S.Amdt. 3673

The amendment, submitted by Mrs. Britt, adds a section titled Guarding Aging Retirees from Deception to bill S. 2296. Its purpose is to combat financial crimes, specifically targeting elder financial fraud, pig butchering, and general financial fraud.

The amendment aims to change and add the following to the bill:

• Use of Grant Funds: It allows State, local, and Tribal law enforcement agencies that receive eligible Federal grant funds to use those funds to investigate financial fraud. This includes:

  • Hiring personnel such as experts, agents, and analysts.
  • Providing specific training on complex financial investigations and blockchain intelligence tools.
  • Buying software and technical tools for investigations.
  • Improving data collection and reporting.
  • Creating communication and coordination between financial institutions and law enforcement.

• Reporting Requirements: It establishes several mandates for accountability:

  • Local agencies using the funds must submit a report to the grant provider within one year detailing the funds used, local fraud statistics, and their ability to deter these crimes.
  • The Secretary of the Treasury and the Director of the Financial Crimes Enforcement Network must provide a joint report to Congress within one year regarding recommendations to fight these scams.
  • A comprehensive report on the "state of scams in the United States" must be submitted to Congress within two years. This report must include estimates on the number of victims, total dollar losses, the role of organized crime and overseas actors, and an overview of Federal enforcement actions.
  • Federal agencies providing the grant funds must issue annual reports to specific House and Senate committees.

• Federal Assistance: It allows Federal law enforcement agencies to help State, local, and Tribal agencies and fusion centers use blockchain tracing and related technology tools.