The U.S. House of Representatives on June 25 voted 414-2 to approve bipartisan legislation led by U.S. Rep. Ann Wagner (R-MO) that would prevent financial fraud and scams against older Americans and individuals with mental or physical disabilities.
The House passed the Financial Exploitation Prevention Act of 2025, H.R. 2478, which Rep. Wagner sponsored in March 2025 alongside six original cosponsors, including U.S. Reps. Andrew Garbarino (R-NY), Bryan Steil (R-WI), Young Kim (R-CA), and Josh Gottheimer (D-NJ).
Now headed to the U.S. Senate for action, H.R. 2478 would establish procedures for delaying the redemption of certain securities if an investment company or agent believes that an older individual or an individual with certain impairments has been financially exploited, according to the Congressional Record bill summary.
“Far too often, senior citizens here in Missouri and all across the nation are directly targeted for financial fraud. The consequences of this crime extend to millions of Americans, with one out of every five senior investors falling victim to financial fraud and exploitation,” Rep. Wagner said. “This problem is only getting worse, so I got to work with my colleagues on both sides of the aisle to craft simple protections for seniors who need it most.”
The congresswoman pointed out that H.R. 2478 gives financial institutions critical tools to step in when they suspect a vulnerable adult is being exploited and gives law enforcement time to act before a person’s retirement savings are permanently stolen by fraudsters.
“Many seniors and vulnerable adults need that extra layer of defense from fraud that has become tragically common in today’s world, and my Financial Exploitation Prevention Act is a common-sense step to protecting parents, grandparents, and families in communities around our country,” she said.