Like Countable?

Install the App
TRY NOW

house Bill H.R. 1876

Should an SEC Task Force Study Financial Crimes Against Seniors?

Argument in favor

Financial crimes against senior citizens are on the rise. A better understanding of how these crimes are committed will help the government and financial institutions better protect vulnerable seniors from those looking to defraud or otherwise exploit them.

Dean's Opinion
···
04/28/2019
and the consumer financial protection bureau should be revived rather than demolished
Like (57)
Follow
Share
Thelma's Opinion
···
04/30/2019
Senior citizens tend to be less cyber-savvy and are often the targets of crime. They are especially vulnerable because they can have lots of money saved for retirement. They must be protected.
Like (32)
Follow
Share
Michael.J.L's Opinion
···
04/30/2019
This is something that must be handled at the Federal level. State law enforcement has limited authority and Local government has none since SEC falls under Federal jurisdiction, and only the Federal Courts have the power to enforce and punish.
Like (23)
Follow
Share

Argument opposed

Financial institutions, not the federal government, are best positioned to understand and combat financial crimes against seniors. It’s a waste of the government’s money to study this issue at the SEC when financial institutions are best able to investigate and prevent these crimes.

Donna 's Opinion
···
04/30/2019
No, time is UP . NO MORE funding for STUDIES. Compiled data is already available ( AARP). LEGISLATE protections and consequences!
Like (30)
Follow
Share
NJ525's Opinion
···
04/30/2019
As much as I care about fraud done against the seniors, this is the sole task of our state officials and not the Federal bureaucracy.
Like (12)
Follow
Share
Dennis's Opinion
···
05/01/2019
Stop the overreach and let the states and financial institutions handle it.
Like (5)
Follow
Share

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 30th, 2019
    Roll Call Vote 392 Yea / 20 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 26th, 2019

Log in or create an account to see how your Reps voted!

What is House Bill H.R. 1876?

This bill — the Senior Security Act of 2019 — would create a Senior Investor Taskforce at the Securities and Exchange Commission (SEC) that would examine and identify challenges facing senior investors. This interdivisional task force would be comprised of staff from the Division of Enforcement, Office of Compliance, Inspections and Examinations, and Office of Investor Education and Advocacy. The task force, in consultation with other SEC offices, state securities and law enforcement authorities, state insurance regulators, and federal agencies, would report its findings to Congress every two years and recommend any regulatory or statutory changes.

Further, within one year of this bill’s enactment, the U.S. Government Accountability Office (GAO) would be required to study and report on the economic costs of the financial exploitation of senior citizens.

Impact

Senior citizens; financial crimes against senior citizens; the SEC; state securities and law enforcement authorities; states insurance regulators; and the GAO.

Cost of House Bill H.R. 1876

Last Congress, the CBO estimated that implementing this bill would have a gross cost of $7 million over the 2019-2023 period for the SEC to establish and carry out the taskforce’s functions as established under this bill and less than $500,000 for the GAO to conduct a study on the economic cost of senior citizens’ financial exploitation. However, since the SEC is authorized to collect fees to offset its annual appropriation, the CBO estimates that the net effect on discretionary spending would be negligible, assuming appropriation actions consistent with that authority.

More Information

In-DepthRep. Josh Gottheimer (D-NJ) reintroduced this bill from the 115th Congress to create an interdivisional task force at the Securities and Exchange Commission (SEC) to strengthen protections and safeguards for senior citizens against financial crimes and scammers. When he introduced this bill last Congress as part of his Three-Part Senior Security Strategy. After this bill passed the House as part of the JOBS And Investor Confidence Act of 2018 legislative package, Rep. Gottheimer said:

“Since I took office, I have been committed to helping seniors save their hard-earned money for retirement, so they can afford to stay in New Jersey and enjoy their lives with their kids and grandkids. The bipartisan Senior Security Act will stop financial predators from scamming seniors out of their savings.”

The Securities Industry and Financial Markets Association (SIFMA), an industry trade group representing securities firms, banks, and asset management companies, expressed its support for this bill in the 115th Congress. In a press release, SIFMA stated:

“Protecting senior investors from financial exploitation and the dangers of cognitive decline is a top priority for SIFMA. We strongly support any efforts that focus on the most immediate and most damaging dangers faced by senior investors. H.R. 6323 will strengthen efforts to protect these investors from those bad actors closest to them. Additionally, the bill requires the GAO to conduct a study on the economic costs of the financial exploitation of elder investors. The lack of good, recent data on senior financial exploitation is a problem that this legislation would significantly aid in resolving. SIFMA appreciates the bipartisan attention paid to this important issue.”

This bill has one cosponsor in the 116th Congress, Rep. Trey Hollingsworth (R-IN). In the 115th Congress, this bill had two bipartisan cosponsors (one Democrat and one Republican) and was included in the JOBS and Investor Confidence Act of 2018 (also referred to as the JOBS Act 3.0), which passed the House by a 406-4 vote but didn’t receive a Senate floor vote. A Senate version of this bill, sponsored by Sen. Joe Donnelly (D-IN) with one cosponsor, Sen. Dean Heller (R-NV), didn’t see any committee action in the 115th Congress.


Of NoteA 2015 report found that older Americans lose approximately $36.5 billion a year to financial scams and abuse; and those numbers are increasing as technology makes it easier for scammers to target older Americans. In 2016, a survey by the Investor Protection Trust found that nearly one in five seniors — approximately seven million Americans — have reported being victims of exploitation. In 2018, U.S. banks reported a record 24,454 cases of suspected elder financial abuse to the Treasury Department — more than double the number of suspected cases five years earlier.


Media:

Summary by Lorelei Yang

(Photo Credit: iStockphoto.com / kasto80)

AKA

Senior Security Act of 2019

Official Title

To create an interdivisional taskforce at the Securities and Exchange Commission for senior investors.

    and the consumer financial protection bureau should be revived rather than demolished
    Like (57)
    Follow
    Share
    No, time is UP . NO MORE funding for STUDIES. Compiled data is already available ( AARP). LEGISLATE protections and consequences!
    Like (30)
    Follow
    Share
    Senior citizens tend to be less cyber-savvy and are often the targets of crime. They are especially vulnerable because they can have lots of money saved for retirement. They must be protected.
    Like (32)
    Follow
    Share
    This is something that must be handled at the Federal level. State law enforcement has limited authority and Local government has none since SEC falls under Federal jurisdiction, and only the Federal Courts have the power to enforce and punish.
    Like (23)
    Follow
    Share
    I support the bipartisan Senior Security Act so long as it’s cost remain negligible over the 5 year period specified in this bill. My only concern is that it is a 5 year study. Seems to me that 2-3 years would be adequate to do this job. Additionally, I would like the Consumer Protect Bureau restored and given far more authority than previously.
    Like (18)
    Follow
    Share
    Absolutely. My bet is that you will find that the majority of perpetrators are Conservatives and registered Republicans. Conservatives possess no empathy or human traits, so they can consciously and subconsciously harm others with no guilt.
    Like (15)
    Follow
    Share
    I don’t trust this WH administration. If the SEC can do this sort of study honestly without influence from corrupt criminal trump regime- then it should be done.
    Like (14)
    Follow
    Share
    As much as I care about fraud done against the seniors, this is the sole task of our state officials and not the Federal bureaucracy.
    Like (12)
    Follow
    Share
    Senior citizens are a significant target for financial scammers since they may not be as tech-savvy or alert enough to spot things that are questionable. Unfortunately, we have scum of the Earth out there that think it’s okay to try to steal money from the elderly that they’ve worked their entire lives for. We need to do a much better job at protecting our seniors from these scammers.
    Like (11)
    Follow
    Share
    Absolutely. Seniors need to be taken care of.
    Like (11)
    Follow
    Share
    Senior citizens may be vulnerable targets but they still vote! How about fixing the robo sales calls?! Many seniors don’t hear very well any longer. That makes it easy for fake callers to manipulate them.
    Like (10)
    Follow
    Share
    Our seniors are the largest age group in our nation.Not only do we have a moral obligation but we also have an economic one.
    Like (9)
    Follow
    Share
    I am a conservative financially and I can't stand when greedy financial advisors go after anyone that is in retirement or is close to retirement. Many of these so-called 'advisors' are just in it for themselves, and not to help out their clients, and the more aggressive they are, the more you should run the other way, I recommend to anyone who sees that they are paying exorbitant fees and/or getting lower than average returns to seek out investment firms who clearly states how much investment fees you pay because there are so many people getting taken out there. I'm normally not a 'Big Government' fan but in this regard, having a government agency as a watchdog couldn't hurt. However, the investor also needs to watch out for themselves. There are good places to put your money in relatively safely. Study the basics of investing first, then find the help you need. This is good advice for someone of any age.
    Like (9)
    Follow
    Share
    Yes, and while you are at it...fund the SEC properly and give it some real teeth!
    Like (8)
    Follow
    Share
    Since I am a senior citizen, I will obviously support actions to protect me and my fellows from fraud, overcharging and financial abuse toward people like me. I would appreciate your legislative support to protect us.
    Like (8)
    Follow
    Share
    It's time for all types of financial crimes be prosecuted as aggressively as possible. The failure to arrest, try & convict those necessary for past financial crimes has given bankers & loan firms effective immunity. That is NOT ACCEPTABLE. That is AIDING & ABETTING CRIME by the DOJ.
    Like (7)
    Follow
    Share
    They should do more than just study, they should prevent it from happening.
    Like (6)
    Follow
    Share
    This bill is absolutely necessary for seniors are not taken, stolen from.
    Like (6)
    Follow
    Share
    I'm a senior, and I am constantly bombarded by people looking to get money from me. They are now using phone numbers that belong to people without those people knowing of it, as well as disconnected numbers. They use phone numbers that begin the same as your phone number. Also look out for the survey with a prize. You complete the survey and you get a prize. The information you give while completing the survey is given to marketing companies all over the U.S., and then you start getting phone calls, messages, emails from these companies. They don't give up easily either. You say NO on 5 different occasions, and they'll still call again in 2 weeks. They think seniors are an easy mark, and if you're not always completely aware, they could get you. We need some agency to go after these people that take advantage of seniors.
    Like (6)
    Follow
    Share
    There is no way private concerns like financial institutions can monitor and prevent the kinds of crimes typically committed against seniors. A bank etc can help if someone is raiding an account, but when the threats are from telephone and/or computer sources, only the federal government can investigate and help prevent. A bank can't send a thief to jail, the gov't can.
    Like (6)
    Follow
    Share
    MORE