RELEASE: House Unanimously Passes Gottheimer’s Bipartisan Bill to Fight Back Against Senior Financial Scams

WASHINGTON, D.C. — This week, the U.S. House of Representatives unanimously passed Congressman Josh Gottheimer’s (NJ-5) bipartisan Senior Security Act. Gottheimer’s legislation 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. 

Watch Gottheimer’s remarks on the House floor this week urging Members to support his bipartisan bill here.

Find the bill text of the Senior Security Act here.

“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. It’s appalling, it’s offensive, and it’s unacceptable,” said Congressman Josh Gottheimer (NJ-5), a member of the House Financial Services Committee. “This week, the House passed my bipartisan legislation to take senior fraud and scams head-on, by helping the Securities and Exchange Commission and federal prosecutors crack down on senior-preying hucksters nationwide.”

According to the AARP, senior scams have more than doubled since 2020. These senior scams cost older Americans more than $36 billion a year, with the average victim losing $34,000 from these crimes annually. These crimes often hit the retirement nest eggs of older Americans. Unfortunately, only 1 in every 42 cases of elder exploitation actually gets reported, making the real cost to our seniors much higher. 

The legislation was co-led by Congresswoman Ann Wagner (MO-2). 

H.R.2593 – the bipartisan Senior Security Act will establish the Senior Investor Taskforce at the SEC, which will:

• 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; and
• Consult, as appropriate, with state securities and law enforcement authorities, state insurance regulators, and other federal agencies.

The Taskforce will submit a 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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