releases: https://axne.house.gov/media/press-releases/house-unanimously-passes-rep-axne-s-legislation-protect-consumers-and-investors
Data license: MIT · Data source: dwillis/congress-press
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| https://axne.house.gov/media/press-releases/house-unanimously-passes-rep-axne-s-legislation-protect-consumers-and-investors | House Unanimously Passes Rep. Axne’s Legislation to Protect Consumers and Investors From COVID-19 Fraud | 2020-09-21 | 2020 | 2020-09 | Democrat | House | IA | Cynthia Axne | A000378 | axne.house.gov | legacy | Today,the U.S. House of Representatives advanced legislation written byRep. Cindy Axne(IA-03) to help protect Americans from fraud during the coronavirus (COVID-19) pandemic. By a unanimous vote, the House passedRep. Axne'sCOVID-19 Fraud Prevention Act, which would create a new Consumer and Investor Fraud Working Group to help guard against counterfeit, deceptive, and malicious attempts to take advantage of Americans during the public health crisis, as well asassistthose who have been victims of fraud. 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,said Rep. Axne.With this legislation, we canprotect Americansandguard our families and communities from deception or financial ruin. I'm pleased to see unanimous support for this measure today, and will be pushing my Senate colleagues to advance it as soon as possible. Rep. Axne, a member of the House Financial Services Subcommittee on Investor Protection,introduced the legislation in Maywith Financial Services Committee Chairwoman Maxine Waters. The legislation mandates the Consumer and Investor Fraud Working Group be created as a joint collaboration between the Securities and Exchange Commission (SEC) and Bureau of Consumer Financial Protection (CFPB), and also directs them to coordinate with other federal and state agencies. Support for the COVID-19 Fraud Prevention Act: The legislation is supported by Credit Union National Association, Public Citizen, the National Consumer Law Center, the Consumer Federation of America, Center for Responsible Lending, and Americans for Financial Reform. Background: As of Sep. 17th, the Federal Trade Commission (FTC) has recorded over100,000 reportsof coronavirus-related fraud, for a totalloss ofmore than$140million, including more than $300,000 in Iowa. These include attempts to collect financial information by pretending to be the government, market false medical cures or prescriptions, and promises to help reduce outstanding debt. The SEC has also issued more than30 trading suspensionsfor stocks believed to have inaccurate or unreliable information in connection with COVID-19. In the last six months, the CFPB hasalso receivedover220,000 consumer complaints,includingreports ofattemptedcollection ofdebtsnot owed, false statements, and other instances of scam or fraud. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |