NAIFA applauds the U.S House of Representatives on the passage of H.R. 1876, the Senior Security Act of 2019. The legislation passed by the House on April 30 and was referred to the Senate Banking Committee on May 1. It establishes an interdivisional task force at the Securities and Exchange Commission to investigate continuing issues facing senior investors. The task force will work with government authorities to formulate recommendations to Congress that will address areas where more protections are needed to protect seniors.

Under the proposed legislation, the Government Accountability Office will also prepare a report on the economic impact and consequences of elder financial exploitation. The study will further assist legislators in better understanding the challenges faced by senior investors while allowing them to better address factors that lead to their exploitation. 

NAIFA believes the Senior Security Act will further strengthen protections of senior investors and will compliment recently enacted legislation, such as the Senior Safe Act, by continuing to identify strategies that will better protect America’s most vulnerable citizens.