U.S. Sens. Andy Kim Andy Kim (D-NJ), Susan Collins (R-ME), Kirsten Gillibrand (D-NY), and Dave McCormick (R-PA) have introduced legislation to stop financial predators from scamming American seniors.
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The legislation, the Senior Security Act, would protect seniors’ savings by creating a Senior Investor Task Force within the Securities and Exchange Commission (SEC) that would strengthen protections and safeguards for senior citizens, the lawmakers said.
“Scammers are preying on our seniors, stealing billions of dollars from Americans’ hard-earned retirement savings. Aging with dignity and security shouldn’t be too much to ask for in our country. We need this legislation and task force to take targeted and thorough action to confront these crimes and stand up for our nation’s seniors,” Kim, a member of the Senate Special Committee on Aging and the Senate Banking Committee, said.
Officials said the Senior Investor Taskforce would meet to identify challenges facing senior investors, including problems associated with financial exploitation and cognitive decline, as well as areas where senior investors would benefit from changes at the SEC. The task force would also be required to present a biennial report to Congress.
According to the AARP, financial fraud costs seniors as much as $81.5 billion in 2024, the majority of which through investment scams.
“The Senior Security Act would create a taskforce at the Securities and Exchange Commission to examine and identify challenges that senior investors face,” AARP said in a letter of endorsement. “The legislation also calls for the U.S. Government Accountability Office to study and report on the economic costs of the financial exploitation of seniors. The report would specifically examine relevant trends and innovations — like robocalls and voice spoofing — that are affecting senior investors, helping policymakers and advocates stay ahead of changes in financial scams as they arise.”
Companion legislation has been introduced and passed in the House.
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