U.S. Sen. Kirsten Gillibrand on Thursday introduced legislation aimed at helping stop financial predators from scamming senior citizens.
Gillibrand, the top Democrat on the Senate Aging Committee, is advocating alongside U.S. Sens. Andy Kim of New Jersey, Susan Collins of Maine and Dave McCormick of Pennsylvania, for the Senior Security Act, which would create a Senior Investor Task Force within the Securities and Exchange Commission to offer recommendations for strengthening protections and safeguards for senior investors. 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.
According to the FBI, seniors lost $4.8 billion in 2024 to fraud and scams.
“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. “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. 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. I am proud to introduce this legislation and will fight to get it across the finish line.”
The Senior Security Act was introduced and passed in the U.S. House of Representatives. It is endorsed by AARP.
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