Bill > HR5548

This bill, known as the Fraud Accountability and Recovery Act, aims to prevent the United States from providing foreign assistance to countries that do not cooperate in extraditing individuals convicted of fraud against the U.S. or in recovering fraudulently obtained funds. Specifically, the bill amends the Foreign Assistance Act of 1961 to prohibit the President from providing aid to governments that: (1) fail to extradite individuals convicted of defrauding the United States, or (2) do not take appropriate legal, administrative, or enforcement measures to help recover stolen federal funds. The bill is motivated by significant fraud losses, citing a Government Accountability Office estimate of $233-521 billion lost annually between 2018 and 2022, and using the Feeding Our Future COVID-19 pandemic fraud scheme as a specific example. The legislation includes a provision allowing the President to waive the assistance prohibition if national security interests are at stake, with a requirement to notify congressional committees. Additionally, the bill mandates that the Secretary of State submit an annual report listing non-compliant countries and detailing the amount of fraudulently obtained funds and associated legal remedies. The underlying goal is to create a stronger deterrent against international fraud and provide more tools for recovering stolen taxpayer funds.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/5548/all-info