[Congressional Record Volume 168, Number 158 (Thursday, September 29, 2022)]
[Senate]
[Pages S5718-S5719]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6195. Mr. VAN HOLLEN (for himself, Mr. Scott of South Carolina,
Mr. Warnock, Ms. Lummis, Mr. Casey, Ms. Collins, and Mr. Blumenthal)
submitted an amendment intended to be proposed to amendment SA 5499
submitted by Mr. Reed (for himself and Mr. Inhofe) and intended to be
proposed to the bill H.R. 7900, to authorize appropriations for fiscal
year 2023 for military activities of the Department of Defense, for
military construction, and for defense activities of the Department of
Energy, to prescribe military personnel strengths for such fiscal year,
and for other purposes; which was ordered to lie on the table; as
follows:
At the appropriate place, insert the following:
SEC. __. GRANTS TO ELIGIBLE ENTITIES FOR ENHANCED PROTECTION
OF SENIOR INVESTORS AND SENIOR POLICYHOLDERS.
(a) In General.--Section 989A of the Investor Protection
and Securities Reform Act of 2010 (15 U.S.C. 5537) is amended
to read as follows:
``SEC. 989A. GRANTS TO ELIGIBLE ENTITIES FOR ENHANCED
PROTECTION OF SENIOR INVESTORS AND SENIOR
POLICYHOLDERS.
``(a) Definitions.--In this section:
``(1) Eligible entity.--The term `eligible entity' means--
``(A) the securities commission (or any agency or office
performing like functions) of any State; and
``(B) the insurance department (or any agency or office
performing like functions) of any State.
``(2) Senior.--The term `senior' means any individual who
has attained the age of 62 years or older.
``(3) Senior financial fraud.--The term `senior financial
fraud' means a fraudulent or otherwise illegal, unauthorized,
or improper act or process of an individual, including a
caregiver or a fiduciary, that--
``(A) uses the resources of a senior for monetary or
personal benefit, profit, or gain;
``(B) results in depriving a senior of rightful access to
or use of benefits, resources, belongings, or assets; or
``(C) is an action described in section 1348 of title 18,
United States Code, that is taken against a senior.
``(4) Task force.--The term `task force' means the task
force established under subsection (b)(1).
``(b) Grant Program.--
``(1) Task force.--
``(A) In general.--The Commission shall establish a task
force to carry out the grant program under paragraph (2).
``(B) Membership.--The task force shall consist of the
following members:
``(i) A Chair of the task force, who--
``(I) shall be appointed by the Chairman of the Commission,
in consultation with the Commissioners of the Commission; and
``(II) may be a representative of the Office of the
Investor Advocate of the Commission, the Division of
Enforcement of the Commission, or such other representative
as the Commission determines appropriate.
``(ii) If the Chair is not a representative of the Office
of the Investor Advocate of the Commission, a representative
of such Office.
``(iii) If the Chair is not a representative of the
Division of Enforcement of the Commission, a representative
of such Division.
``(iv) Such other representatives as the Commission
determines appropriate.
``(C) Detail of executive agency employees.--Upon the
request of the Commission, the head of any Federal agency may
detail, on a reimbursable basis, any of the personnel of that
Federal agency to the Commission to assist it in carrying out
its functions under this section. The detail of any such
personnel shall be without interruption or loss of civil
service status or privilege.
``(2) Grants.--The task force shall carry out a program
under which the task force shall make grants, on a
competitive basis, to eligible entities, which--
``(A) may use the grant funds--
``(i) to hire staff to identify, investigate, and prosecute
(through civil, administrative, or criminal enforcement
actions) cases involving senior financial fraud;
[[Page S5719]]
``(ii) to fund technology, equipment, and training for
regulators, prosecutors, and law enforcement officers, in
order to identify, investigate, and prosecute cases involving
senior financial fraud;
``(iii) to provide educational materials and training to
seniors to increase awareness and understanding of senior
financial fraud;
``(iv) to develop comprehensive plans to combat senior
financial fraud; and
``(v) to enhance provisions of State law to provide
protection from senior financial fraud; and
``(B) may not use the grant funds for any indirect expense,
such as rent, utilities, or any other general administrative
cost that is not directly related to the purpose of the grant
program.
``(3) Authority of task force.--In carrying out paragraph
(2), the task force--
``(A) may consult with staff of the Commission; and
``(B) shall make public all actions of the task force
relating to carrying out that paragraph.
``(c) Applications.--An eligible entity desiring a grant
under this section shall submit an application to the task
force, in such form and in such a manner as the task force
may determine, that includes--
``(1) a proposal for activities to protect seniors from
senior financial fraud that are proposed to be funded using a
grant under this section, including--
``(A) an identification of the scope of the problem of
senior financial fraud in the applicable State;
``(B) a description of how the proposed activities would--
``(i) protect seniors from senior financial fraud,
including by proactively identifying victims of senior
financial fraud;
``(ii) assist in the investigation and prosecution of those
committing senior financial fraud; and
``(iii) discourage and reduce cases of senior financial
fraud; and
``(C) a description of how the proposed activities would be
coordinated with other State efforts; and
``(2) any other information that the task force determines
appropriate.
``(d) Performance Objectives; Reporting Requirements;
Audits.--
``(1) In general.--The task force--
``(A) may establish such performance objectives and
reporting requirements for eligible entities receiving a
grant under this section as the task force determines are
necessary to carry out and assess the effectiveness of the
program under this section; and
``(B) shall require each eligible entity that receives a
grant under this section to submit to the task force a
detailed accounting of the use of grant funds, which shall be
submitted at such time, in such form, and containing such
information as the task force may require.
``(2) Report.--Not later than 2 years, and again not later
than 5 years, after the date of the enactment of the
Empowering States to Protect Seniors from Bad Actors Act, the
task force shall submit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
that--
``(A) specifies each recipient of a grant under this
section;
``(B) includes a description of the programs that are
supported by each such grant; and
``(C) includes an evaluation by the task force of the
effectiveness of such grants.
``(3) Audits.--The task force shall annually conduct an
audit of the program under this section to ensure that
eligible entities to which grants are made under that program
are, for the year covered by the audit, using grant funds for
the intended purposes of those funds.
``(e) Maximum Amount.--The amount of a grant to an eligible
entity under this section may not exceed $500,000, which the
task force shall adjust annually to reflect the percentage
change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics of the Department
of Labor.
``(f) Subgrants.--An eligible entity that receives a grant
under this section may, in consultation with the task force,
make a subgrant, as the eligible entity determines is
necessary or appropriate--
``(1) to carry out the activities described in subsection
(b)(2)(A); and
``(2) which may not be used for any activity described in
subsection (b)(2)(B).
``(g) Authorization of Appropriations.--There are
authorized to be appropriated to carry out this section
$10,000,000 for each of fiscal years 2023 through 2028.''.
(b) Conforming Amendment.--The table of contents in section
1(b) of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Public Law 111-203; 124 Stat. 1376) is
amended by striking the item relating to section 989A and
inserting the following:
``Sec. 989A. Grants to eligible entities for enhanced protection of
senior investors and senior policyholders.''.
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