HOUSE TAKES STEPS TO COMBAT ELDER FINANCIAL EXPLOITATION

Posted on April 30, 2019

Measure Creates SEC Task Force to Develop Recommendations to Advance Senior Protections

WASHINGTON, D.C. – The U.S. House of Representatives today passed legislation to help combat financial exploitation that can threaten senior citizens’ financial well-being. 

The bill, the Senior Security Act of 2019 (HR 1876) establishes an interdivisional task force at the Securities and Exchange Commission (SEC) to investigate the challenges still facing investors. The task force will consult with authorities at all levels of the government to create meaningful recommendations to Congress about what additional measures might be needed to increase protections for older investors who are most vulnerable to exploitation.

Additionally, HR 1876 directs the Government Accountability Office to study and report on the economic impact and consequences of elder financial exploitation.  The data and information obtained by such a study will help public policy makers better understand the breadth and scope of the impact that financial exploitation of older Americans has on the overall economy of the United States.

“IRI was a leading supporter of the Senior $afe Act, which Congress enacted last year, to empower and encourage financial professionals to report suspected cases of exploitation to law enforcement and other appropriate governmental agencies,” said Paul Richman, IRI Chief Government and Political Officer. “This new measure will help to increase protection for senior citizens and help prevent damage to their financial security.”

Millions of older Americans fall victim to financial exploitation, costing an estimated $2.9 billion per year. 

“IRI member companies are committed to protecting older Americans’ hard-earned retirement savings,” Richman said. “Protecting older investors against financial exploitation and educating financial services and law enforcement professionals to recognize financial exploitation is a top priority.”

IRI Letter of Support for Senior Security Act of 2019 - HR 1876

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Contact: Dan Zielinski