GUARD Act

Enhanced Investigation Capabilities: Law enforcement agencies can use funds to hire analysts and experts, provide training on complex investigations, and obtain necessary software and technical tools (Section 3(a)).

Improved Coordination: The bill allows for training that encourages better collaboration between different levels of law enforcement and supports tabletop exercises to improve communication between financial institutions and law enforcement (Section 3(a)).

Blockchain Tracing Assistance: Federal law enforcement agencies are authorized to assist State, local, and Tribal law enforcement agencies and fusion centers in using tools to trace blockchain and related technology (Section 7).

Increased Information Sharing: The act allows for the designation of financial sector liaisons to help financial institutions share relevant information with law enforcement agencies (Section 3(a)).

Better Data and Oversight: By requiring detailed reports on fraud statistics, consumer losses, and the effectiveness of enforcement actions, the bill seeks to provide a clearer picture of the state of scams in the country (Section 5).

Increased Reporting Burdens: Law enforcement agencies that use these funds must submit annual reports to their Federal grant providers, which include explanations of spending, crime statistics, and assessments of their ability to deter fraud (Section 3(b)).

Requirement for Federal Reporting: Federal agencies that provide these grants must issue annual reports to specific Congressional committees regarding the information received from law enforcement agencies (Section 6).