Attempts to defraud consumers during the COVID-19 pandemic are alarmingly common. Given the depth of the economic crisis the pandemic has plunged many households into, it’s especially important to protect Americans from fraudsters at this moment. The working group that this bill establishes would play an important role in keeping American consumers, and their wallets, safe during these uncertain times.
This bill is unnecessary because existing federal agencies, including the Consumer Financial Protection Bureau, Securities and Exchange Commission, and Federal Trade Commission (FTC), are already doing an excellent job of protecting customers during the pandemic. The FTC is providing advice on its website regarding avoiding COVID-19 scams for both consumers and businesses, while the SEC is suspending stocks and the CFPB is tracking complaints related to COVID-19 scams.