Skip to content

WASHINGTON, D.C. – The House of Representatives passed a bipartisan measure this week to protect vulnerable Americans from financial exploitation.

The Insured Retirement Institute (IRI) expressed its strong support for the bill in a letter to Rep. Ann Wagner (R-Mo.), who introduced the measure. The legislation is one of IRI’s legislative priorities included in its Retirement Security Blueprint.

“The prevention of financial exploitation and the protection of older and vulnerable Americans is a top legislative and regulatory objective for IRI,” said Wayne Chopus, IRI President and CEO. “Our members are on the front lines of this issue, working with clients across America every day. As a result, they are often the first to notice that a client may be the victim of a financial crime.”

The Financial Exploitation Prevention Act of 2023 will enable registered open-ended investment companies or transfer agents to postpone payment on a security or fund if the company or agency believes the request for redeeming the security or fund is being conducted to exploit the security or fundholder.

The bill also authorizes state regulators, courts, or administrative agencies to delay payment further. Delaying the security or fund redemption provides financial firms and the appropriate agencies with time to thoroughly investigate suspected exploitation.

In its letter to Rep. Wagner, IRI recommended amendments to clarify the legislation’s intent and to align terms with existing regulations to ensure optimum protection for vulnerable investors.

The bill now proceeds to the Senate for further consideration.

# # #

Contact: Dan Zielinski

Stay Informed

Latest News

April 4, 2024

IRI ANNOUNCES LEADERSHIP, RISING STAR, AND CHAIRMAN AWARD RECIPIENTS

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) presented three awards at its 2024 annual conference in Nashville, Tennessee, to…

Read more
April 2, 2024

RECORD CROWD WELCOMES IRI’S 2024 ANNUAL CONFERENCE TO NASHVILLE

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) opened its 2024 Annual Conference to a record-setting crowd and sponsorship in…

Read more
March 19, 2024

IRI CONGRATULATES GARY ANDERSON ON NEW ROLE AS NAIC CEO

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) issued the following statement on the announcement that the National Association of…

Read more
Scroll To Top