Rep. McHenry encourages financial fraud hearing

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Rep. Patrick McHenry (R-NC) has forwarded correspondence to House Financial Services Committee Chairwoman Maxine Waters (D-CA), encouraging the convening of a hearing examining financial fraud.

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McHenry, the Republican leader of the House Financial Services Committee, said the request stems from the desire to explore predominant types of fraud and financial exploitation, in addition to strategies to prevent them.

“This Committee should do our part to stand up for everyday investors by more closely examining the various ways in which fraudsters, scammers, and hackers prey on American investors,” McHenry wrote. “I respectfully request that you schedule a hearing, or hold a series of hearings, on these important issues as soon as possible, and I look forward to working with you throughout the 117th Congress to protect Americans attempting to build wealth and save for the future.”

McHenry indicated the hearing request also stems from the Committee Republicans’ release of a Republican Staff Report determining an increase in cyberattacks targeting Americans working remotely, as well as a rise in pandemic-themed scams.

“Criminals are financially exploiting older adults through scams and cyber-attacks: roughly five million older Americans are victims of financial scams every year, losing an estimated $36.5 billion annually,” McHenry wrote. “Likewise, the retirement industry has seen an increase in cyber theft of personal information and savings in recent years.”

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