March 23, 2026
Banks and Department of Labor knew about suspected COVID fraud for over three years
FISM host Mark Minnella: ‘A nation that lectures its citizens about fiscal prudence cannot tolerate systemic waste inside its own institutions’
PHILADELPHIA — Earlier this month, the Work and Welfare subcommittee held a hearing in regard to reclaiming “forgotten” fraudulent pandemic unemployment funds that were suspended by banks. A testimony from the Department of Labor’s inspector general revealed that $720 million in “potentially fraudulently obtained funds” is being held by the two banks; of this amount, almost $473 million had previously been flagged. An additional $192 million of “potentially fraudulently obtained” funds on prepaid cards was turned over under state unclaimed property laws, due to inaction by financial institutions and investors.
In a recent op-ed for the Daily Caller, Mark Minnella, host of Financial Issues (FISM), noted how the prevalent fraud in America is robbing citizens of their financial freedom.
“This is not abstract. It is not partisan. It is theft,” said Minnella. “It steals from workers who see payroll taxes deducted every pay period. It steals from seniors who depend on programs remaining solvent. It steals from families already squeezed by inflation and rising interest rates.
“We are told the systems are outdated. We are told modernization is complicated. We are told reform takes time. That explanation grows less convincing every year. The United States leads the world in financial technology, artificial intelligence, cybersecurity and real-time data processing. Private-sector firms detect fraudulent credit card charges in seconds. Banks flag suspicious transactions instantly. Corporations track global supply chains in real time. Yet the federal government claims it cannot effectively monitor hundreds of billions of dollars in annual benefit payments.”
According to Minnella, the nearly $1 billion in COVID fraud should be cause for Congress to implement common-sense fraud protection so that taxpayers know their money is guarded diligently.
“A nation that lectures its citizens about fiscal prudence cannot tolerate systemic waste inside its own institutions. Fiscal integrity must begin at the top,” Minnella said. “Congress must decide whether it intends to govern responsibly or continue participating in the decline and destruction of the greatest nation on earth. America cannot borrow its way past corruption.”
Financial Issues’ (FISM) unique programming helps Christians find freedom and purpose in financial stewardship, empowering them to make biblically faithful choices in a world filled with competing voices. By tuning in, viewers and listeners will discover how to navigate their financial journey with clarity, integrity and a Kingdom-minded perspective.
Mark Minnella is the host of Financial Issues, which is broadcast live Monday through Friday at 9 – 10 a.m. ET/8 – 9 a.m. CT, on more than 500 television and radio outlets nationwide, streaming on Facebook, X (formerly Twitter) and other major platforms, as well as online at FinancialIssues.org.
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To schedule interviews with Mark Minnella, contact Hamilton Strategies, Media@HamiltonStrategies.com, Beth Bogucki, 610.584.1096 ext. 105, or Richard Jefferson, rjefferson@hamiltonstrategies.com.
