S. 2670 — STOP Scammers Act

This section directs the Secretary of the Treasury to designate covered organizations—defined as foreign entities (per 31 CFR 800.220(a)), including subsidiaries or affiliates, that jointly determined by the Secretary and Attorney General engage in fraud to obtain cash or assets from U.S. citizens or lawful permanent residents—as "Foreign Financial Threat Organizations," with the first designations required within 90 days of enactment. The section specifies designation procedures, including (1) written notice to specified congressional leaders and committees with the factual basis prior to designation; (2) publication in the Federal Register within 7 days of such notice; (3) authority, upon notice, to direct U.S. financial institutions to freeze the organization's assets until further direction; and (4) subjection of designated organizations to the same penalties and procedures as specially designated global terrorists under Executive Order 13224 (i.e., blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism). Additionally, the section authorizes the federal government to take necessary actions against designated organizations to protect U.S. cybersecurity and restrict their access to internet or cellular services; directs the Secretary to prevent such organizations from contacting U.S. citizens or lawful permanent residents via phone, internet, or email; and requires reports to specified congressional committees (i.e., Senate Foreign Relations and Banking Committees; House Foreign Affairs and Financial Services Committees) on implementation, including designations, seized assets, identification actions, and funds returned to fraud victims—not later than 2 years after enactment and annually thereafter—with public versions omitting sensitive information.