The House passed the bipartisan Financial Exploitation Prevention Act that aims to protect elderly and vulnerable Americans from being scammed out of their savings.
The House on Monday passed a bipartisan bill that aims to prevent theby scammers amid a surge in such crimes that have impacted one in five senior citizens.
Introduced by Rep. Ann Wagner, R-Mo., the Financial Exploitation Prevention Act would allow a registered open-end investment company like those that operate many mutual funds to delay the redemption period of a security if they reasonably believe it was requested through the financial exploitation of a senior citizen over the age of 65 or a person with disabilities who cannot protect their interests. The House passed the bill on a 419-0 vote Monday evening.
"Sadly, about one in five senior investors fall prey to financial fraud, and those investors lose an estimated $2.9 billion annually in reported cases," Wagner said in remarks on the House floor. "However, according to the National Adult Protective Services Association, only one in 44 cases is ever even reported.
Under the bill, the company could initially delay redemption for up to 15 days and then an additional 10 days if they determine there was financial exploitation. It would also require the
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