WASHINGTON, D.C. – Today, Senator Andy Kim (D-NJ), Member of the Senate Special Committee on Aging and the Senate Banking Committee, alongside Senators Susan Collins (R-ME), Kirsten Gillibrand (D-NY), and Dave McCormick (R-PA) introduced the Senior Security Act to help stop financial predators from scamming America’s seniors. The bipartisan legislation would protect seniors’ savings by creating a Senior Investor Task Force within the Securities and Exchange Commission (SEC) and strengthening protections and safeguards for senior investors.
“Scammers are preying on our seniors, stealing billions of dollars from Americans’ hard-earned retirement savings. Aging with dignity and security shouldn’t be too much to ask for in our country. We need this legislation and task force to take targeted and thorough action to confront these crimes and stand up for our nation’s seniors,” said Senator Kim.
“As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans,” said Senator Collins. “This bipartisan bill would ensure that the Securities and Exchange Commission has the expertise needed to coordinate the efforts of state authorities and regulators to reduce the risk of senior investors being defrauded.”
“Senior investors deserve to be protected, especially as scammers increasingly target older Americans, robbing them of their hard-earned savings and stealing their personal information,” said Senator Gillibrand. “As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families, and how far too often federal agencies remain unprepared to address the specific needs of older populations. Our Senior Security Act would establish a dedicated task force to better protect investors over the age of 65 and help create the stronger protections that our seniors and their families deserve. I am proud to introduce this legislation and will fight to get it across the finish line.”
“Pennsylvania seniors deserve to be protected from scammers looking to steal their retirement savings,” said Senator McCormick. “I’m proud to work across the aisle to give the Securities and Exchange Commission stronger tools to crack down on fraud and ensure our seniors are not targets of financial scammers.”
The Senior Security Act was also introduced and passed in the U.S. House of Representatives by Representatives Josh Gottheimer (NJ-05) and Ann Wagner (MO-02) and is endorsed by AARP. Read AARP’s full endorsement letter of theSenior Security Act.
According to the Federal Trade Commission, financial fraud was estimated to cost seniors as much as $81.5 billion in 2024 alone, the majority of which via investment scams. The Senior Security Act would establish the Senior Investor Taskforce at the SEC to:
- Identify challenges that senior investors encounter, including problems associated with financial exploitation and cognitive decline;
- Identify areas in which senior investors would benefit from changes at the Commission or the rules of self-regulatory organizations;
- Coordinate, as appropriate, with other offices within the Commission and other taskforces that may be established within the Commission, self-regulatory organizations, and the Elder Justice Coordinating Council;
- Consult, as appropriate, with state securities and law enforcement authorities, state insurance regulators, and other federal agencies;
- And submit a required biennial report to Congress that includes:
- Summary of recent trends and innovations that have impacted the investment landscape for senior investors;
- Summary of initiatives that have concentrated on senior investors and industry practices related to senior investors;
- Key observations, best practices, and areas needing improvement, involving senior investors identified during examinations, enforcement actions, and investor education outreach;
- Summary of the most serious issues encountered by senior investors, including issues involving financial products and services; and
- Recommendations for such changes to the rules or guidance of the Commission and self-regulatory organizations and such legislative actions to resolve problems encountered by senior investors.
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