Q: What takes place during Money Smart Week?
A: This April 5-12,
Iowa and several other states, will recognize Money Smart Week. Money Smart Week is coordinated by the Federal Reserve Bank of Chicago with the mission of helping millions of Americans better handle their personal finances. Iowans can look forward to a wide range of activities being held in Cedar Rapids , Des Moines and Iowa City , including classes and seminars in several subject areas. Leaders from area businesses, non-profits, government agencies and financial institutions will offer free events aimed at educating consumers on credit, home-buying, estate planning, investing and identity theft. This is a great opportunity for all Iowans, young and old, to equip themselves with the knowledge about managing and controlling their finances. There’s no end to new tactics by criminals who steal identities or accounts of someone signing on to a mortgage they didn’t understand. Everyone can benefit from these free-of-charge financial programs. I hope parents will bring their children along, too. It’s never too early to introduce a child to this subject matter and increase their financial literacy. For more information on Money Smart Week, visit www.moneysmartweek.org.
Q: What is being done to crack down on identity theft?
A: It’s important that Americans do whatever they can to protect themselves from possible identity theft. The government also needs to keep a close eye on this relatively new form of crime. As ranking member of the Senate Finance Committee, which has jurisdiction over tax policy, I asked, along with Chairman Max Baucus, for the Government Accountability Office to investigate identity theft as it relates to tax fraud. We specifically asked the GAO to investigate what measures the Internal Revenue Service has in place to protect innocent taxpayers from identity theft and what can be done to improve these protections. Tax forms contain sensitive information, and it’s important that tax filers have confidence in how the IRS is handling this privileged information. Identity theft can lead to thieves receiving fraudulent tax refunds and to criminals avoiding their tax liability. Both scenarios burden innocent taxpayers. It’s critical the IRS stay ahead of these shrewd thieves. I look forward to hearing the results of the investigation and will keep on the IRS to make sure taxpayers are protected.