Bipartisan Senior Security Act of 2019: Fighting Back Against Financial Scams and Abuse

In a statement , U.S. Reps. Josh Gottheimer (D-N.J.) and Trey Hollingsworth (R-Ind.) said they are sponsoring the Bipartisan Senior Security Act of 2019 to better protect seniors from financial scams and abuse. They cited a report from the Senate Special Committee on Aging, estimating that older Americans lose about $3 billion annually to such exploitation. A separate Investor Protection Trust poll found about 7 million Americans have reported being victimized, yet only one in every 24 cases of senior exploitation is actually reported. The Senior Security Act would establish a Senior Investor Taskforce at the Securities and Exchange Commission (SEC), whose job would include identifying challenges that senior investors deal with, including problems linked to financial exploitation and cognitive decline. The task force also would focus on areas in which senior investors would benefit from changes at the SEC or self-regulatory organizations, as well as coordinate, as appropriate, with other SEC agencies. In addition, the team would consult, as appropriate, with state securities and law enforcement authorities, state insurance regulators, and other federal agencies. The task force would be required to submit a biannual report to Congress that summarizes recent trends and innovations affecting the environment for senior investors, along with projects concentrating on senior investors and related industry practices. It also would report key observations, best practices, and areas in need of improvement that involve senior investors.