Guarding Unprotected Aging Retirees from Deception Act; GUARD Act
Summary
The GUARD Act aims to combat elder financial fraud, pig butchering scams, and general financial fraud by enabling state, local, and tribal law enforcement agencies to use federal grant funds for investigation and prosecution. It also clarifies that federal law enforcement agencies can assist in tracing blockchain-related technologies used in these crimes. The bill mandates several reports to Congress on the state of scams and the use of grant funds.
Expected Effects
The Act will likely increase the resources available to law enforcement agencies for investigating and prosecuting financial crimes targeting elders and other vulnerable populations. It should also improve inter-agency coordination and data collection related to these crimes. The reports mandated by the act will provide better insights into the scope and nature of financial fraud.
Potential Benefits
- Increased resources for law enforcement to combat financial fraud.
- Improved training for law enforcement in complex financial investigations and emerging technologies.
- Enhanced coordination between federal, state, local, and tribal law enforcement agencies.
- Better data collection and reporting on financial fraud.
- Increased protection for elderly individuals and adults with disabilities from financial exploitation.
Potential Disadvantages
- Potential for misuse of grant funds if oversight is inadequate.
- Increased burden on federal agencies to provide assistance and generate reports.
- Possible delays in implementation due to the need for inter-agency coordination.
- The effectiveness of the Act will depend on the actual allocation of resources and the quality of training provided.
- No direct penalties for the financial institutions that are used to perpetrate the fraud.
Constitutional Alignment
The GUARD Act appears to align with the Constitution's general welfare clause (Preamble) by aiming to protect vulnerable citizens from financial exploitation. It also aligns with Congress's power to regulate commerce (Article I, Section 8) by addressing financial crimes that often involve interstate or international transactions. The Act does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).