Sen. Kirsten Gillibrand (D-N.Y.), ranking member of the U.S. Senate Aging Committee, introduced the Stop the Scammers Act to restore Consumer Financial Protection Bureau (CFPB) funding and authorize the CFPB to reward whistleblowers who report wrongdoing. This legislation follows the passage of the Republican-backed tax bill, which cut CFPB funding nearly in half.
“Too often, seniors are taken advantage of by scammers who rob them of their hard-earned savings and steal their private information,” Gillibrand said. “We must do more to stop scammers and protect older adults. As the top-ranking Democrat on the Senate Aging Committee, I know how important the CFPB is for American seniors. The Stop the Scammers Act will restore funding to this vital agency and protect Americans from bad financial actors.”
The Stop the Scammers Act would encourage whistleblowers to come forward by allowing the CFPB to reward whistleblowers with financial compensation from the Civil Penalty Fund. The money for this fund comes directly from monetary penalties imposed on companies and individuals who violate federal consumer financial protection laws. The legislation would also allow whistleblowers to retain independent counsel and protect a whistleblower’s identity.
The bill would also restore CFPB funding to 12 percent of the Federal Reserve’s operating budget, ensuring the bureau can carry out its functions.
The Stop the Scammers Act is cosponsored by Sen. Catherine Cortez Masto (D-Nev.), Senate Democratic Leader Sen. Chuck Schumer (D-N.Y.), Banking Committee Ranking Member Sen. Elizabeth Warren (D-Mass.), and Sens. Angela Alsobrooks (D-Md.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).