WASHINGTON, DC. – Today, Representative Trey Hollingsworth (IN-09) issued the following statement after passage of the Senior Security Act in the House.
Hollingsworth is the lead Republican on the Senior Security Act, a bipartisan bill that creates an interdivisional task force at the Securities and Exchange Commission (SEC) to strengthen financial protections for senior citizens.
“Too often, financial predators target senior citizens, who fall victim to the scams. The Senior Security Act is a bipartisan effort to fight on behalf of our senior citizens and protect their life-long savings and investments from financial scammers,” said Representative Hollingsworth.
Read the full text of the legislation, here.
Watch Hollingsworth’s floor debate, here.
The Senior Security Act creates an interdivisional task force at the SEC, composed of staff from the Division of Enforcement, Office of Compliance Inspections and Examinations, and Office of Investor Education and Advocacy, to examine and identify challenges facing senior investors.
Every two years, in consultation with other SEC offices, state securities and law enforcement authorities, and state insurance regulators, the task force will report its findings to Congress and recommend any regulatory or statutory changes. Further, within two years of enactment, the U.S. Government Accountability Office shall study and report on the economic costs and frequency of financial exploitation of senior citizens.