Treasury task force would study electronic payment scams
In markupH.R. 4936Latest action
Sponsor: Zachary Nunn · Representative · IA
AIDecoded by AI · checked against the recordRead the official text
Official title: TRAPS Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 4936 orders the Treasury to form a task force within 90 days to study payment scams and recommend new consumer protections.
45-second read · 4 questions answered below
What does this do?
This bill directs the Secretary of the Treasury to create a task force within 90 days to study electronic payment scams and how to stop them. The group would work for up to three years, then publish a report for Congress with findings and recommendations for new laws or regulations, followed by yearly updates.
Who does it affect?
The task force would include representatives from federal agencies such as the FTC, FBI, and bank regulators, as well as banks, credit unions, digital payment companies, consumer groups, tech industry associations, and scam victims.
Why does it matter?
Without this task force, no coordinated federal effort would exist to study scam tactics like fake calls, texts, and fraudulent websites, or to learn from what other countries have done. The required report creates a public record that Congress can use when deciding whether new laws are needed.
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Where does it stand?
- IntroducedAug 8, 2025
- House committeeYou are here · Sep 16, 2026
- House vote
- Senate
- The president's desk
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 0.