Pyramid Schemes Must Be Fought By U.S. Government
Pyramid schemes must be fought by U.S. government
Scams affect us all. As Nebraska’s attorney general from 2003-2015, one of my key priorities was safeguarding against scams. In 2010, I helped Nebraska’s Legislature pass a model law to protect consumers from pyramid schemes. Similar laws have now been adopted in 21 states.
However, incredibly, there is no federal definition of a pyramid scheme. Congress has the ability to change that through the passage of the bipartisan Anti-Pyramid Scheme Protection Act of 2017 (H.R. 3409), sponsored by U.S. Reps. Marsha Blackburn, Tennessee Republican, and Marc Veasey, Texas Democrat.
This important legislation clearly defines pyramid schemes by mirroring …