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Last updated on Wednesday, August 1, 2018
(WASHINGTON, D.C.) - U.S. Senators Joe Donnelly (D-IN) and Dean Heller (R-NV) introduced the bipartisan National Senior Investor Initiative Act of 2018 today in the Senate.
The proposal, which is aimed at protecting seniors from financial crimes and scammers, would create a dedicated task force within the Securities and Exchange Commission (SEC) to strengthen protections for seniors who make investments. Bipartisan companion legislation led by Representatives Trey Hollingsworth (IN-9), Josh Gottheimer (NJ-5), and Kyrsten Sinema (AZ-9) recently passed the House of Representatives.
Donnelly said, "As a member of the Senate Banking and Aging Committees, I have heard too many heartbreaking examples of scammers targeting older Americans. We must ensure our Hoosier seniors, who have worked a lifetime to save for retirement, are protected from financial abuse and exploitation. I am pleased Senator Heller is partnering with me to introduce this bipartisan legislation that would help keep secure the savings of hardworking seniors, so they can enjoy their retirement with peace of mind."
Heller said, "Nevada's seniors who have worked hard throughout their lives deserve protection against fraudulent investors and malicious schemes. That's why I'm proud to partner with Senator Donnelly to introduce this bipartisan bill that is designed to do just that. Our legislation aims to prevent seniors from becoming victims of financial crimes and help them keep more of their hard-earned money through strengthened protection and transparency measures."
Americans over the age of 50 already account for roughly 77% of financial assets in the United States. The National Council on Aging (NCOA) estimates the cost of financial abuse and fraud to be $36.5 billion annually. In addition, the Investor Protection Trust conducted a study in 2016 and found that almost one in five Americans over the age of 65 have been victims of fraud and exploitation.
In 2014, Donnelly hosted a Field Hearing of the U.S. Senate Special Committee on Aging in Indianapolis to help Hoosier seniors recognize potential warning signs of financial predators. The hearing entitled, "Trust Your Instincts? Tools to Empower Seniors to Identify Scams and Fraud," provided an opportunity to expand the conversation, encourage collaboration, and consider ideas on how to effectively address this issue going forward.
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