Bill targets unclaimed pandemic unemployment funds and fraud cases

What does this do?

This bill creates a National Recovery Coordinator and a task force with Labor, Treasury, Justice, FDIC, and CFPB officials to recover leftover pandemic unemployment funds sitting in bank accounts or state unclaimed property offices. It also extends the deadline for prosecuting pandemic unemployment fraud to 10 years from when the fraud occurred, though it won't revive already-expired cases.

Who does it affect?

This affects banks and financial institutions that processed pandemic unemployment payments, state unemployment agencies, and people who received or fraudulently claimed pandemic unemployment benefits.

Why does it matter?

The task force would standardize how leftover or fraudulently obtained funds are identified and returned, while the extended deadline gives investigators more time to pursue fraud cases.

What does it cost, and who pays?

• Federal government reimburses states
• For costs of fund recovery efforts