FSI Applauds House Passage of Tax Relief for Fraud Victims Act

WASHINGTON, D.C. –  The Financial Services Institute (FSI) today applauded the U.S. House of Representatives for passing the Tax Relief for Fraud Victims Act (H.R. 9500), bipartisan legislation that would provide needed tax relief to Americans who have suffered financial losses due to fraud.  

The legislation would restore tax relief for fraud losses and help prevent victims from facing additional tax consequences on funds stolen from them. It would also provide relief for certain retirement account distributions associated with fraud.  

“Victims of financial fraud should not face an additional tax burden after already suffering significant financial losses,” said FSI President & CEO Dale Brown. “We thank the House for passing this commonsense legislation, and we urge the Senate to take up this bill and act quickly to provide much-needed relief to fraud victims.” 

The House passed the legislation Tuesday evening by a vote of 408-17.

About the Financial Services Institute (FSI): 

The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for 60 independent financial services firm members and their 100,000+ affiliated financial advisors – which comprise over 45% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.