Bill > HR7270

This bill, titled the "Stop Identity Fraud and Identity Theft Act of 2026," aims to create a unified government strategy to combat identity fraud and theft within the financial services industry. It acknowledges the significant rise in identity theft and fraud, citing billions lost annually to cybercrime and compromised identities, exacerbated by sophisticated attacks like "deepfakes" powered by artificial intelligence and the involvement of hostile nation-states and organized crime. The bill proposes establishing a grant program administered by the Secretary of the Treasury to provide funds to states for developing digital versions of driver's licenses and other identity credentials that align with guidelines from the National Institute of Standards and Technology (NIST). These grants are intended to enhance privacy and security, protect against AI-driven attacks, build more resilient identity solutions, reduce reliance on vulnerable legacy systems, ensure the integrity of government benefit programs, safeguard the financial system, and facilitate trusted online transactions, with at least 10 percent of funds dedicated to assisting individuals in obtaining these new digital credentials. Importantly, the bill explicitly states that states cannot mandate the use of digital licenses, eliminate physical licenses, or issue them to unauthorized immigrants, and no state is required to develop or issue digital versions of identity credentials.

Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/7270/all-info