The Insured Retirement Institute (IRI) is commending House of Representatives advancement of legislation proponents maintain would strengthen senior citizen financial fraud protections.
The Senior Security Act of 2023 (HR 2593) introduced by U.S. Reps. Josh Gottheimer (D-NJ) and Ann Wagner (R-MO) would create a Securities and Exchange Commission (SEC) interdivisional task force to investigate the challenges facing investors and determine recommendations to Congress regarding additional measures needed to increase protections for the most vulnerable Americans.
“Congress has acted quickly this year to direct federal government resources to improve protections for senior citizens from the crippling effects of financial crime,” IRI Government and Political Affairs Director John Jennings said. “We will now direct our efforts toward the Senate to continue the momentum and urge quick action on this bill.”
According to the legislation, the Government Accountability Office (GAO) would be required to study and report on the economic impact and consequences of elder financial exploitation as a means of providing policymakers with insight into the breadth and scope senior financial exploitation has on the domestic economy.
“We appreciate the leadership and commitment by Rep. Gottheimer and Rep. Wagner to shepherd this issue through the House,” Jennings said. “Bipartisan support for this legislation will continue to be critical as it progresses. We look forward to working with Senate sponsors and Senate leadership to move this legislation to the President’s desk as soon as possible.”