House Bill Would Allow Treasury to Freeze Assets of Foreign Scammers
Reps. Jefferson Shreve, R-Ind., and Beth Van Duyne, R-Texas, have introduced a bill that would require the Treasury Department to designate foreign entities that run large-scale scams on Americans as Foreign Financial Threat Organizations, Shreve announced last week.
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The Strengthening Targeting of Organized Predatory (STOP) Scammers Act would authorize Treasury to freeze the assets of such organizations, which often use fraudulent e-mails, texts and phone calls to deceive people into giving up money or sensitive personal information. The legislation is intended to impose the same penalties that a Specially Designated Global Terrorist faces.
The bill was referred to the House Foreign Affairs, Financial Services, and Energy and Commerce committees.