House passes bipartisan GUARD Act co-led by Gottheimer to combat financial scams targeting seniors
WASHINGTON, D.C. — The U.S. House of Representatives passed bipartisan legislation Tuesday aimed at helping law enforcement investigate financial fraud and scams targeting older Americans.
The Guarding Unprotected Aging Retirees from Deception Act, or GUARD Act, H.R. 2978, was introduced by U.S. Reps. Zach Nunn, R-Iowa, Josh Gottheimer, D-N.J., and Scott Fitzgerald, R-Wis. The bill now heads to the Senate. Congressional records show the legislation was introduced to allow state, local and tribal law enforcement agencies to use eligible federal grant funding to investigate elder financial fraud, cryptocurrency investment scams known as “pig butchering” and other financial fraud.
“Every day, scammers are targeting our seniors — draining the hard-earned savings they spent a lifetime building, often with a single phone call or a fake investment scheme,” Gottheimer said. “These criminals don’t play it straight, and too often they hide behind overseas networks that make them nearly impossible to track. The GUARD Act gives our cops and investigators the tools and the resources to hunt these fraudsters down, claw back stolen money, and protect the people who built this country. Protecting our parents and grandparents is just common sense, and I’m proud this bipartisan bill is one step closer to becoming law.”
The legislation would allow law enforcement agencies to use existing federal grant funds to investigate elder financial fraud, “pig butchering” cryptocurrency investment scams and other financial fraud. The money could be used to hire analysts and experts and provide specialized training for investigators handling complex and often transnational financial crimes.
The bill would also clarify that federal law enforcement agencies may assist state, local and tribal agencies and fusion centers with blockchain-tracing tools and related technology to track stolen money and identify people behind financial scams.
The legislation would also direct the U.S. Treasury Department, Financial Crimes Enforcement Network and other federal agencies to report to Congress on the scope of financial scams in the United States, including annual losses, connections to overseas actors and organized crime, and the effectiveness of enforcement efforts.
“Iowa retirees spent a lifetime building their savings, and scammers are using increasingly sophisticated technology to steal it out from under them,” Nunn said. “The GUARD Act came directly from an Iowa sheriff’s deputy who told me officers were watching criminals steal the life savings of hardworking Iowans but lacked the tools to track them down and recover the money. Today, the House voted to give state and local law enforcement the resources they need to pursue fraudsters, recover stolen funds, and deliver justice for victims. I urge the Senate to take it up without delay and get these protections to the Iowans who need them.”
“Elder fraud and financial scams are robbing older Americans of their life savings at an alarming rate, and the 4,200 credit unions across the country see that firsthand,” said Kathleen Coulombe, chief advocacy officer for America’s Credit Unions. “America’s Credit Unions strongly supports the GUARD Act and measures like it, which take concrete steps to defend seniors and preserve the savings they spent a lifetime earning. By directing real investigative resources to local law enforcement and providing advanced tools to trace stolen funds, the GUARD Act strengthens our front lines against scammers. We thank Representative Nunn for championing this bill and urge Congress to quickly pass this legislation.”
“The GUARD Act will help provide state and local law enforcement with necessary resources to combat fraud and the organized crime rings that are hurting retirees and communities,” said Rodney Davis, head of government affairs for the U.S. Chamber of Commerce. “The U.S. Chamber is proud to support this legislation and thanks Rep. Nunn for his leadership in this critical battle against scammers.”
“The Crypto Council for Innovation supports the bipartisan GUARD Act. Strong consumer protection requires that law enforcement have the tools, training, and resources necessary to identify and pursue illicit activity in digital asset markets,” said Ji Hun Kim, chief executive officer of the Crypto Council for Innovation. “We commend Representatives Nunn, Gottheimer, and Fitzgerald for their leadership and for their bipartisan work on this important legislation.”
“Representative Nunn is a close partner on a number of fraud issues, especially the GUARD Act that directs federal grant money toward local law enforcement for the tools and training they need to fight fraud,” Iowa AARP said. “He’s been a champion in his district and across Washington, D.C., and we’re proud to see the GUARD Act move through the House.”
“Protecting consumers from sophisticated financial crime requires a united front across government, law enforcement, and the private sector,” said Chris Sparks, head of card fraud at Capital One. “By passing the GUARD Act today, the U.S. House of Representatives has taken a decisive step toward filling critical gaps to help stop criminal scammers before they strike. Capital One applauds Representatives Nunn, Fitzgerald, and Gottheimer for this bipartisan achievement in advancing legislation that will safeguard older Americans and reinforce trust in our financial system.”
A “pig butchering” scam generally involves scammers building trust with a victim before convincing the person to put money into a fraudulent investment opportunity, often involving cryptocurrency.
According to figures cited by Gottheimer’s office from the FBI’s 2025 Internet Crime Complaint Center report, internet crime losses totaled $20.9 billion in 2025, with cryptocurrency-related losses reaching $11.37 billion. Investment fraud accounted for more than $8.6 billion in reported losses.
The GUARD Act has received support from organizations including AARP, the Iowa State Police Association, Financial Technology Association, Consumer Bankers Association, America’s Credit Unions, Digital Chamber, National Police Association, Crypto Council for Innovation and Iowa Bankers Association.
