PRIA Logo™
S2670119th CongressWALLET

STOP Scammers Act

Sponsored By: Senator Scott, Rick [R-FL]

Introduced

Summary

Designation of foreign fraud rings as Foreign Financial Threat Organizations (FFTOs). This bill would let the Treasury Secretary label foreign entities that run scams targeting U.S. citizens or lawful permanent residents and give Treasury power to block assets and disrupt their communications.

Show full summary
  • Victims and households: Scam victims could see assets seized from designated FFTOs and potentially have funds returned to them; reports must disclose amounts returned.
  • U.S. financial institutions: Banks and other U.S. financial firms would be required to block transactions and freeze assets tied to a designated FFTO upon Treasury notification until further direction.
  • Designated entities and service providers: Designated foreign organizations would face the same penalties and procedures used against specially designated global terrorist organizations under Executive Order 13224. Treasury could also limit their access to internet or cellular services and bar them from contacting U.S. persons.
  • Oversight and transparency: Treasury must notify congressional leaders, publish designations within 7 days, and deliver a public, non-sensitive report not later than two years after enactment and annually thereafter listing FFTOs, assets seized, actions taken to identify them, and funds returned to victims.

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

New tools to stop foreign scams

If enacted, the bill would let Treasury and the Attorney General label foreign groups that scam U.S. citizens or lawful permanent residents as Foreign Financial Threat Organizations. The Secretary must make the first designation within 90 days and must notify specified Congressional leaders before each designation. Any designation must be published in the Federal Register within 7 days after that notice. After notification, the Secretary could require U.S. financial institutions to block or freeze assets tied to a labeled group until the Secretary, Congress, or a court orders otherwise. Labeled groups would face the same penalties and procedures as entities designated under Executive Order 13224. The Secretary could also limit a labeled group's internet or cellular access and take steps to stop their calls, emails, or messages to U.S. people. The Secretary would report to Congress not later than two years after enactment and annually after that on designations, seized assets, and funds returned to victims.

Sponsors & CoSponsors

Sponsor

Scott, Rick [R-FL]

FL • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
Back to Legislation