[Congressional Record Volume 165, Number 70 (Tuesday, April 30, 2019)]
[House]
[Pages H3316-H3318]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     SUPPORTING THE PROTECTION OF ELDERS THROUGH FINANCIAL LITERACY

  Mr. FOSTER. Madam Speaker, I move to suspend the rules and agree to 
the resolution (H. Res. 328) supporting the protection of elders 
through financial literacy.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 328

       Whereas in the context of the financial exploitation of the 
     elderly, Federal statute defines ``exploitation'' as ``the 
     fraudulent or otherwise illegal, unauthorized, or improper 
     act or process of an individual, including a caregiver or 
     fiduciary, that uses the resources of an elder for monetary 
     or personal benefit, profit, or gain, or that results in 
     depriving an elder of rightful access to, or use of, 
     benefits, resources, belongings, or assets'' (42 U.S.C. 
     1397j(8)) (``Elder Financial Exploitation'');
       Whereas the National Adult Protective Services Association 
     has stated, ``Elder abuse is vastly under-reported; only one 
     in 44 cases of financial abuse is ever reported'';
       Whereas Elder Financial Exploitation is expected to 
     increase in the upcoming years as 10,000 baby boomers are 
     turning 65 each day;
       Whereas estimates by the Investor Protection Trust suggest 
     that as many as one of five citizens over the age of 65 are 
     victims of the theft of money, property, identity or 
     belongings;
       Whereas according to the National Center on Aging, ``Up to 
     5 million older Americans are abused every year, and the 
     annual loss by victims of financial abuse is estimated to be 
     at least $36.5 billion.'';
       Whereas older adults are targeted for Elder Financial 
     Exploitation through schemes such as fraud by trusted family, 
     caregivers, and fiduciaries, and through scams by strangers 
     often committed by international criminal networks;
       Whereas common schemes by fraudsters and scammers include, 
     lottery and sweepstakes scams, telemarketing scams, home-
     repair scams, computer-repair scams, investment scams, 
     internet phishing scams, abuse of fiduciary authority, and 
     identity theft;
       Whereas Financial Literacy Month aims to highlight for all 
     Americans the importance of establishing and maintaining 
     healthy financial habits;
       Whereas education about healthy financial habits includes 
     the protection of one's finances from financial exploitation, 
     especially for older adults who are vulnerable to targeted 
     frauds and scams;
       Whereas to combat this serious financial concern and to 
     protect the elder community, this education must also extend 
     to financial institutions, law enforcement, and regulatory 
     agencies so they may work together to understand and detect 
     these frauds and scams;
       Whereas these partnerships include not only Federal 
     agencies, but also State, local, and Tribal authorities such 
     as law enforcement and adult protective services agencies;
       Whereas the Financial Crimes Enforcement Network (FinCEN) 
     is vital to the pursuit of these bad actors, collecting 
     suspicious activity report (SAR) information and sharing, as 
     necessary, its data, analysis, and guidance with appropriate 
     public- and private-sector partners focused on detecting and 
     ending Elder Financial Exploitation;
       Whereas FinCEN, working with Federal consumer and law 
     enforcement partners engages with financial institutions and 
     State and local authorities to educate on the signs of Elder 
     Financial Exploitation;
       Whereas FinCEN, the Consumer Financial Protection Bureau, 
     and the Department of Justice issued in 2017 a joint 
     memorandum to provide information on the use of SARs in the 
     investigation of Elder Financial Exploitation, building on a 
     2011 Advisory that identified red flags for detection; and
       Whereas despite the broad efforts by law enforcement, 
     regulatory agencies, financial institutions, and private 
     sector organizations to educate and share information, Elder 
     Financial Exploitation persists as a multi-billion dollar 
     industry, more can be done: Now, therefore, be it
       Resolved, That the House of Representatives--

[[Page H3317]]

       (1) supports the goals of Financial Literacy Month to raise 
     public awareness about--
       (A) the importance of personal financial education in the 
     United States; and
       (B) the serious consequences that may result from a lack of 
     understanding about personal finances;
       (2) acknowledges that raising awareness of threats to 
     personal finances, especially for vulnerable, targeted 
     populations like older adults and their relatives and 
     caregivers, is only one party of financial literacy;
       (3) understands that to combat Elder Financial 
     Exploitation, it is also necessary to encourage continued 
     education and collaboration among law enforcement, financial 
     institutions, regulatory agencies, and private sector 
     organizations allowing detection, prevention, reporting, and 
     investigation of these crimes;
       (4) supports work being done by FinCEN and its partners to 
     educate the stakeholders which serve and protect America's 
     elder community;
       (5) urges continued public-private partnership and 
     appropriate information sharing to prevent, detect, report, 
     and investigate Elder Financial Exploitation; and
       (6) urges action to assist with remediation and reporting, 
     as well as prevention and detection to have best possible 
     data, feedback, and incident response.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Illinois (Mr. Foster) and the gentleman from Arkansas (Mr. Hill) each 
will control 20 minutes.
  The Chair recognizes the gentleman from Illinois.


                             general leave

  Mr. FOSTER. Madam Speaker, I ask unanimous consent that all Members 
have 5 legislative days within which to revise and extend their remarks 
on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Illinois?
  There was no objection.
  Mr. FOSTER. Madam Speaker, I yield myself such time as I may consume.
  Madam Speaker, I am proud to support H. Res. 328, a resolution 
introduced by Congressman Casten of Illinois and Congressman Rose of 
Tennessee.
  This bipartisan resolution acknowledges an important component of 
financial literacy, and it is raising awareness of threats to personal 
finances, especially for vulnerable targeted populations such as older 
adults. It also encourages continued public-private partnerships and 
information sharing to effectively prevent, detect, report, and 
investigate elder financial exploitation.
  As we have heard, the baby boomer generation is getting older; 10,000 
of them are turning 65 each day. According to the National Center on 
Aging, up to 5 million older Americans are abused every year, and the 
annual loss by victims of financial abuse is estimated to be at least 
$36.5 billion. That is why we need to be proactive about combating this 
serious problem on multiple fronts.
  We should work to arm our senior citizens with the knowledge they 
need to effectively detect and prevent financial exploitation by would-
be criminals. Understanding the red flags and warning signs to look for 
is important first step.
  In addition, we should continue to support efforts by FinCEN and 
other regulatory and law enforcement agencies to ensure that 
information at the disposal of these agencies is used to better deter 
and respond to incidents of elder financial exploitation.
  Efforts like H. Res. 328, together with the Senior Security Act of 
2019 and the Senior Safe Act of 2018, show Congress' commitment to 
supporting our Nation's senior citizens on a bipartisan basis. It also 
shows our commitment to encouraging collaboration, public-private 
partnerships, and information sharing in order to effectively combat 
financial exploitation of senior citizens.
  Madam Speaker, for these reasons, I want to thank the gentleman from 
Illinois (Mr. Casten) and the gentleman from Tennessee (Mr. John W. 
Rose) for bringing this bipartisan initiative forward, and I urge all 
Members to vote ``yes.''
  Madam Speaker, I reserve the balance of my time.
  Mr. HILL of Arkansas. Madam Speaker, I yield myself such time as I 
may consume.
  Madam Speaker, I rise in support of H. Res. 328, Supporting the 
Protection of Elders Through Financial Literacy. This collaboration by 
Mr. Casten of Illinois and Mr. Rose of Tennessee is, again, an 
important bipartisan effort to focus on financial literacy during 
Financial Literacy Month as well as to call attention to the challenges 
that we have in making sure that our senior Americans are taken care of 
and their financial well-being.
  According to research conducted by the AARP Public Policy Institute, 
one in five older Americans is a victim of financial exploitation each 
year. These victims lose up to $3 billion annually, or more than 
$120,000 per victim, which is more than most Americans have in their 
entire retirement savings.
  Sadly, only 1 in 44 cases is reported. That is the challenge that we 
have talked about here this afternoon, that we make sure that that 
reporting is identified so that restitution can be made.
  I am proud of the work the Congress did on the Senior Safe Act, 
legislation that originated in the Financial Services Committee and was 
ultimately signed into law last year. That legislation took an 
important step in offering greater financial protection to seniors by 
encouraging financial institutions, investment advisers, and brokers to 
report suspected fraud or elder abuse to law enforcement--a good step.
  This resolution we are now discussing also complements the fine work 
of Mr. Gottheimer and Mr. Hollingsworth for their work on the Senior 
Security Act.
  Prevention is the best solution. More can and should be done to 
educate seniors and all Americans on healthy financial habits and 
protection against financial exploitation.
  The unfortunate reality is that seniors can be especially vulnerable 
to financial fraud, as outlined by Mr. Gottheimer and Mr. 
Hollingsworth. Even according to the SEC's own report in 2018, ``Elder 
Financial Exploitation,'' it is attributed to cognitive decline and 
wealth held by older generations.
  We must work together to ensure that bad actors don't take advantage 
of this population. These crimes range from complex scams to the all-
too-common case of someone close to an elderly person tricking them 
into signing away money that they had saved for retirement. It is this 
last type of exploitation that is especially troubling.

                              {time}  1300

  As I referenced a few minutes ago, people in a position of trust: 
lawyers, CPAs, financial advisers.
  H. Res. 328 highlights the importance of educating the elderly about 
healthy financial habits that include protecting one's finances from 
financial exploitation. You can't take it for granted that we know 
better than to finance a child's entrapment in Mexico or that you are 
going to help a Nigerian prince. It sounds farfetched. But it happens 
every single day across this country, and education is the best form of 
prevention.
  I think we can all agree that the status quo is not enough. H. Res. 
328 raises much-needed public awareness for the importance of personal 
financial education for the elderly and highlights the collaboration 
between banks, law enforcement, and financial advisers to protect older 
generations.
  For those reasons, I congratulate and thank my friends, 
Representatives Casten and Rose, for their good work.
  Madam Speaker, I yield such time as he may consume to the gentleman 
from Tennessee (Mr. John W. Rose), the Republican author of this 
measure.
  Mr. JOHN W. ROSE of Tennessee. Madam Speaker, I rise in support of H. 
Res. 328.
  I applaud my colleague, Mr. Casten, for his thoughtful leadership on 
this initiative.
  For too long, the financial exploitation of our seniors has been 
swept under the rug. It is truly heartbreaking to hear stories of 
Tennesseans' parents, siblings, and friends being taken advantage of, 
often by those they trust the most. It is time to equip our friends, 
families, and neighbors with the knowledge and tools they need to guard 
against the heartbreak of their hard-earned security and stability 
being stolen in the golden years of life.
  Age brings many of life's most difficult challenges, but financial 
exploitation should not be one of them. It is incumbent upon us to 
correct this injustice and encourage the many community partnerships 
which work to do the same, including the work of our

[[Page H3318]]

men and women in law enforcement, various nonprofit organizations, and 
affiliated regulatory agencies.
  Scammers and deceivers hurt good folks across the Sixth District of 
Tennessee and across America.
  My esteemed colleague from Illinois (Mr. Casten) and I urge our 
fellow Members to join us in standing against this despicable injustice 
plaguing our country.
  Mr. FOSTER. Madam Speaker, I yield 5 minutes to the gentleman from 
Illinois (Mr. Casten), the co-author of this legislation.
  Mr. CASTEN of Illinois. Madam Speaker, I rise today in support of H. 
Res. 328.
  I thank Representative Rose for working on this resolution with me in 
a bipartisan manner, as well as Chair Waters and her staff for their 
commitment to seniors and financial literacy.
  H. Res. 328 supports the security of seniors through the promotion of 
financial literacy. This resolution supports the critical public-
private partnerships that enable collaboration among law enforcement, 
financial institutions, and regulatory agencies to expand financial 
literacy and to detect fraud and scams against seniors.
  America's seniors have worked hard to raise families, pay their 
taxes, protect our country, and build our communities. They have 
scraped and saved to ensure their financial futures.
  Ten thousand baby boomers are turning 65 every day and, by 2030, the 
number of Americans aged 65 and older will more than double to 71 
million, or about 20 percent of the United States population.
  These older Americans, who have given so much, are increasingly being 
targeted for financial exploitation. And in this digital age, with 
personal information so easily procured, the scams are only getting 
more complex and harder to detect. We cannot stand by and let our 
parents and grandparents continue to be ripped off by increasingly 
savvy con artists.
  What would this resolution do?
  It would support the goals of Financial Literacy Month to raise 
public awareness about the importance of personal financial education 
in the United States;
  It would acknowledge that raising awareness of threats to personal 
finances, especially for populations like older adults and their 
relatives and caregivers, is only one part of financial literacy;
  It would recognize that to combat elder financial exploitation, it is 
also necessary to encourage continued collaboration among law 
enforcement, financial institutions, regulatory agencies, and private 
sector organizations to allow the detection, prevention, reporting, and 
investigation of those crimes;
  It would support work being done by FinCEN, the Financial Crimes 
Enforcement Network, and its partners to educate the stakeholders that 
serve and protect America's elder community;
  It would urge continued public-private partnership and appropriate 
information sharing to prevent, detect, report, and investigate elder 
financial exploitation; and
  Finally, it would urge action to assist with remediation and 
reporting, as well as prevention and detection to have the best 
possible data, feedback, and incident response.
  The path to economic security begins with basic money management. But 
in an increasingly complex financial landscape, we cannot limit our 
focus on financial literacy only at the level of individuals and 
caregivers. We must also include financial institutions, law 
enforcement, and regulatory agencies so that they can work together to 
understand and detect these frauds and scams.
  Financial exploitation can be devastating. Studies have shown that 
seniors who suffer from abuse, neglect, or exploitation are three times 
more likely to die than their counterparts.
  Adding to this devastation--and this is painful, but we have to admit 
it--is the exploitation is often committed by family members, by 
trusted friends, or by caregivers. Financial abuse often occurs with 
the implied acknowledgement and/or consent of the elder person and 
therefore can be much more difficult to detect or to prove.

  Employees within the financial services industry may often be the 
first to detect those changes in the behaviors of customers with whom 
they have regular contact. That frontline relationship places 
institutions in a unique position to assist to protect customers, 
upholding the inherent trust relationship with their clients.
  In acknowledging this role, FinCEN issued an advisory to financial 
institutions on filing suspicious activity reports regarding elder 
financial exploitation that would provide red flag indicators and 
instructions on how to report elder financial exploitation through 
suspicious activity reports.
  Timely reporting of suspicious elder financial exploitation activity 
is critical to engaging entities that may have complementary 
information on the victim or the perpetrator and may be well positioned 
to collaborate or investigations.
  Madam Speaker, I urge my colleagues to support H. Res. 328, 
supporting efforts to combat elder financial exploitation.
  Mr. HILL of Arkansas. Madam Speaker, I yield myself the balance of my 
time.
  Madam Speaker, in closing, this has been a good afternoon on a 
bipartisan basis to talk about the importance of financial literacy. It 
is something we all try to practice what we preach. We try to encourage 
a broad sense of partnership between the regulators, our financial 
services firms, the AARP, our schools, and other people to enhance 
financial literacy from adolescence to elder years. And I think about 
what we have heard today on what we are trying to protect our 
constituents from through education: internet scams, Nigerian princes' 
schemes, violators from a trusted person.
  And then I thought back, just sitting here, Madam Speaker, of my own 
in-laws, now deceased about 7 years--one with Alzheimer's and one just 
old-age infirmities--and cleaning up all the sweepstakes applications 
that they had received and sent money to in those final years of their 
life.
  I thank my friends, led by Dr. Foster and others. I congratulate 
Representative Casten and Representative Rose on this particular 
measure, H. Res. 328. I urge all of my colleagues to support it, and I 
yield back the balance of my time.
  Mr. FOSTER. Madam Speaker, I yield myself the balance of my time.
  Madam Speaker, I want to again congratulate Mr. Casten and Mr. Rose 
for having brought this resolution to the floor. I urge my colleagues 
to join us in supporting this important resolution to empower senior 
citizens and promote public-private partnerships in order to strengthen 
our enforcement against crimes of financial exploitation, and I yield 
back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Illinois (Mr. Foster) that the House suspend the rules 
and agree to the resolution, H. Res. 328.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Mr. FOSTER. Madam Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this motion will be postponed.

                          ____________________