House Introduces Bill Targeting Senior Financial Abuse

The House Financial Services Committee will vote today on a bill to establish an interdivisional task force at the Securities and Exchange Commission (SEC) to protect senior investors, reports InvestmentNews . The measure would create a team of staff members from various relevant SEC offices to examine the challenges facing older investors, with a focus on problems seniors have with financial services providers and investment products. The task force would report its findings every two years to the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee, recommending specific regulatory or statutory changes that would benefit senior investors. The bill also calls for the Government Accountability Office to study and report on the economic costs of the financial exploitation of older adults within one year of the bill's enactment.