[Congressional Record Volume 169, Number 97 (Monday, June 5, 2023)]
[House]
[Pages H2721-H2723]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            NATIONAL SENIOR INVESTOR INITIATIVE ACT OF 2023

  Mrs. WAGNER. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 2593) to create an interdivisional taskforce at the 
Securities and Exchange Commission for senior investors, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 2593

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``National Senior Investor 
     Initiative Act of 2023'' or the ``Senior Security Act of 
     2023''.

     SEC. 2. SENIOR INVESTOR TASKFORCE.

       Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 
     78d) is amended by adding at the end the following:
       ``(l) Senior Investor Taskforce.--
       ``(1) Establishment.--There is established within the 
     Commission the Senior Investor Taskforce (in this subsection 
     referred to as the `Taskforce').
       ``(2) Director of the taskforce.--The head of the Taskforce 
     shall be the Director, who shall--
       ``(A) report directly to the Chairman; and
       ``(B) be appointed by the Chairman, in consultation with 
     the Commission, from among individuals--
       ``(i) currently employed by the Commission or from outside 
     of the Commission; and
       ``(ii) having experience in advocating for the interests of 
     senior investors.
       ``(3) Staffing.--The Chairman shall ensure that--
       ``(A) the Taskforce is staffed sufficiently to carry out 
     fully the requirements of this subsection; and
       ``(B) such staff shall include individuals from the 
     Division of Enforcement, Office of Compliance Inspections and 
     Examinations, and Office of Investor Education and Advocacy.
       ``(4) No compensation for members of taskforce.--All 
     members of the Taskforce appointed under paragraph (2) or (3) 
     shall serve without compensation in addition to that received 
     for their services as officers or employees of the United 
     States.
       ``(5) Minimizing duplication of efforts.--In organizing and 
     staffing the Taskforce, the Chairman shall take such actions 
     as may be necessary to minimize the duplication of efforts 
     within the divisions and offices described under paragraph 
     (3)(B) and any other divisions, offices, or taskforces of the 
     Commission.
       ``(6) Functions of the taskforce.--The Taskforce shall--
       ``(A) identify challenges that senior investors encounter, 
     including problems associated with financial exploitation and 
     cognitive decline;
       ``(B) identify areas in which senior investors would 
     benefit from changes in the regulations of the Commission or 
     the rules of self-regulatory organizations;
       ``(C) coordinate, as appropriate, with other offices within 
     the Commission, other taskforces that may be established 
     within the Commission, self-regulatory organizations, and the 
     Elder Justice Coordinating Council; and
       ``(D) consult, as appropriate, with State securities and 
     law enforcement authorities, State insurance regulators, and 
     other Federal agencies.
       ``(7) Report.--The Taskforce, in coordination, as 
     appropriate, with the Office of the Investor Advocate and 
     self-regulatory organizations, and in consultation, as 
     appropriate, with State securities and law enforcement 
     authorities, State insurance regulators, and Federal 
     agencies, shall issue a report every 2 years to the Committee 
     on Banking, Housing, and Urban Affairs and the Special 
     Committee on Aging of the Senate and the Committee on 
     Financial Services of the House of Representatives, the first 
     of which shall not be issued until after the report described 
     in section 3 of the National Senior Investor Initiative Act 
     of 2023 has been issued and considered by the Taskforce, 
     containing--
       ``(A) appropriate statistical information and full and 
     substantive analysis;
       ``(B) a summary of recent trends and innovations that have 
     impacted the investment landscape for senior investors;
       ``(C) a summary of regulatory initiatives that have 
     concentrated on senior investors and industry practices 
     related to senior investors;
       ``(D) key observations, best practices, and areas needing 
     improvement, involving senior investors identified during 
     examinations, enforcement actions, and investor education 
     outreach;
       ``(E) a summary of the most serious issues encountered by 
     senior investors, including issues involving financial 
     products and services;
       ``(F) an analysis with regard to existing policies and 
     procedures of brokers, dealers, investment advisers, and 
     other market participants related to senior investors and 
     senior investor-related topics and whether these policies and 
     procedures need to be further developed or refined;
       ``(G) recommendations for such changes to the regulations, 
     guidance, and orders of the Commission and self-regulatory 
     organizations and such legislative actions as may be 
     appropriate to resolve problems encountered by senior 
     investors; and
       ``(H) any other information, as determined appropriate by 
     the Director of the Taskforce.
       ``(8) Request for reports.--The Taskforce shall make any 
     report issued under paragraph (7) available to a Member of 
     Congress who requests such a report.
       ``(9) Sunset.--The Taskforce shall terminate after the end 
     of the 10-year period beginning on the date of the enactment 
     of this subsection.
       ``(10) Senior investor defined.--For purposes of this 
     subsection, the term `senior investor' means an investor over 
     the age of 65.
       ``(11) Use of existing funds.--The Commission shall use 
     existing funds to carry out this subsection.''.

     SEC. 3. GAO STUDY.

       (a) Study.--Not later than 2 years after the date of 
     enactment of this Act, the Comptroller General of the United 
     States shall submit to Congress and the Senior Investor 
     Taskforce the results of a study of financial exploitation of 
     senior citizens.
       (b) Contents.--The study required under subsection (a) 
     shall include information with respect to--
       (1) economic costs of the financial exploitation of senior 
     citizens--
       (A) associated with losses by victims that were incurred as 
     a result of the financial exploitation of senior citizens;
       (B) incurred by State and Federal agencies, law enforcement 
     and investigatory agencies,

[[Page H2722]]

     public benefit programs, public health programs, and other 
     public programs as a result of the financial exploitation of 
     senior citizens;
       (C) incurred by the private sector as a result of the 
     financial exploitation of senior citizens; and
       (D) any other relevant costs that--
       (i) result from the financial exploitation of senior 
     citizens; and
       (ii) the Comptroller General determines are necessary and 
     appropriate to include in order to provide Congress and the 
     public with a full and accurate understanding of the economic 
     costs resulting from the financial exploitation of senior 
     citizens in the United States;
       (2) frequency of senior financial exploitation and 
     correlated or contributing factors--
       (A) information about percentage of senior citizens 
     financially exploited each year; and
       (B) information about factors contributing to increased 
     risk of exploitation, including such factors as race, social 
     isolation, income, net worth, religion, region, occupation, 
     education, home-ownership, illness, and loss of spouse; and
       (3) policy responses and reporting of senior financial 
     exploitation--
       (A) the degree to which financial exploitation of senior 
     citizens unreported to authorities;
       (B) the reasons that financial exploitation may be 
     unreported to authorities;
       (C) to the extent that suspected elder financial 
     exploitation is currently being reported--
       (i) information regarding which Federal, State, and local 
     agencies are receiving reports, including adult protective 
     services, law enforcement, industry, regulators, and 
     professional licensing boards;
       (ii) information regarding what information is being 
     collected by such agencies; and
       (iii) information regarding the actions that are taken by 
     such agencies upon receipt of the report and any limits on 
     the agencies' ability to prevent exploitation, such as 
     jurisdictional limits, a lack of expertise, resource 
     challenges, or limiting criteria with regard to the types of 
     victims they are permitted to serve;
       (D) an analysis of gaps that may exist in empowering 
     Federal, State, and local agencies to prevent senior 
     exploitation or respond effectively to suspected senior 
     financial exploitation; and
       (E) an analysis of the legal hurdles that prevent Federal, 
     State, and local agencies from effectively partnering with 
     each other and private professionals to effectively respond 
     to senior financial exploitation.
       (c) Senior Citizen Defined.--For purposes of this section, 
     the term ``senior citizen'' means an individual over the age 
     of 65.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Missouri (Mrs. Wagner) and the gentleman from California (Mr. Sherman) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from Missouri.


                             General Leave

  Mrs. WAGNER. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and include extraneous material on the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Missouri?
  There was no objection.
  Mrs. WAGNER. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I rise in support of H.R. 2593, the Senior Security Act. 
I am proud to be an original cosponsor of this bill, and I thank my 
colleagues from both sides of the aisle, Representatives Gottheimer and 
Lawler, for working on this important piece of bipartisan legislation 
that will assist in the protection of our senior investors.
  Fraud and exploitation of any kind in our capital markets threaten 
the integrity of our markets. It is especially problematic when such 
fraudulent activity targets senior investors.
  According to some reports, around 20 percent of senior investors fall 
prey to fraudulent investment schemes. Similar reports show that 
seniors lose nearly $3 billion annually from financial fraud and 
exploitation.
  The Senior Security Act is designed to support and enhance efforts to 
protect against and prevent the financial exploitation of senior 
investors.
  This bill establishes the senior investors task force within the 
Securities and Exchange Commission, which must report on industry 
trends and serious issues impacting investors over the age of 65. The 
task force will also help inform policymaking in Washington by making 
recommendations for legislative or regulatory actions to address 
problems encountered by our senior investors.
  Mr. Speaker, H.R. 2593 has received very strong bipartisan support in 
the past, passing by suspension in both the 116th and 117th Congresses. 
It remains a sensible solution to ensure that senior investors receive 
adequate protection against fraud and exploitation.
  For this reason, I urge my colleagues to support H.R. 2593, and I 
reserve the balance of my time.
  Mr. SHERMAN. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I do have a question for the chairwoman of our 
subcommittee. We are taking these bills in a different order than I was 
told. We are now dealing with H.R. 2593. Will we then return to H.R. 
2608 and H.R. 2610?
  Mrs. WAGNER. Mr. Speaker, will the gentleman yield for the purpose of 
a colloquy?
  Mr. SHERMAN. Mr. Speaker, I yield to the gentlewoman from Missouri.
  Mrs. WAGNER. Mr. Speaker, I am happy to inform the ranking member 
that we may be a bit out of order here. My deepest apologies, and we 
will be returning to that order right after this bill is finished.
  Mr. SHERMAN. Mr. Speaker, the one person that may be most surprised 
by us going out of order is the author of this bill, Mr. Gottheimer. I 
know he is on his way now to this floor, so in order for him to get 
here before he would have expected to be needed, I will speak very 
slowly.
  Mr. Speaker, I rise slowly in support of H.R. 2593, the Senior 
Security Act sponsored by the gentleman from New Jersey, who is on his 
way to this floor right now.
  Scams targeting seniors, which can include harassing robocalls and 
phone calls impersonating the government, cost older Americans more 
than $36 billion a year, according to the National Council on Aging. 
According to AARP, these kinds of senior scams have more than doubled 
just since 2020.
  Financial scams can leave a devastating and lasting impact on our 
seniors, causing significant financial loss. Recovering lost funds is a 
very challenging process, and in many cases, the money is simply not 
retrieved.
  Scams also lead to significant emotional distress, resulting in 
feelings of embarrassment, guilt, shame, and a diminished sense of 
self-worth. The emotional impact can exacerbate health conditions or 
lead to depression and anxiety. Once scammed, seniors might lose trust 
in people, which can lead to further isolation and reluctance to seek 
help.
  Mr. Gottheimer's bill takes key steps to help protect older Americans 
nationwide from getting scammed out of their hard-earned money by 
establishing a senior investor task force within the SEC. This task 
force must report on topics relating to investors over the age of 65 
and make recommendations for actions to address problems encountered by 
senior investors.
  I will also point out that this is important for our capital markets 
and for companies trying to raise money because every time a senior is 
subject to one of these scams, others become less interested in 
investing, and we need Americans to feel that they are protected and 
not cheated when they invest in stocks, bonds, and our capital markets.
  Mr. Speaker, I urge my colleagues to support this bill. I am pleased 
that the gentleman from New Jersey has arrived, and I reserve the 
balance of my time.
  Mrs. WAGNER. Mr. Speaker, I, too, am pleased to see that the author 
of the bill, the gentleman from New Jersey (Mr. Gottheimer), is here to 
speak on his very fine piece of legislation that we are all supportive 
of, in a bipartisan manner, H.R. 2593, and I reserve the balance of my 
time.
  Mr. SHERMAN. Mr. Speaker, I yield such time as he may consume to the 
gentleman from New Jersey (Mr. Gottheimer), the author of this bill.
  Mr. GOTTHEIMER. Mr. Speaker, I rise in support of my bipartisan bill, 
the Senior Security Act, to help protect vulnerable seniors who are 
being targeted by fraudsters who seek to take financial advantage of 
them.
  I first thank my colleague, Republican Congresswoman Ann Wagner, for 
her friendship and her leadership. I am very grateful for her continued 
fight to have the backs of our seniors.
  Mr. Speaker, I also thank Senators Sinema and Collins, who have 
introduced the companion legislation to the Senior Security Act in the 
United States Senate.
  This legislation builds on Congresswoman Wagner's and my previous

[[Page H2723]]

work this Congress when we advanced the Financial Exploitation 
Prevention Act that would give asset managers more tools to prevent 
suspected financial exploitation of seniors and vulnerable adults.
  Since I took office, I have been committed to helping seniors save 
their hard-earned money for retirement, help cut their taxes, afford 
prescription drugs, and protect Social Security and Medicare so that, 
at the end of the day, they can afford to stay where I live in northern 
New Jersey and enjoy their lives with their friends, children, and 
grandchildren.
  Unfortunately, far too many of our seniors have had their hard-earned 
retirement savings stolen right out from under them when a scammer 
calls or shows up at their door. Millions of seniors across the 
country, including my own late mother, have been the victims of 
financial scams, and far too many have been cheated out of their 
retirement savings.
  It is appalling. It is offensive. It is simply unacceptable. These 
senior scams cost older Americans more than $36 billion a year, often 
hitting their retirement nest eggs, not to mention the pain and anxiety 
you can't put a dollar figure on. Plus, senior scams have more than 
doubled since 2020.
  We are here today to do something about it by advancing the Senior 
Security Act to help protect American seniors from these shameless 
criminals.
  This bipartisan bill would create a senior investor task force at the 
Securities and Exchange Commission that will exclusively focus on how 
seniors are being targeted by fraudsters who seek to take financial 
advantage of them.
  Every 2 years, the task force will be required to submit a report to 
Congress outlining trends and innovations, like robocalls and voice 
spoofing, that are impacting senior investors, helping us stay ahead of 
changes in financial scams as they arise.

  Everyone should know they are incredibly sophisticated now. Literally 
through AI and other spoofing, it sounds like someone's grandchild 
calling when they scam them.
  The task force will give law enforcement stronger tools and 
information. The task force will coordinate with other Federal 
regulators, State regulators, and law enforcement to ensure we are 
doing as much as we can at every level of government to stop hucksters 
from scamming our seniors. The task force will be a cop on the beat to 
make sure we keep up with the changes in financial scams and, again, 
stay ahead of new issues.
  Our seniors have given us so much. We should always have their backs, 
look out for them, and help protect them from predators and innovative 
scammers who want to take advantage of them.
  Mr. Speaker, I urge my colleagues to support this commonsense, 
bipartisan legislation, the Senior Security Act. I thank my colleagues 
and Congresswoman Wagner, again, for her friendship and her leadership.
  Mrs. WAGNER. Mr. Speaker, I strongly urge all of my colleagues to 
support H.R. 2593, and I reserve the balance of my time.
  Mr. SHERMAN. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, this bill passed in committee 49-0. Our seniors are 
particularly vulnerable to financial scams. As Members of Congress, we 
must work to find effective ways to protect seniors from scamsters and 
fraudsters.
  Mr. Gottheimer's bill, a bill I commend him for drafting and one 
that, once again, got 49 votes to 0 in our committee--I commend him for 
crafting this legislation.
  Mr. Speaker, I urge my colleagues to support the bill, and I yield 
back the balance of my time.
  Mrs. WAGNER. Mr. Speaker, once again, I urge all my colleagues to 
support H.R. 2593, a wonderful piece of bipartisan legislation that is 
going to help our seniors have the kind of financial security that they 
need going forward.
  Mr. Speaker, I yield back the balance of my time.
  Ms. JACKSON LEE. Mr. Speaker, I rise today in support of H.R. 2593, 
the Senior Security Act of 2023.
  This bill establishes the Senior Investor Taskforce within the 
Securities and Exchange Commission.
  The taskforce must report on topics relating to investors over the 
age of 65, including industry trends and serious issues impacting such 
investors, and make recommendations for legislative or regulatory 
actions to address problems encountered by senior investors.
  The Government Accountability Office must report on the financial 
exploitation of senior citizens.
  The proposed taskforce would do the following:
  A) identify challenges that senior investors encounter, including 
problems associated with financial exploitation and cognitive decline;
  B) identify areas in which senior investors would benefit from 
changes in the regulations of the Commission or the rules of self-
regulatory organizations;
  C) coordinate, as appropriate, with other offices within the 
Commission, other taskforces that may be established within the 
Commission, self-regulatory organizations, and the Elder Justice 
Coordinating Council; and
  D) consult, as appropriate, with State securities and law enforcement 
authorities, State insurance regulators, and other Federal agencies.
  The Government Accountability Office Study will observe the economic 
costs, frequency, and policy responses of the financial exploitation of 
senior citizens.
  The Taskforce and the study that it will conduct is important because 
it will help prevent the financial exploitation of senior citizens.
  The Taskforce and its study could also inspire legislation to prevent 
the financial exploitation of senior citizens.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Missouri (Mrs. Wagner) that the House suspend the 
rules and pass the bill, H.R. 2593, as amended.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________