Sponsors (48)
The bill centralizes federal coordination and clarifies legal coverage to reduce payment scams and aid consumers, but does so in ways that may impose compliance and administrative costs, concentrate authority at Treasury, and reduce advisory transparency.
Low-income consumers and other users of digital payments will get coordinated recommendations and public guidance to better detect and avoid payment scams, likely reducing fraud losses.
Financial institutions, payment networks, and regulators gain a federal Task Force/forum to coordinate fraud prevention and incident response, improving detection and information-sharing across industry and law enforcement.
Individuals and platforms get clearer legal coverage because the Act explicitly defines 'payment' to include electronic person-to-person transfers, reducing ambiguity for digital transactions.
The broad statutory definition of 'payment' could capture many services and impose new compliance costs on platforms, intermediaries, and small businesses.
Exempting the Task Force from the Federal Advisory Committee Act reduces public oversight and transparency of its deliberations and membership.
Concentrating lead authority at the Treasury Secretary centralizes rulemaking influence and may limit input from other agencies, stakeholders, and affected parties.
Based on analysis of 3 sections of legislative text.
Creates a Treasury-chaired Task Force to study, coordinate on, and report public findings and recommendations to address electronic payment scams, with annual updates and a limited sunset.
Introduced August 8, 2025 by Zach Nunn · Last progress August 8, 2025
Creates a federal Task Force led by the Treasury Department to study electronic payment scams, coordinate across agencies and industry, and produce public reports with recommendations. The Task Force includes federal agencies, payment industry and consumer representatives, must meet and report within set timelines, is exempt from the Federal Advisory Committee Act, and sunsets three years after its first report. The measure defines key terms, sets membership and meeting requirements, requires an initial public report within one year and annual updates, and does not specify new funding or appropriations.