On July 13, 2022, the House Committee on Oversight and Reform, Subcommittee on National Security held a hearing entitled “Protecting Military Servicemembers and Veterans from Financial Scams and Fraud.” A recording of the hearing is available here.
July has been designated as “Military Consumer Month,” a public-private marketing initiative created by state and federal agencies and military and consumer groups designed to draw attention to financial issues impacting the military community. Chairman Lynch opened the hearing by citing to a recent AARP survey, which found servicemembers and veterans are 40% more likely to be exploited by financial fraud, including robocalls, suspicious texts, and scam offers, than their civilian counterparts. The same survey found four out of every five servicemembers and veterans were targeted in 2021 by scams directly related to their military service or benefits, with one in three reporting they lost money as a result.
After opening statements from Subcommittee Chairman Stephen Lynch (D-MA) and Ranking Member Glenn Grothman (R-WI), five witnesses offered testimony and responded to questions from the Subcommittee members. The following witnesses appeared at the hearing:
- Malini Mithal, Division of Financial Practices, Bureau of Consumer Protection, FTC
- Jim Rice, Assistant Director, Office of Servicemember Affairs, CFPB
- Brendan Carr, Minority Witness, Commissioner, FCC
- Troy Broussard, Senior Advisor, Veterans and…
