WASHINGTON, D.C. — A bipartisan bill co-led by Rep. Josh Gottheimer to give law enforcement more resources to investigate financial scams targeting older Americans passed the U.S. House Tuesday and now heads to the Senate.
The Guarding Unprotected Aging Retirees from Deception Act, known as the GUARD Act, was introduced by Gottheimer, R-Iowa Rep. Zach Nunn and R-Wis. Rep. Scott Fitzgerald.
The bill would allow state, local and tribal law enforcement agencies to use eligible federal grant funding to investigate elder financial fraud, cryptocurrency investment scams known as “pig butchering” and other financial crimes.
“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,” Gottheimer said. “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.”
Under the legislation, federal grant money could be used to hire financial analysts and other experts and provide specialized training for investigators handling complex and often international financial crimes.
The bill would also clarify that federal law enforcement agencies can assist state, local and tribal agencies and fusion centers with blockchain-tracing tools and other technology used to track stolen money and identify those behind financial scams.
The legislation would further require the Treasury Department, Financial Crimes Enforcement Network and other federal agencies to report to Congress on financial scams in the United States, including annual losses, connections to overseas actors and organized crime and the effectiveness of enforcement efforts.
A “pig butchering” scam generally involves a scammer building a relationship with a victim before persuading the person to invest money in a fraudulent opportunity, often involving cryptocurrency.
According to figures cited by Gottheimer’s office from the FBI’s 2025 Internet Crime Complaint Center report, internet crime losses totaled $20.9 billion in 2025. Cryptocurrency-related losses reached $11.37 billion, while investment fraud accounted for more than $8.6 billion in reported losses.
The bill has received support from organizations including AARP, the Iowa State Police Association, Financial Technology Association, Consumer Bankers Association, America’s Credit Unions, Digital Chamber, National Police Association, Crypto Council for Innovation and Iowa Bankers Association.
The legislation now moves to the Senate.
