U.S. Sen. Dean Heller (R-NV) has introduced bipartisan legislation that would establish a Senior Investor Taskforce charged with protecting the financial investments of America’s senior citizens.
The National Council on Aging reports that Americans over the age of 50 now account for roughly 77 percent of personal financial assets in the United States and estimated that the cost of financial abuse and fraud for these individuals could be as high as $36.5 billion annually, according to a written statement from Sen. Heller’s office.
“Nevada’s seniors who have worked hard throughout their lives deserve protection against fraudulent investors and malicious schemes,” said Sen. Heller, cosponsor of the National Senior Investor Initiative Act of 2018, S.3323, which was lead sponsored on Aug. 1 by U.S. Sen. Joe Donnelly (D-IN).
“I’m proud to partner with Senator Donnelly to introduce this bipartisan bill,” Sen. Heller added. “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.”
S. 3323 is the U.S. Senate companion legislation to the same-named H.R. 6323, which is led by U.S. Reps. Trey Hollingsworth (R-IN), Josh Gottheimer (D-NJ), and Kyrsten Sinema (D-AZ). H.R. 6323 recently received U.S. House approval, according to a statement released Aug. 2 by Sen. Heller’s office.
The proposal would protect senior citizens who are making investments from financial crimes and fraud via a dedicated task force within the Securities and Exchange Commission (SEC).
“I have heard too many heartbreaking examples of scammers targeting older Americans,” Sen. Donnelly said. “We must ensure our Hoosier seniors, who have worked a lifetime to save for retirement are protected from financial abuse and exploitation.”
If enacted, the legislation would amend the 1934 Securities Exchange Act. The bill would direct the SEC to establish the taskforce to identify challenges that senior investors face and to report on its findings every two years, according to a summary from the Congressional Budget Office (CBO).
Using information from the SEC regarding the costs of similar activities, the CBO in July estimated that implementing the legislation would have a gross cost of $7 million during the proposed 2019 to 2023 period for the SEC to establish and operate the taskforce established under the bill.
“However, the SEC is authorized to collect fees sufficient to offset its annual appropriation; therefore, CBO estimates that the net effect on discretionary spending of implementing each of those bills would be negligible, assuming appropriation actions consistent with that authority,” the CBO said.
S. 3323 has been referred for consideration to the U.S. Senate Banking, Housing, and Urban Affairs Committee.