What is House Bill H.R. 6735?
Cost of House Bill H.R. 6735
In-Depth: Sponsoring Rep. Cindy Axne (D-IA) introduced this bill to protect Americans against scams intended to take advantage of them during the COVID-19 pandemic:
“In uncertain times, many families and individuals can be unsure where to turn and what information to trust – and unfortunately not everyone will have Iowans’ best interests at heart. Any and all malicious attempts to mislead or rip off Iowans, some of whom may already be in dire financial situations, must be fought with every resource we have available. With this legislation, we can protect Americans and guard our families and communities from deception or financial ruin.”
Of Note: The Securities and Exchange Commission (SEC) has issued more than 40 suspensions for stocks believed to have inaccurate or unreliable information in connection with COVID-19. Additionally, from April to March 2020 alone, the Consumer Financial Protection Bureau (CFPB) received over 53,000 consumer complaints, including reports of attempted collection of debts not owed and false statements, in connection with COVID-19.
To help consumers protect themselves, the Federal Trade Commission (FTC) provides advice on its website to help consumers and businesses protect themselves from various common COVID-19 scams.
Summary by Lorelei Yang(Photo Credit: Unsplash / Lindsey LaMont)
COVID-19 Fraud Prevention Act
To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID-19 pandemic, to assist consumers and investors affected by such fraud, and for other purposes.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not votedIntroducedMay 8th, 2020