House passes Gottheimer’s bipartisan Senior Security Act to protect older investors from fraud
WASHINGTON, D.C. — The U.S. House of Representatives this week unanimously passed the bipartisan Senior Security Act, led by Congressman Josh Gottheimer (NJ-5), to protect older Americans from financial scams and exploitation.
The legislation establishes a Senior Investor Taskforce within the Securities and Exchange Commission (SEC) aimed at identifying and addressing challenges facing senior investors — including fraud, cognitive decline, and exploitation — while improving SEC policies and industry practices to safeguard their finances.
“Millions of seniors across the country, including my own mother, have been the victims of financial scams, and far too many have been cheated out of their retirement savings,” said Gottheimer, a member of the House Financial Services Committee. “This week, the House passed my bipartisan legislation to take senior fraud and scams head-on, by helping the SEC and federal prosecutors crack down on senior-preying hucksters nationwide.”
According to the AARP, scams targeting seniors have more than doubled since 2020, with older Americans losing more than $36 billion annually. The average loss per victim is $34,000. Alarmingly, only 1 in 42 cases of elder financial exploitation is reported.
Co-led by Congresswoman Ann Wagner (MO-2), H.R. 2593 directs the new SEC taskforce to:
- Identify problems affecting senior investors, including financial exploitation and cognitive challenges.
- Recommend improvements to SEC rules and industry standards.
- Coordinate with other agencies, including the Elder Justice Coordinating Council, state regulators, and law enforcement.
Every two years, the taskforce will issue a report to Congress detailing:
- Emerging threats to senior investors.
- Enforcement trends and outreach efforts.
- Industry practices and areas for regulatory improvement.
- Recommendations for legislative and regulatory changes.
