Daniel Meuser

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Mr. Speaker, I acknowledge and thank the leadership of Congresswoman De La Cruz for seeing this bill through and my colleague, Congressman Nunn, because, as he stated, the level of importance of this is vast. Mr. Speaker, I strongly support H.R. 2978, the GUARD Act. For well over a year, the Oversight and Investigations Subcommittee, which I chair, has led in-depth investigations into the growing prevalence of fraud and scams. As part of our work, we conducted many hearings, roundtables, meetings with private industry, law enforcement, and regulators to investigate the problem and find solutions. In July, we released a comprehensive staff report detailing the growth of financial fraud and scams in the U.S. Shockingly, or not so shockingly, we found that Americans lost well over $16 billion which was reported in these schemes in 2025 alone, and truly the toll was closer to well over $200 billion, as has been mentioned. Financial fraud picks no favorites. Scams affect everyone from veterans and small businesses to seniors to young people. Everybody is vulnerable. This report, however, included several recommendations to better address financial fraud and scams, including the passage of this bill, the GUARD Act. The important legislation addresses many of the issues we identified in equipping law enforcement with the tools necessary to combat sophisticated criminals. They are sophisticated. It also allows law enforcement to use innovative tools to trace and recover stolen funds and improves Federal reporting on fraud trends. Mr. Speaker, I thank Representative Nunn for his hard work to stop fraud and scams, and I thank Chairman Hill of the Financial Services Committee for his strong leadership as well. Mr. Speaker, I urge and thank my colleagues on the other side of the aisle for their support.