WASHINGTON, D.C. – A House committee unanimously passed a measure to strengthen financial fraud protections for senior citizens. The Senior Security Act of 2023, introduced by Rep. Ann Wagner (R-Mo.) and Rep. Josh Gottheimer (D-N.J.), is strongly supported by the Insured Retirement Institute (IRI).
In a letter to the bill’s sponsors, IRI noted that financial exploitation and abuse is a national imperative, costing an estimated $2.9 billion annually and impacting roughly one in ten older Americans. With the population of older Americans expected to double in size by 2050, a concerted effort to combat financial exploitation is critical.
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.
Paul Richman, Chief Government and Political Affairs Officer at IRI, said, “As a result of our members’ work with retirement savers across America every day, they are often the first to notice that a client may be the victim of a financial crime. Our members are committed to protecting older Americans and ensuring their clients’ hard-earned retirement savings are protected from exploitation and fraud.”
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 thank Rep. Wagner and Rep. Gottheimer for their leadership in pursuing this issue and look forward to working together to enact this legislation into law,” Richman said.
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Contact: Dan Zielinski
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