This bill, known as the "No More SCAMS Act," mandates the establishment of a Federal Fraud Interagency Task Force within 90 days of its enactment. The primary purpose of this Task Force is to investigate and combat fraud involving federal dollars, enhance interagency anti-fraud coordination, and facilitate the recovery of misused funds across various government programs. It aims to create a unified front against financial malfeasance impacting federal spending.

The President will appoint a Director to a four-year term, requiring 10 years of experience in fraud investigation or federal law enforcement. Additionally, members will be appointed from designated federal agencies, possessing subject matter expertise in areas such as financial management, grants administration, auditing, forensic accounting, or fraud risk management. These qualifications ensure that the Task Force is staffed with highly knowledgeable professionals capable of addressing complex fraud schemes.

Key duties of the Task Force include investigating fraud allegations, coordinating with state and local law enforcement for comprehensive investigations, and developing best practices for federal agencies to prevent and identify fraud. It will also facilitate interagency cooperation through data and resource sharing to streamline investigations and integrate existing federal anti-fraud initiatives, thereby maximizing efficiency and effectiveness in combating fraud.

To ensure accountability and transparency, the Task Force Director must submit an annual report to the President and Congress. This report will detail the number of investigations initiated, cases referred for prosecution, funds recovered, and an analysis of fraud trends, along with recommendations for improving fraud prevention and detection. Furthermore, the Government Accountability Office (GAO) will conduct an annual audit of the Task Force's operations and spending, providing an independent review of its performance and financial management.