With seniors accounting for nearly 20 percent of the country’s financial fraud and abuse cases, a bipartisan bill sponsored by U.S. Rep. Bruce Poliquin (R-ME) to encourage financial institutions to take proactive steps to curb the trend was approved by the U.S. House of Representatives on Jan. 29.
Rep. Poliquin introduced the Senior Safe Act of 2017, H.R. 3758, last September as the House version of the same-named S. 223, introduced on Jan. 24, 2017 by U.S. Sen. Susan Collins (R-ME), to encourage financial institutions to train employees to recognize and report signs of financial fraud or abuse against senior citizens. The House passed H.R. 3758 as part of a larger legislative package under the Housing Opportunities Made Easier (HOME) Act, H.R. 2255.
“Maine is home to the most elderly population in the country,” Rep. Poliquin said. “My mother, who worked during her long career in health care as a nurse in Central Maine, and my father, who taught as a public school teacher for years, are both now seniors. It is horrible and tragic that criminals target our most elderly, who unfortunately are among the most vulnerable to scams, fraud and financial abuse.”
H.R. 3758 also would give banks, credit unions, investment advisors, broker-dealers and others working in the financial sector new avenues to report suspected fraud to appropriate authorities.
Rep. Poliquin thanked Sen. Collins, the chairwoman of the Senate Aging Committee, for her leadership on the issue over the years, noting that the bill would help “protect our seniors from serious scams and fraud.”
U.S. Rep. Kyrsten Sinema (D-AZ) joined Poliquin in introducing H.R. 3758, which had 15 cosponsors. The bill now heads to the Senate for its consideration.