Skip to content

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.

# # #

Contact: Dan Zielinski

 

Stay Informed

Latest News

March 7, 2024

IRI UNVEILS 2024 RETIREMENT SECURITY BLUEPRINT

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released its 2024 Retirement Security Blueprint with 33 proposals to enhance and…

Read more
March 5, 2024

IRI RELEASES UPDATED RETIREMENT SAVING AND INCOME HANDBOOK

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) published an updated Retirement Saving and Income Handbook featuring new content and…

Read more
February 29, 2024

CALIFORNIA BECOMES THE 45TH STATE TO ADOPT NAIC BEST INTEREST REGULATION

90 Percent of U.S. Consumers Now Protected  WASHINGTON, D.C. – California became the 45th state to adopt a model National…

Read more
Scroll To Top