Bicameral legislation has been introduced on Capitol Hill to protect nearly $15 trillion in assets – the life savings of Americans over 65 – from fraud perpetrated by unscrupulous financial advisors.
“This important legislation will help protect seniors and their retirement investments,” stated Congressman Paul Hodes, D-NH. “By providing states additional funds and increasing penalties for fraud, we will help prevent America’s seniors from being victims of unscrupulous financial advisors that would seek to take advantage of their retirement accounts.”
The first bill, known as the Senior Investor Protection Act, will create a new grant program to assist states in their efforts to protect seniors from misleading financial advisor designations.
The second bill, the Senior Investor Protections Enhancement Act, specifically targets those who commit securities violations against seniors.
“This legislation will toughen penalties on those who scam and defraud older Americans and provide more peace of mind and security to investors,” explained Sen. Bob Casey, D-Penn. “Too many people approaching retirement or in retirement have lost a portion of their life savings in the market. They shouldn’t have to fear losing more because of fraud.”
Further action on the pending legislation is expected in both the Senate and the House.
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New Bill Protects Senior Investors