U.S. Senators Chris Van Hollen (D-Md.), Tim Scott (R-S.C.), Raphael Warnock (D-Ga.), and Cynthia Lummis (R-Wyo.) introduced the Empowering States to Protect Seniors from Bad Actors Act, a bipartisan bill that would create a Securities and Exchange Commission program to work with state regulators to protect senior investors.
Under the legislation, state regulators would be eligible for up to $10 million in federal grants annually that they would "support the investigation and prosecution of senior financial fraud cases, invest in technology and training, and conduct outreach to older Americans and increase their awareness of scams."
Sen. Van Hollen's press release on the legislation specifically mentions NAIFA's support for efforts to protect senior investors from scams and fraud. Insurance and financial professionals, especially NAIFA members who abide by the association's Code of Ethics, often provide a first line of defense against the financial exploitation of older Americans.
NAIFA has previously supported the federal Senior Safe Act as well as state legislation and regulations that protect senior investors.
NAIFA's advocacy team is constantly engaged with members of Congress, working with lawmakers to promote policies to protect the consumers financial professionals serve and to provide financial security for all Americans.