Wagner and Gottheimer Bring Back Bill to Safeguard Seniors from Financial Exploitation

Congresswoman Ann Wagner and Congressman Josh Gottheimer have reintroduced the Financial Exploitation Prevention Act to address the vulnerability of seniors to financial scams. The legislation aims to protect seniors from falling victim to fraudulent schemes that target their hard-earned retirement savings. According to Wagner, seniors in the community are often susceptible to scammers and malicious individuals looking to exploit them, making it crucial to safeguard their financial well-being.

Gottheimer echoed these sentiments, emphasizing the need to combat financial scams that have deprived many seniors, including his own mother, of their retirement funds. He stressed the importance of equipping the financial industry with the necessary tools to protect seniors from exploitation and ensure they can retire with dignity. Both lawmakers are committed to combating fraudulent activities that endanger the financial security of seniors and vulnerable individuals.

The Financial Exploitation Prevention Act proposes two key measures to address suspected financial exploitation and abuse of seniors and individuals with mental or physical disabilities. Firstly, the bill mandates the Securities and Exchange Commission to provide Congress with recommendations for legislative and regulatory changes to combat financial exploitation effectively. Secondly, it allows registered open-end investment companies, including mutual funds, to delay the redemption period of securities if there are reasonable grounds to believe that the request for redemption was made through the financial exploitation of a senior or a vulnerable individual.

As the population of seniors aged 65 and over is projected to increase to 18% by 2030, the risk of financial exploitation is also expected to rise. Currently, approximately 1 in 5 senior investors fall victim to financial fraud, resulting in an estimated loss of $3.4 billion annually due to financial exploitation. The reintroduction of the Financial Exploitation Prevention Act underscores the urgent need to protect seniors from financial abuse and ensure the security of their retirement accounts.

In conclusion, Congresswoman Ann Wagner and Congressman Josh Gottheimer are championing the fight against financial exploitation targeting seniors. By reintroducing the legislation, they are taking proactive steps to address the vulnerability of seniors to fraudulent schemes and ensure that their hard-earned savings are safeguarded. The bipartisan effort to combat financial scams and protect seniors from exploitation reflects a commitment to upholding the financial well-being and dignity of older Americans.