Senator’s bipartisan bill creates a taskforce to protect seniors from financial crimes, helping safeguard their retirement savings
WASHINGTON – Arizona senior Senator Kyrsten Sinema today introduced the bipartisan Senior Security Act with Republican Senator Susan Collins (Maine)—legislation which creates a task force focused on protecting Arizona seniors from financial crimes and scammers.
“Arizonans deserve to retire with dignity. We’re protecting Arizona seniors from scammers so they can have financial peace of mind in their retirement,” said Sinema, a member of the Senate Aging Committee and the Senate Banking Committee.
“As Chairman of the Senate Aging Committee, one of my top priorities is to fight fraud and financial exploitation targeted at older Americans,” said Senator Collins. “Building on our efforts to thwart senior scams through the Senior Safe Act that became law last year, this bipartisan bill would create a task force to coordinate state authorities’ and regulators’ efforts to reduce senior investors’ risk of being defrauded.”
The Senior Security Act creates an interdivisional task force at the Securities and Exchange Commission (SEC) to examine and identify challenges facing senior investors. Every two years, in consultation with other SEC offices, state securities and law enforcement authorities, state insurance regulators, and federal agencies, the task force will report its findings to Congress and recommend any regulatory or statutory changes. Further, within two years of enactment, the U.S. Government Accountability Office will study and report on the economic costs of the financial exploitation of senior citizens.
Companion legislation of the Senior Security Act was introduced in the U.S. House. It passed on April 30, 2019 by a bipartisan vote of 392 to 20.
Sinema’s new bill builds on her successful work passing the Senior Safe Act last year. The Senior Safe Act enables financial institutions to work with law enforcement in order to stop the financial abuse of seniors. Sinema led the passage of the Senior Safe Act in the U.S. House and worked with Republican Senator Susan Collins, who cosponsored companion legislation in the Senate, to get it signed into law.