House Passes Bill Requiring SEC to Set Up Senior Task Force
April 30, 2019 by Melanie Waddell
The House passed Tuesday the Senior Security Act of 2019, HR 1876, which requires the Securities and Exchange Commission to set up an interdivisional task force to help investigate and combat financial exploitation of seniors.
“The task force will consult with authorities at all levels of the government to create meaningful recommendations to Congress about what additional measures might be needed to increase protections for older investors who are most vulnerable to exploitation,” the Insured Retirement Institute said upon the bill’s passage.
HR 1876 also directs the Government Accountability Office to study and report on the economic impact and consequences of elder financial exploitation.
The bill, introduced by Rep. Josh Gottheimer, D-NJ, and Trey Hollingsworth, R-Indiana, passed the House by a 392-20 vote and was sent to the Senate for consideration.