H.R. 8873
The Recover COVID Unemployment Fraud in Banks Act (H.R. 8873) is a proposed law aimed at recovering unclaimed pandemic-era unemployment funds that are currently held by banks or have been transferred to state unclaimed property administrators. The bill proposes creating a task force, led by a National Recovery Coordinator appointed by the Secretary of Labor, to work with state agencies and financial institutions to identify and recover these funds. It also seeks to extend the statute of limitations for prosecuting fraud related to pandemic unemployment assistance from 5 to 10 years, allowing more time to address fraudulent activities. Additionally, the bill provides for reimbursing state agencies for administrative costs incurred during the recovery process.