Sen. Kirsten Gillibrand (D-NY), ranking member on the Senate Special Committee on Aging, introduced the bipartisan Senior Security Act on Thursday. This legislation would create a Senior Investor Task Force within the Securities and Exchange Commission to offer recommendations for strengthening protections and safeguards for older adult investors.
The bill, which is endorsed by the AARP, is co-sponsored by Sens. Susan Collins (R-ME), Andy Kim (D-NJ) and Dave McCormick (R-PA).
The House passed the Senior Security Act, introduced by Reps. Josh Gottheimer (D-NJ) and Ann Wagner (R-MO), in July.
“Senior investors deserve to be protected, especially as scammers increasingly target older Americans, robbing them of their hard-earned savings and stealing their personal information,” Gillibrand said in a statement.
Older adults lost $2.4 billion to fraud schemes in 2024, driven largely by reported individual losses of more than $100,000 to investment and romance scams, as well as impersonations, according to the Federal Trade Commission’s annual report to Congress in December.
“As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families, and how far too often federal agencies remain unprepared to address the specific needs of older populations,” Gillibrand said. “Our Senior Security Act would establish a dedicated task force to better protect investors over the age of 65 and help create the stronger protections that our seniors and their families deserve.”
If passed by the Senate and signed into law by the president, the Senior Security Act would holistically coordinate across SEC divisions, consult with state and federal regulators, and issue a public report to Congress every two years outlining trends, enforcement actions, regulatory gaps and legislative recommendations related to investors over the age of 65. The bill also directs the Government Accountability Office to conduct a comprehensive study on the economic costs, frequency and reporting gaps associated with senior financial exploitation.
“This bipartisan bill would ensure that the Securities and Exchange Commission has the expertise needed to coordinate the efforts of state authorities and regulators to reduce the risk of senior investors being defrauded,” Collins said.
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