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WASHINGTON, D.C. – The U.S. House of Representatives passed the Senior Security Act of 2023 (HR 2593) to strengthen financial fraud protections for senior citizens. The bill, introduced by Rep. Josh Gottheimer (D-N.J.) and Rep. Ann Wagner (R-Mo.), is strongly supported by the Insured Retirement Institute (IRI).

“Congress has acted quickly this year to direct federal government resources to improve protections for senior citizens from the crippling effects of financial crime,” said John Jennings, IRI Director of Government and Political Affairs. “We will now direct our efforts toward the Senate to continue the momentum and urge quick action on this bill.”

The Senior Security Act would create an interdivisional task force at the Securities and Exchange Commission (SEC) to investigate the challenges facing investors and determine meaningful recommendations to Congress about what additional measures might be needed to increase protections for the most vulnerable Americans.

Additionally, the bill directs the Government Accountability Office (GAO) to study and report on the economic impact and consequences of elder financial exploitation to help policymakers better understand the breadth and scope that financial exploitation of older Americans has on the U.S. economy.

IRI’s support for the Senior Security Act aligns with its 2023 Federal Retirement Security Blueprint, which includes increasing protections and resources to combat financial fraud and exploitation as a top legislative and regulatory objective.

“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.”

IRI April 27 Press Release

IRI Letter of Support for HR 2593

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Contact: Dan Zielinski

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