RELEASE: Four Gottheimer-Led Bills Advance Out of Financial Services Committee to Protect Seniors from Scams, Cut Red Tape for Small Businesses, Boost Retirement for Teachers, Nurses, Nonprofits

WASHINGTON, D.C. — Yesterday, May 20, 2025, the House Financial Services Committee passed four bills led by U.S. Congressman Josh Gottheimer to protect seniors from scams, cut unnecessary red tape for small businesses, and strengthen retirement options for teachers, nurses, and nonprofit workers. These pieces of legislation now head to the House floor for a vote.

“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. On top of that, Jersey is losing families, businesses, and the jobs that come with them because of high costs. We must protect our seniors’ retirement savings and make it easier for our small businesses to grow and thrive,” said Congressman Josh Gottheimer (NJ-5). “That’s why I’m fighting every day to protect our seniors, cut red tape for small businesses, safeguard people’s retirement savings, and make life more affordable. These bipartisan bills are a step forward to making Jersey an even better place to live, raise our families, and do business.”

Gottheimer’s Legislation Passed Out of Committee:

• The Senior Security Act will help stop financial predators from scamming seniors out of their savings by creating a federal Senior Investor Task Force within the Securities and Exchange Commission (SEC) to strengthen protections and safeguards for senior investors.
• The Improving Access to Small Business Information Act cuts outdated red tape and ensures that the federal government can better understand how to support small business owners from all backgrounds
• The Helping Angels Lead Our Startups (HALOS) Act will help more Jersey entrepreneurs access capital and secure the investments they need to grow and thrive by clarifying federal securities laws and cutting burdensome regulations that halt the growth of small businesses.
• The Retirement Fairness for Charities and Educational Institutions Act supports our teachers, nurses, and non-profit workers by ensuring 403(b) retirement plans have the same access to cost-effective options that are available to other retirement plans.

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