Nunn Bills to Protect Retirees from Fraud, Combat AI Threats Pass Financial Services Committee

WASHINGTON, D.C. - The House Financial Services Committee today advanced two bipartisan bills introduced by Representative Zach Nunn (IA-03) - the GUARD (Guarding Unprotected Aging Retirees from Deception) Act and AI PLAN (Artificial Intelligence Practices, Logistics, Actions, and Necessities) Act - aimed at protecting retirees from financial fraud and strengthening America's defenses against emerging AI-driven threats to the financial system.

"Iowa families lost nearly $100 million to fraud last year, and scammers are increasingly using sophisticated technology to target seniors," said Rep. Nunn . "The GUARD Act gives state and local law enforcement the tools they need to track down criminals, recover stolen funds, and deliver justice for victims."

According to the FBI, Iowans lost $96 million to fraud in 2025 - an increase of more than $44 million from the previous year. The bipartisan GUARD Act would strengthen the ability of state and local law enforcement to investigate financial fraud and "pig butchering" scams targeting retirees. The legislation expands access to federal grant funding for fraud investigations and authorizes federal agencies to provide blockchain tracing tools to help track and recover stolen funds.

"Foreign adversaries like China are weaponizing artificial intelligence to manipulate financial markets, spread misinformation, and defraud American consumers," continued Rep. Nunn . "Our bill ensures the federal government has a coordinated strategy to identify and counter these threats while keeping the United States at the forefront of AI innovation."

The AI PLAN Act would require the Departments of Treasury, Commerce, and Homeland Security to develop a coordinated national strategy to defend America's financial systems against AI-enabled fraud, misinformation, and cyber threats from foreign adversaries. The bill strengthens safeguards against the misuse of emerging technologies while supporting continued American leadership in AI innovation.

With today's committee passage, both bills now advance to the full House of Representatives for consideration. The GUARD Act and the AI PLAN Act both passed unanimously. A companion Senate version of the GUARD Act has already advanced through the Senate Judiciary Committee.

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