Senator re-introduced bipartisan Senior Security Act
WASHINGTON – Arizona senior Senator Kyrsten Sinema, along with Republican Senator Susan Collins (Maine), re-introduced the Senior Security Act – bipartisan legislation protecting Arizona seniors from financial crimes and scammers.
“Arizona seniors deserve peace and mind and security in their retirements. That’s why we’re introducing our bill to protect Arizonans from fraudsters and criminals,” said Sinema.
“As a Senator representing the oldest state in the country, I have consistently worked to fight fraud and financial exploitation targeted at older Americans,” said Senator Collins. “This bipartisan bill would create a task force within the Securities and Exchange Commission to coordinate state authorities’ and regulators’ efforts to reduce senior investors’ risk of being defrauded.”
Sinema’s legislation creates a task force at the Securities and Exchange Commission (SEC) to examine and identify challenges that seniors face while investing. Every two years, the task force will report its findings to Congress and recommend changes to regulations or law. Additionally, within two years of the legislation becoming law, the U.S. Government Accountability Office would study and report the economic costs of the financial abuse of senior citizens.
Sinema has long worked to protect Arizona seniors from scams. While serving in the U.S. House of Representatives, Sinema led passage of the Senior Safe Act and worked with Republican Senator Susan Collins (Maine) as it passed the Senate and became law in 2018. The Senior Safe Act allows financial institutions to work with law enforcement to stop the financial abuse of seniors.
According to the Arizona Department of Economic Security, there are 1.5 million adults ages 60 and older in Arizona. In another report, the Arizona Department of Economic Security estimates that by 2030, Arizona will have as many people over 60 years old as there are children under the age of 17.
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