Sens. Susan Collins (R-ME) and Kyrsten Sinema (I-AZ) are touting the benefits of the recently introduced the Senior Security Act, which would protect seniors from financial crimes and scammers.
Bill proponents indicated the legislation would establish a Securities and Exchange Commission (SEC) task force responsible for examining and identifying challenges seniors face while investing, requiring the task force to report its findings to Congress and recommend changes to regulations or laws.
Within two years of the measure being enacted, the U.S. Government Accountability Office (GAO) would study and report the economic costs of the financial abuse of senior citizens.
“As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans,” Collins said. “This bipartisan bill would create a task force within the Securities and Exchange Commission to coordinate state authorities’ and regulators’ efforts to reduce senior investors’ risk of being defrauded.”
The Senior $afe Act, which Collins co-authored with then-Sen. Claire Mccaskill (D-MO), was signed into law in 2018, providing support to regulators, financial institutions, and legal organizations to educate employees about identifying, preventing, and reporting financial exploitation.
“Arizona seniors deserve peace and mind and security in their retirements,” Sinema said. “That’s why we’re introducing our bill to protect Arizonans from fraudsters and criminals.”