Bipartisan legislation has been introduced in both the House and Senate to address the special challenges that senior investors can face, either because of cognitive decline or because they are targeted with fraud and financial exploitation. CFA sent letters of support for the Senior Security Act (H.R. 1565, S. 856) to House sponsors Rep. Josh Gottheimer (D-NJ) and Rep. Trey Hollingsworth (R-IN) and to Senate Sponsors Sen. Kyrsten Sinema (D-AZ) and Sen. Susan Collins (R-ME).

“This legislation recognizes both the important role that investing plays in the financial lives of older Americans and their particular vulnerability to fraud and exploitation. By creating a special task force within the Securities and Exchange Commission to focus on these issues, and directing them to coordinate with other state and federal regulators, the Senior Security Act will help to ensure that our laws and regulations provide the protections that older Americans need when they turn to our capital markets to invest for, and to provide income and a hedge against inflation in, retirement,” the letter states. “We believe this approach will provide a sound basis for future policies to better protect vulnerable senior investors. We are therefore pleased to support this bill and urge its passage,” the letter concludes.

House Letter

Senate Letter