The House yesterday passed by voice vote a bill directing the Securities and Exchange Commission to create a task force dedicated to combating the exploitation of senior investors.
The Senior Security Act [H.R. 1469], sponsored by Rep. Josh Gottheimer (D-N.J.), mandates the formation of a task force composed of SEC staff and people from outside the commission. It will be tasked with identifying challenges that senior investors face, including problems associated with financial exploitation and cognitive decline, as well as areas in which they could benefit from regulatory changes.
In a May memo to House Financial Services Committee members, ABA said the bill aligns with its work and the work of the ABA Foundation to protect bank customers against elder financial exploitation.
“ABA is deeply committed to developing tools to educate consumers and preventing financial fraud, and this legislation takes a meaningful step toward safeguarding seniors in the investment arena,” ABA said.
