The STOP Scammers Act authorizes the U.S. Secretary of the Treasury to designate foreign organizations engaged in fraud schemes targeting Americans as "Foreign Financial Threat Organizations." Once designated, these organizations face the same penalties as terrorist organizations under existing law, including asset freezes, transaction blocks, and enforcement actions to restrict their access to internet and phone services. The Secretary must notify Congress and publish designations in the Federal Register within specified timeframes, and can immediately freeze assets held in U.S. financial institutions upon notification of intent to designate. The bill requires the Treasury Secretary to report to Congress every two years on which organizations have been designated, how much money was seized, and how much was returned to fraud victims. The first designations must occur within 90 days of the bill's enactment.
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