Cyber Letters of Marque and Reprisal Act

Key Points

• The bill would let the President legally deputize private companies or individuals as 'cyber privateers,' authorizing them to hack, disrupt, and seize assets from foreign cybercriminals designated as threats.
• Congress says the goal is fighting crypto scams and ransomware that cost Americans billions each year, with seniors especially hurt by fraud schemes that move faster than police can respond.
• Before getting a letter, a person or company must post a security bond, and the government can claim up to 15 percent of any recovered assets to fund future operations.
• People who tip off the government about foreign hackers, even without holding a letter themselves, could collect up to 5 percent of any assets recovered as a reward.
• Authorized privateers are protected from being sued in court for actions they take that are expressly allowed under their letter, as long as they follow the rules and don't target Americans.