Following Passage Of Republican Tax Bill, Gillibrand Fights To Protect Consumers From Scams, Restore CFPB Funding

Jul 29, 2025
New Yorkers LostOver $540 Million To Fraud In 2024
U.S. Senator Kirsten Gillibrand, ranking member of the U.S. Senate Aging Committee, introduced theStop the Scammers Actto restore critical Consumer Financial Protection Bureau (CFPB) funding and authorize the CFPB to reward whistleblowers who report wrongdoing. This legislation follows the passage of the Republican tax bill, which slashed CFPB funding nearly in half and jeopardized vital protections for victims of scams and fraud.
“Too often, seniors are taken advantage of by scammers who rob them of their hard-earnedsavings and steal their private information,”said Senator Gillibrand.“We must do more to stop scammers and protect older adults. As the top-ranking Democrat on the Senate Aging Committee, I know how important the CFPB is for American seniors. TheStop the Scammers Actwill restore funding to this vital agency and protect Americans from bad financial actors.”
TheStop the Scammers Actwould encourage whistleblowers to come forward by allowing the CFPB to reward whistleblowers with financial compensation from the Civil Penalty Fund. The money for this fund comes directly from monetary penalties imposed on companies and individuals who violate federal consumer financial protection laws. The legislation would also allow whistleblowers to retain independent counsel and protect a whistleblower’s identity. The bill also restores CFPB funding to 12 percent of the Federal Reserve’s operating budget, ensuring the bureau can carry out its mission and properly protect Americans.
TheStop the Scammers Actis cosponsored by Catherine Cortez Masto (D-NV), Senate Democratic Leader Chuck Schumer (D-NY), Banking Committee Ranking Member Elizabeth Warren (D-MA), and Senators Angela Alsobrooks (D-MD), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Dick Durbin (D-IL), John Fetterman (D-PA), Ruben Gallego (D-AZ), John Hickenlooper (D-CO), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Jeff Merkley (D-OR), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Tina Smith (D-MN), Chris Van Hollen (D-MD), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).
Senator Gillibrand has been a staunch advocate for consumer protection throughout her time in office. As ranking member of the Senate Aging Committee, she has led thefight to protect seniors from financial frauds and scams,raised awareness about predatory scammers targeting seniors, anddemanded answers from those attempting to cut funding for agencies like the CFPB. She has also introduced legislation such as theSenior Financial Empowerment Actand theDO NOT CALL Act, as well as theSNAP Theft Protection Act, the core of which was passed into law in 2022.
The full text of theStop the Scammers Actcan be foundhere.
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