Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing entitled, “Protecting Americans’ Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”

Thank you, Chairman Luetkemeyer and Ranking Member Beatty. Many people have been defrauded of their life savings by transnational criminal organizations that emotionally ensnare their victims in phony relationships, and ultimately lure them into sham cryptocurrency investments. Known as “confidence scams,” these multi-billion-dollar crimes also rely on victims of trafficking who have been kidnapped solely to perpetrate the crime. We need more resources at our federal enforcement agencies to better protect Americans and to stop these crime syndicates.

Thus, it is appalling that extreme MAGA Republicans are attacking our nation’s law enforcement officers and working to implement the Project 2025 budget cuts, including by shutting down the government later this month, which will defund the police and other agencies responsible for pursuing these criminals. FBI, FinCEN, and other law enforcement bodies need the funding necessary to combat these deep relationship confidence schemes and other fraud.

I yield back.

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