Collins, Poliquin discuss bill to establish new protections for seniors

U.S. Sen. Susan Collins (R-ME) and U.S. Rep. Bruce Poliquin (R-ME) outlined legislation that would establish new financial protections for seniors during a visit on Thursday to the Bangor Savings Bank G. Clifton Eames Learning Center in Bangor, Maine.

The Senior $afe Act, S. 2216, authored by Collins, would clarify federal law in order to encourage banks, credit unions, investment advisors and broker-dealers to report suspected fraud against seniors to the proper authorities.

“As chairman of the Senate Aging Committee, protecting seniors from financial exploitation and fraud is one of my top priorities,” Collins said. “According to the Government Accountability Office, financial fraud targeting older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually. The Senior $afe Act would help protect seniors’ hard-earned savings by empowering financial institutions to safely report suspected instances of fraud and elder financial abuse. I will continue to work to ensure that this commonsense legislation becomes law.”

The bill would also establish liability protection for making good faith reports of suspected fraud, provided that employees are properly trained to detect such fraud.

“This is all about protecting our seniors in Maine,” Poliquin said. “Our state of Maine has the oldest average age in the entire country. It is disturbing and truly despicable to see so many seniors in our state fall victim to such criminal deception from scammers time and time again. I’m proud to join Sen. Collins and my colleagues in Congress — on either side of the aisle — in fighting to support these important protections for our seniors and am committed to pushing this critical and bipartisan legislation through Congress.”

Companion legislation – H.R. 4538 – passed the House of Representatives in July with broad bipartisan support.

The Senate version of the Senior $afe Act is currently awaiting consideration by the Banking Committee

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