[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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