RELEASE: House Passes Bipartisan, Gottheimer-Led GUARD Act to Protect Seniors from Financial Fraud and Scammers

WASHINGTON, D.C. — Today, Tuesday, September 15, 2026, the U.S. House of Representatives passed the bipartisan GUARD Act (Guarding Unprotected Aging Retirees from Deception Act, H.R. 2978) legislation that U.S. Congressman Josh Gottheimer (NJ-5) co-led to protect seniors and their families from the financial fraud and scams costing Americans billions every year.

The GUARD Act was introduced alongside Representatives Zachary Nunn (IA-3) and Scott Fitzgerald (WI-5), and now heads to the Senate.

“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,” said Congressman Josh Gottheimer (NJ-5), Co-Chair of the bipartisan Law Enforcement Caucus and member of the House Financial Services Committee. “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 GUARD Act empowers state, local, and Tribal law enforcement to fight back against the fraud epidemic targeting older Americans. Specifically, the legislation:

• Allows law enforcement to use existing federal grant funds to investigate elder financial fraud, “pig butchering” cryptocurrency investment scams, and general financial fraud — including by hiring analysts and experts and providing specialized training on complex, often transnational financial crimes;
• Clarifies that federal law enforcement agencies may assist state, local, and Tribal partners and fusion centers in using blockchain-tracing tools and related technology to follow the money and identify the criminals behind these scams;
• Instructs the Treasury Department, FinCEN, and federal partners to report to Congress on the true scale of scams in the United States — including how much Americans are losing each year, how many of these schemes trace back to overseas actors and organized crime, and how effective enforcement efforts have been.

“Iowa retirees spent a lifetime building their savings, and scammers are using increasingly sophisticated technology to steal it out from under them,” said Rep. Nunn (IA-3). “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, 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, 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,”  aid Ji Hun Kim, Chief Executive Officer, 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,” said Iowa AARP. “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, 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 is a type of financial fraud where scammers target individuals, commonly retirees, to convince them to invest money in a fake opportunity. The term “pig butchering” refers to the process of “fattening up” a victim with false promises before “butchering” them by stealing their invested funds.

The FBI’s 2025 IC3 report states that total internet crime losses reached $20.9 billion in 2025, a 26% increase over 2024 and the first time the figure surpassed $20 billion. Cryptocurrency-related losses hit a record $11.37 billion across 181,565 complaints, up 22% from 2024. Investment fraud, the category that captures most pig butchering activity, was the single largest loss type at more than $8.6 billion.

The bipartisan GUARD Act is supported by the AARP, the Iowa State Police Association, the Financial Technology Association, Consumer Bankers Association, America’s Credit Union Association, Digital Chamber, National Police Association, Crypto Council for Innovation, and the Iowa Bankers Association.

Gottheimer has been a leading voice for protecting seniors and cracking down on financial fraud and emerging-technology threats.

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