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.

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