RELEASE: Gottheimer-backed Bipartisan Bill Passes House to Protect Seniors from Financial Scams & Exploitation

Jan 31, 2023
Press

WASHINGTON, D.C.

Protecting seniors and those with mental and physical disabilities

Building on Gottheimer’s Senior Security Strategy

The U.S. House of Representatives passed critical bipartisan legislation backed by U.S. Congressman Josh Gottheimer (NJ-5) to help end financial scams and exploitation targeting our seniors and those with mental and physical disabilities. The bipartisan Financial Exploitation Prevention Act passed the House by a vote of 419 to 0.

Senior scams cost older Americans nearly $3 billion a year and cause harm and anxiety for our seniors. In 2021, about seven million Americans reported being a victim of financial exploitation. 

“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. Every few weeks, when I get a call from someone who’s fallen prey to a shameless huckster,” said Congressman Josh Gottheiemer (NJ-5), a member of the Financial Services Committee. “Our seniors should be spending time with their kids, grandkids, and friends — not staying up late at night worrying about whether someone is preying on their retirement nest egg. And we must be protecting those with mental and physical disabilities from predators who want to take advantage of them. There should be nothing partisan about this. By passing this legislation in the House, both Democrats and Republicans are coming together to protect families in North Jersey and nationwide from scammers and abuse.”

The bipartisan Financial Exploitation Prevention Act will:

  • Give the financial industry better tools to address suspected financial exploitation and abuse of seniors and those with mental and physical disabilities. 
  • Require the Securities and Exchange Commission (SEC) to report to Congress with recommendations on how to combat financial exploitation of seniors and vulnerable adults.
  • Create better protections by allowing open-end investment companies, including mutual funds, to delay the redemption of any security if it is reasonably believed such redemption was requested through the financial exploitation of a senior or an individual unable to protect their own interests.

This bipartisan legislation passing the House this week builds on Gottheimer’s Senior Security Strategy, to help end financial scams targeting our seniors, including stopping the unending stream of robocalls and unwanted texts. 

Find legislative text of the bipartisan Financial Exploitation Prevention Act here.

###

Recent Posts


Nov 30, 2023
Press

RELEASE: Gottheimer Statement on New York’s Congestion Tax

NORTH JERSEY — Today, November 29, 2023, U.S. Congressman Josh Gottheimer (NJ-5) released the following statement: “As advertised, New York is officially sticking it to Jersey families with their commuter-crushing Congestion Tax. On top of the existing tolls, it’ll be 15 bucks every day to go into the city with no discounts at the GW Bridge […]



Nov 29, 2023
Press

RELEASE: After Gottheimer Questioning, Consumer Finance Protection Bureau Director Chopra Agrees to “Look Into” NY’s Congestion Tax

WASHINGTON, D.C. — Today, November 29, 2023, during a U.S. House of Representatives Financial Services Committee hearing, U.S. Congressman Josh Gottheimer questioned Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, a New Jersey native, about New York’s $23-a-day Congestion Tax “making money off of gouging middle class Americans with exorbitant tolls.” Director Rohit Chopra agreed to “look into” the […]



Nov 29, 2023
Press

RELEASE: Gottheimer Helps Pass Bipartisan Legislation Condemning Hamas, Calling for the Release of All Hostages, and Reaffirming Israel’s Right to Exist

WASHINGTON D.C. — Tonight, November 28, 2023, U.S. Congressman Josh Gottheimer (NJ-5) helped pass two pieces of bipartisan legislation to condemn the Hamas terrorist attack on Israel, reaffirm Israel’s right to exist, and call for Hamas to immediately surrender and safely release all hostages. On October 7, Hamas terrorists brutally murdered, raped, burned alive, decapitated, and […]