Legislation that would create a new task force to protect seniors from investment scams has passed the U.S. House of Representatives.
In a unanimous vote, representatives passed the Senior Security Act, which would create a Senior Investor Task Force within the U.S. Securities and Exchange Commission.
According to the legislation, the task force would:
- Report on topics relating to investors over the age of 65. This would include industry trends and important issues affecting such investors.
- Suggest legislative or regulatory actions that address issues senior investors encounter.
In addition, the Government Accountability Office, an independent federal agency, would be required to report on the financial exploitation of senior citizens.
In a statement, the Insured Retirement Institute lauded the measure. John Jennings, IRI’s director of government and political affairs, said:
“Congress has acted quickly this year to direct federal government resources to improve protections for senior citizens from the crippling effects of financial crime. We will now direct our efforts toward the Senate to continue the momentum and urge quick action on this bill.”
The Senate now must take up the legislation before it can become law. If the Senate and House can find agreement on a bill, it would then go to President Joe Biden, who would have to sign it to make it law.