[Congressional Record Volume 171, Number 124 (Monday, July 21, 2025)]
[House]
[Pages H3504-H3506]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
NATIONAL SENIOR INVESTOR INITIATIVE ACT OF 2025
Mr. HILL of Arkansas. Mr. Speaker, I move to suspend the rules and
pass the bill (H.R. 1469) 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. 1469
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 2025'' or the ``Senior Security Act of
2025''.
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 2025 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.--In 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, 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
[[Page H3505]]
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.--In section, the term ``senior
citizen'' means an individual over the age of 65.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Arkansas (Mr. Hill) and the gentleman from New Jersey (Mr. Gottheimer)
each will control 20 minutes.
The Chair recognizes the gentleman from Arkansas.
General Leave
Mr. HILL of Arkansas. Mr. Speaker, I ask unanimous consent that all
Members may have 5 legislative days 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
gentleman from Arkansas?
There was no objection.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, I rise in support of H.R. 1469, the Senior Security Act.
According to the FBI, over 100,000 seniors fell victim to fraud and
exploitation just last year. Their total losses were over $3 billion.
Just last year, a senior citizen from my home State fell victim to an
investment scam and lost over $5 million of his life savings.
Mr. Gottheimer's good bill addresses this issue head-on by
establishing a dedicated senior investor task force within the
Securities and Exchange Commission. They will monitor trends and
threats and recommend policy changes aimed at protecting our seniors
from financial exploitation.
This bill has enjoyed broad bipartisan support in prior Congresses.
It helps ensure that our older investors are not left vulnerable in an
increasingly complex marketplace.
Mr. Speaker, I urge all my colleagues to join me in supporting this
bill, and I reserve the balance of my time.
Mr. GOTTHEIMER. Mr. Speaker, I yield myself such time as I may
consume.
Mr. Speaker, in this Congress, as in previous Congresses, I
introduced the Senior Security Act to protect vulnerable seniors from
fraudsters who seek to take financial advantage of them. We are
bringing it again this Congress and working very closely with Mrs.
Wagner. I am grateful for her leadership, as well as the chairman's
leadership, and as well as the ranking member who has been very
supportive.
Millions of seniors across the country, including my own mother--
blessed memory--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, and it is unacceptable.
Senior scams have more than doubled since 2020. These senior scams
cost older Americans more than $36 billion a year, with the average
victim losing $34,000 from these crimes annually, not to mention the
pain you can't put a dollar amount on. What is worse is that the
majority of cases of elder exploitation are not reported.
We are here today to do something about it by passing my Senior
Security Act to help protect American seniors from these shameless
criminals.
This bipartisan legislation will create a senior investor task force
in the Securities and Exchange Commission that will be a cop on the
beat ensuring we do everything possible to stop hucksters from scamming
our seniors. Every 2 years the task force will also submit a report to
Congress outlining trends and innovations, including robocalls and
voice spoofing and all the developments in artificial intelligence that
are impacting seniors to help us stay ahead of changes in financial
scams.
We must protect our seniors from having their hard-earned retirement
savings stolen right out from under them, as the chairman just
mentioned, in his own State.
Mr. Speaker, I urge my colleagues to support this commonsense,
bipartisan legislation, and I reserve the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I include in the Record the CBO
estimate for this bill.
H.R. 1469, SENIOR SECURITY ACT OF 2025 AS REPORTED BY THE HOUSE
COMMITTEE ON FINANCIAL SERVICES ON JUNE 3, 2025
------------------------------------------------------------------------
By fiscal year, millions of
dollars--
-------------------------------
2025 2025-2030 2025-2035
------------------------------------------------------------------------
Direct Spending (Outlays)............... 0 0 0
Revenues................................ 0 0 0
Increase or Decrease (-) in the Deficit. 0 0 0
Spending Subject to Appropriation * * **
(Outlays)..............................
------------------------------------------------------------------------
* = between -$500,000 and $500,000.
** = not estimated.
Increases net direct spending in any of the four
consecutive 10-year periods beginning in 2036? No.
Increases on-budget deficits in any of the four consecutive
10-year periods beginning in 2036? No.
Statutory pay-as-you-go procedures apply? No.
Mandate Effects:
Contains intergovernmental mandate? No.
Contains private-sector mandate? Yes, Under Threshold.
H.R. 1469 would require the Securities and Exchange
Commission (SEC) to establish and administer a task force to
identify challenges faced by senior investors, coordinate
commission activities with respect to senior investors, and
consult with state securities and law enforcement authorities
and insurance regulators. The task force would be required to
report to the Congress every two years on its activities. The
bill also would direct the Government Accountability Office
(GAO) to report to the Congress and the task force on the
financial exploitation of senior citizens.
Using information from the SEC, CBO estimates that
implementing H.R. 1469 would cost $8 million over the 2025-
2030 period. CBO expects that the SEC would need five
employees, at an average annual cost of $330,000 for each
employee, to administer the task force and report to the
Congress. Because the SEC is authorized to collect fees each
year to offset its annual appropriation, CBO expects that the
net effect on discretionary spending over the 2025-2030
period would be negligible, assuming appropriation actions
consistent with that authority. CBO estimates that the GAO
report would cost less than $500,000; any related spending
would be subject to the availability of appropriated funds.
If the SEC increased fees to offset the costs for
rulemaking as required by the bill, H.R. 1469 would increase
the cost of an existing mandate as defined in the Unfunded
Mandates Reform Act (UMRA) on private entities required to
pay those fees. CBO estimates that the incremental cost of
the mandate would be small and would fall well below the
annual threshold for private-sector mandates established in
UMRA ($206 million in 2025, adjusted annually for inflation).
The bill would not impose any intergovernmental mandates.
The CBO staff contacts for this estimate are Aurora Swanson
(for federal costs) and Lucy Mallet (for mandates). The
estimate was reviewed by H. Samuel Papenfuss, Deputy Director
of Budget Analysis.
Phillip L. Swagel,
Director, Congressional Budget Office.
Mr. HILL of Arkansas. Mr. Speaker, I yield such time as she may
consume to the gentlewoman from Missouri (Mrs. Wagner), who is our
chairwoman of the Capital Markets Subcommittee.
Mrs. WAGNER. Mr. Speaker, I thank the chairman for yielding.
Mr. Speaker, I rise in support of H.R. 1469, the Senior Security Act.
I thank my colleague, Representative Gottheimer, for his work on this
vital piece of bipartisan legislation that will strengthen protections
for senior investors. I am proud to be the co-lead of this bill.
Fraud and exploitation jeopardize the integrity of our capital
markets. When this illicit activity specifically targets senior
investors, it poses an even graver threat, impacting those who often
rely most on their investments.
According to the FBI, in 2023, senior investors fell victim to scams
and fraud totaling over $3.4 billion in losses, an increase of
approximately 11 percent from the year prior.
The Senior Security Act is designed to reinforce and enhance our
safeguards protecting senior investors from financial fraud and abuse.
H.R. 1469 creates the senior investor task force within the
Securities and Exchange Commission which is tasked with reporting on
industry trends and challenges impacting investors over the age of 65.
The task force will also make recommendations for changes to existing
legislation and regulations to address the unique issues faced by our
senior investors.
Mr. Speaker, H.R. 1469 has received strong bipartisan support in the
past, passing by suspension in the last three Congresses. It remains a
commonsense solution to ensure that senior investors receive adequate
protection against fraud and exploitation.
[[Page H3506]]
Again, I thank Mr. Gottheimer for his work on this bill and his
partnership on other efforts to protect senior investors, including my
Financial Exploitation Prevention Act.
Mr. Speaker, I urge my colleagues to support H.R. 1469.
Mr. GOTTHEIMER. Mr. Speaker, I yield myself the balance of my time.
Senior scams, as we have discussed, and as Mrs. Wagner just pointed
out, have exploded over the last decades. With new technologies like
artificial intelligence, these scams are becoming and will continue to
be ever more prevalent in the years ahead.
Mr. Speaker, I urge all my colleague to support this bill which will
allow the Securities and Exchange Commission to better understand and
respond to this growing crisis.
I thank Mrs. Wagner for her partnership on this bipartisan
legislation, and I yield back the balance of my time.
Mr. HILL of Arkansas. Mr. Speaker, I yield myself the balance of my
time.
I thank my friend from New Jersey for this excellent bill. I know
that Congress has consensus on it, and I hope that in this Congress it
becomes law. I have spent a good part of my career both in commercial
banking, investment management, and investment brokerage, and all
through that time, the protection of our seniors was top of mind by
leaders in all those enterprises. Yet, we still have this terrible
problem across our country.
I think having this point person at the SEC will make it more
responsive, more effective, do better training, and take better
planning actions to protect our seniors.
Mr. Speaker, I thank my friend from New Jersey and Mrs. Wagner for
their leadership, I urge a ``yes'' vote, and I yield back the balance
of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Arkansas (Mr. Hill) that the House suspend the rules and
pass the bill, H.R. 1469, 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.
____________________