What does Preamble of S 2019 do?

This bill is formally titled 'To establish a Task Force for Recognizing and Averting Payment Scams, and for other purposes.'

What does SHORT TITLE. of S 2019 do?

This bill is formally titled the Taskforce for Recognizing and Averting Payment Scams Act.

What does DEFINITIONS. of S 2019 do?

This section defines terms used within the Act. “Payment” is defined as a mechanism for electronically transferring funds between individuals through a platform or intermediary. “Secretary” refers to the Secretary of the Treasury. “Task Force” refers to the Task Force on Payment Scams established under section 3(a).

What does TASK FORCE ON PAYMENT SCAMS. of S 2019 do?

This section establishes the Task Force for Recognizing and Averting Payment Scams, to be led by the Secretary or a designee. The Task Force's membership includes representatives from agencies like the Bureau of Consumer Financial Protection, the Federal Trade Commission, and the Department of Justice, as well as representatives from financial institutions, credit unions, digital payment networks, community banks, consumer groups, and industry associations. The Task Force's purpose is to examine payment scam trends, identify prevention methods, and issue recommendations. The Task Force is required to meet at least three times within the first year and thereafter as determined by the Chair. The Task Force's duties include evaluating best practices, assessing international prevention efforts, identifying scam methods, developing consumer education programs, and coordinating law enforcement efforts. The Task Force must submit a report to the Senate and House Committees detailing its findings and recommendations within one year of establishment, with annual updates thereafter. The Task Force will terminate three years after submitting its initial report.

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TRAPS Act — S. 2019

Last updated: 6/10/2025 · Introduced: 6/10/2025

Author: Mike Crapo (R-ID)

TL;DR (AI)

This bill establishes a Task Force on Payment Scams to study payment scam trends and recommend prevention methods.
The Task Force will include representatives from various government agencies, financial institutions, and consumer groups.
The Task Force must submit a report to Congress detailing its findings and recommendations within one year of establishment, with annual updates thereafter.

119th Congressin committeeHR. 4936(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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