Fraud Accountability and Recovery Act

Key Points

• This bill would stop the U.S. from giving money or help to foreign governments that protect people who steal from American taxpayers. It targets countries that refuse to send convicted fraudsters back to the U.S. to face justice.
• Foreign countries would also have to help the U.S. find and take back stolen money. This includes freezing bank accounts or seizing property bought with money taken from federal programs.
• The plan comes after a massive COVID-19 fraud case in Minnesota where over $250 million meant for hungry children was stolen. Some of that money was sent to other countries to buy luxury homes and cars.
• The government estimates that fraud costs Americans between $233 billion and $521 billion every single year. This bill aims to make sure there is no safe place for criminals to hide with that money.
• The president could still give aid if it is necessary for national security, but they would have to explain that choice to Congress first. The State Department would also have to publish a yearly list of countries that are not helping.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.