House approves Poliquin bill to protect seniors from financial fraud

The House of Representatives approved bipartisan legislation on Tuesday that U.S. Rep. Bruce Poliquin (R-ME) introduced to help protect seniors from fraudsters.

The Senior $afe Act, H.R. 4538, introduced by Poliquin and U.S. Rep. Kyrsten Sinema (D-AZ), would allow financial institutions to report suspected financial exploitation of seniors by investment finance predators to law enforcement agencies.

“Our great state of Maine has the oldest average age in the country,” Poliquin said on the House floor. “Like thousands of fellow Mainers, I help care for my 86 and 88-year old parents. It is scary to realize that our vulnerable seniors, who we love so much, are increasingly being victimized by aggressive financial scams. This fraud is costing them not only sleepless nights, but almost $3 billion each year.”

The bill would also promote training for employees of financial institutions to identify financial fraud, and it would encourage banks, credit unions, investment advisors and brokers to report suspected fraud that targets seniors to authorities.

“Today, here in the House, Republicans and Democrats have a chance to show compassion and help our seniors,” Poliquin added in his floor remarks. “Our Senior $afe Act will help local bank and credit union tellers, and retirement and insurance advisors, and others, to identify and stop these crimes before they happen. Our bill enables professionals in the financial sector and institutions to report suspected crookery to the proper authorities. We must do everything humanely possible to stop these scams before our parents and grandparents are fooled into draining and transferring their savings accounts and nest eggs.”

U.S. Rep. Martha McSally (R-AZ), a cosponsor of the bill, recently held a forum in Green Valley, Arizona, to educate seniors about protecting themselves against fraud.

“Scammers can be relentless in their efforts to defraud senior citizens, including many in Southern Arizona,” McSally said. “American seniors lose nearly $3 billion a year to financial fraud. The way we combat this is by raising awareness and enhancing tools to stop fraud before it happens. That’s why I was proud to host a forum for Southern Arizona seniors highlighting steps they can take to defend against scams and vote in support of legislation to remove barriers for reporting suspicious financial activity.”