TRAPS Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2019 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2019 To establish a Task Force for Recognizing and Averting Payment Scams, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 10, 2025 Mr. Crapo (for himself, Mr. Warner, Mr. Moran, and Mr. Warnock) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To establish a Task Force for Recognizing and Averting Payment Scams, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Taskforce for Recognizing and Averting Payment Scams Act'' or the ``TRAPS Act''. SEC. 2. DEFINITIONS. In this Act: (1) Payment.--The term ``payment'' means any mechanism through which an individual can electronically transfer funds to another individual via a platform or intermediary. (2) Secretary.--The term ``Secretary'' means the Secretary of the Treasury. (3) Task force.--The term ``Task Force'' means the Task Force on Payment Scams established under section 3(a). SEC. 3. TASK FORCE ON PAYMENT SCAMS. (a) Establishment.--Not later than 90 days after the date of enactment of this Act, the Secretary shall establish a task force, to be known as the Task Force for Recognizing and Averting Payment Scams. (b) Membership.-- (1) Composition.--The Task Force shall be chaired by the Secretary or a designee thereof, and shall consist of representatives from the following: (A) The Bureau of Consumer Financial Protection. (B) The Federal Communications Commission. (C) The Federal Trade Commission. (D) The Department of Justice. (E) The Office of the Comptroller of the Currency. (F) The Board of