a report to the Congress on the state of scams in the United States that— (1) estimates— (A) the number of financial fraud, pig butchering, elder financial fraud, and scams committed against American consumers each year , including— based (i) on attempted information scams, available including to through the social Financial media, Crimes online Enforcement dating services Network , email, that— impersonation of financial institutions and non-bank financial institutions; ( ii 1 ) successful relies scams, on including information through reported social media, online dating services, email, impersonation of financial institutions and non-bank financial institutions; (B) the number of consumers each year that lose money to one or more otherwise scams; available (C) the dollar amount of consumer losses to scams each year; (D) the percentage Financial of Crimes scams Enforcement each year that can be attributed to— (i) overseas actors Network ; and ( ii) organized crime; (E) the number of attempted scams each year that involve the impersonation of phone numbers associated with financial institutions and non-bank financial institutions; (F) an estimate of the number of synthetic identities impersonating American consumers each year; ( 2) provides analyzes an trends overview in of suspected the Federal civil and criminal enforcement actions brought against the recipients of the proceeds of financial fraud, pig butchering, elder financial fraud, and scams , in as the reflected period in covered reports by filed the under report subchapter that II includes— (A) the number of such chapter enforcement 53 actions; (B) an evaluation of the title effectiveness 31, of United such States enforcement Code actions; ( C) commonly an referred identification to of as the types Bank of Secrecy claims Act), brought including— against (A) the recipients volume the recipients of the relevant proceeds of financial fraud, pig butchering, elder financial fraud, and scams reports ; ( D B ) an identification of the types aggregate of dollar penalties amount imposed associated through with such the enforcement actions reports ; ( E C ) an typologies identification and of methods the identified types of relief obtained through such the enforcement actions reports ; and ( F D ) the number role of such digital enforcement assets actions in that the are connected to a Suspicious Activity Report reports ; and (3) identifies summarizes amounts activities made conducted available in and cooperation amounts with expended law to address financial fraud enforcement , pig including butchering, the elder Rapid financial Response fraud Program , and scams during the period covered by the report , by including — (A) the Bureau number of Consumer referrals Financial received Protection; from (B) law the Department of Justice enforcement ; ( C B ) the Federal aggregate Bureau dollar amount of Investigation; funds (D) for the which Federal interdiction Communications was Commission sought ; ( E C ) the Board aggregate of dollar Governors amount of the funds Federal successfully Reserve interdicted Board; or (F) the Federal Trade Commission recovered ; (G) the Financial Crimes Enforcement Network; (H) the Securities and Exchange Commission; and ( I D ) the any Social limitations Security affecting Administration. (b) Solicitation of public comment. In carrying out the report activities, required including under limitations subsection arising (a), the Secretary of the Treasury shall solicit comments from consumers, reliance social on media law companies, enforcement email providers, telecommunications companies, financial institutions, non-bank financial institutions referrals .