Overview
Title
To direct the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection to establish the Interagency Task Force on Coerced Debt, and for other purposes.
ELI5 AI
H. R. 9966 wants to make a group of smart people look at how mean people sometimes use money to hurt others in relationships. These smart people will work together for a year, think of ways to stop this, write it all down, and then finish their job.
Summary AI
H. R. 9966, known as the "Task Force to End Financial Abuse Act of 2024," aims to combat coerced debt, a form of economic abuse common in abusive relationships. The bill proposes the creation of the Interagency Task Force on Coerced Debt, co-chaired by the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, alongside various federal agencies and appointed representatives from advocacy groups and financial institutions. The Task Force would define coerced debt, assess its impact on survivors, foster collaboration across agencies, and recommend policy changes. It would also produce a report with findings and recommendations for further action within one year of its formation, after which the Task Force would disband.
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AnalysisAI
General Summary of the Bill
The legislation titled "Task Force to End Financial Abuse Act of 2024" seeks to address the growing issue of coerced debt, a form of economic abuse. This bill directs the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection to establish an Interagency Task Force on Coerced Debt within 90 days. The task force's primary objective is to define and understand coerced debt, identify its impact, and recommend legislative and regulatory changes. It also aims to promote cooperation among federal, state, and local agencies, as well as engage stakeholders in developing effective policies. The task force is composed of various governmental and presidentially appointed non-governmental members, and it is required to submit a report with its findings within a year before its automatic termination 60 days later.
Summary of Significant Issues
One of the primary issues with the bill is the lack of a clear definition for "coerced debt" within its text. While the task force is tasked with defining this term, its absence in the document may lead to initial ambiguity. Furthermore, the bill does not specify a budget or funding mechanisms for the task force, which could impede its operations. Another concern is that appointments from specific sectors like financial institutions could be perceived as favoritism without clear, transparent criteria. Additionally, the responsibilities and decision-making powers of the task force members are not well defined, potentially leading to inefficiencies. The one-year timeframe for submitting a report may also be too restrictive for adequately addressing the complexities of coerced debt. Finally, the bill lacks guidance on follow-up actions or the implementation of recommendations after the task force concludes, which might affect the sustainability and impact of its findings.
Impact on the Public and Specific Stakeholders
The establishment of the Interagency Task Force on Coerced Debt has the potential to broadly impact the public by addressing a significant avenue of economic abuse. By highlighting the prevalence and consequences of coerced debt, the bill seeks to raise awareness and encourage protective measures for survivors of domestic abuse, who are the primary beneficiaries of this legislation. The public stands to benefit from a reduction in coerced debt-related financial instability, improved access to resources, and better protection against abusive financial practices.
For specific stakeholders, such as advocacy organizations, financial institutions, and credit reporting agencies, the bill presents both opportunities and challenges. Advocacy groups are well-positioned to influence policy development and ensure that the needs of survivors are prioritized. Financial institutions and credit reporting agencies, however, may need to adapt their practices and policies in response to any new regulations or recommendations stemming from the task force's findings, which could entail additional operational changes or costs.
The success of the bill largely depends on the effectiveness of the task force in assembling a comprehensive understanding of coerced debt and paving the way for future legislative or regulatory measures. While it brings crucial attention to an underrecognized issue, its limitations and ambiguities could affect the efficiency and longevity of its intended impact.
Issues
The term 'coerced debt' is not defined within the text itself in Section 3, which could lead to potential ambiguity and misunderstandings of the Task Force's goals and methods until a definition is established.
There is no specified budget or funding source for the Interagency Task Force on Coerced Debt outlined in Section 3, potentially leading to confusion or inefficiencies concerning how the Task Force will be financed.
The appointment of members to the Task Force from specific sectors (e.g., a financial institution, a credit reporting agency) in Section 3 could create the appearance of favoritism unless transparency and clear criteria for these appointments are maintained.
The responsibilities and decision-making powers of the Task Force members are not clearly detailed in Section 3, which could lead to inefficiencies or overlaps among agencies involved.
The report submission requirement within one year in Section 3(d) may not be sufficient time for the Task Force to thoroughly investigate the complex issues related to coerced debt.
The automatic termination clause for the Task Force after the submission of the report in Section 3(e) is included without any outlined processes for follow-up actions or implementation of findings, which could undermine the long-term effectiveness of the Task Force's work.
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
1. Short title Read Opens in new tab
Summary AI
The first section of the act states that it may be referred to as the "Task Force to End Financial Abuse Act of 2024."
2. Findings Read Opens in new tab
Summary AI
The section outlines Congress's findings on economic abuse, highlighting that it is a serious issue affecting vulnerable individuals, especially through coerced debt. Coerced debt is when abusers use manipulation or identity theft to create debt in someone else's name, leading to negative financial consequences and dependence. Addressing this requires a unified effort from various government agencies and the creation of a task force to protect and support survivors.
3. Interagency Task Force on Coerced Debt Read Opens in new tab
Summary AI
The section establishes the "Interagency Task Force on Coerced Debt" within 90 days, co-chaired by the Secretary of the Treasury and the Director of the Bureau of Consumer Financial Protection, along with other key government members and four President-appointed representatives. The Task Force's duties include defining "coerced debt," understanding its impact on domestic violence survivors, promoting interagency cooperation, engaging with stakeholders, and recommending legislative changes, with a report due one year after all members are appointed and the Task Force ending 60 days after submitting the report to Congress.